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Where would silver coins minted from the silver found in the New World between 1400 1600 CE be minted would it be in Europe or the Americas?
Wiki User
∙ 8y ago
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I presume that you are interested in the Spanish Empire based on the given time range.
Your answer is the majority of the coins were minted in the New World, but while the most were minted on site in the Americas, some were also cast as ingots and shipped to Europe where they were minted to coins or other items. In general the various Spaniards living in the New World were required to hand over 1/5 of all mine produce as a 'tax' to the King. This would be minted into ingots for ease of storage and transit and moved in bulk via the famous "silver train/fleet".
The remaining 4/5 belonged to the mine operator and paid for his operations and provided his profit. However, much/most of this silver also was destined to voyage across the sea on those "silver trains/fleets". The King of Spain also had a complete monopoly on sale of European produced goods in the New World. The same silver fleets that moved the silver by sea to Europe brought European goods from Europe on their voyage to the New World. The Spaniards in the New World, if they wanted to buy the latest fashions and items, had to buy them from the King's stores. Thus, even more of the silver went into the King's hands and joined the Ingots in the holds of the silver fleet.
In all probability considerably more than half the silver went to Spain. This would mean that more of the Silver in the holds of the Fleets was in coin form than Ingot form.
Wiki User
∙ 8y ago
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