What were silver and gold used for in the 16th century?

Currency worldwide, symbolizing wealth.

Who used alternative currencies like "flacos" in the 16th century?

Common population due to scarcity of small denominations.

Dollar's origin from the silver peso.

Silver and gold were pivotal in the 16th century, acting as the primary global currency, representing wealth. The Spanish discovered abundant American mines, leading to the production of silver coins, notably minted at the Mexican mint.
The silver peso, valued at 8 reales, was essential for commerce among the elite, church, and state, while the general population relied on alternative currencies due to a shortage of small denominations. This currency's impact transcended America, influencing global trade and even serving as the basis for the US dollar, showcasing its profound historical and economic importance.

What were silver and gold used for in the 16th century?
Currency worldwide, symbolizing wealth.
What was the value of the silver peso in reales?
8 reales.
Who used alternative currencies like "flacos" in the 16th century?
Common population due to scarcity of small denominations.
Which country was a major consumer of the silver peso in global trade?
China.
What historical connection exists between the silver peso and the US dollar?
Dollar's origin from the silver peso.

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Silver and gold were crucial in the 16th century as they served as the primary currency worldwide, symbolizing wealth. The Spanish found rich mines in America, leading to the extraction, refining, and minting of silver coins, with the Mexican mint playing a significant role.
The silver peso, valued at 8 reales, was a key means of commerce for the elite, church, and state, while the common population used alternative currencies like "flacos" due to the scarcity of small denominations. The silver peso's circulation influenced global trade, with China being a major consumer.
The silver peso's impact extended beyond America, with the US Congress printing paper money promising payment in Spanish pesos during the wars of independence. This historical connection highlights the dollar's origin from the silver peso, emphasizing the significance of this currency in shaping economic history.