SPANISH SILVER - 16th Century

In 1545, silver and tin deposits were found high in the Andes mountain and by 1546 there were discoveries made in Zacatecas, Mexico of silver and gold as well. This drove trading vessels to continue back and forth in increasing numbers to bring supplies, but more importanly to bring back the bullion. The Spanish traders were required to bring all trade through the "House of Trade" in Seville. This brought great wealth into the area and exports all needed to come from throughout Spain and be loading on the ships at Seville. This increased trade and monopoly also set forth inflation for Spain and created higher prices. English sailors like Francis Drake began to pirate and attach the Spanish fleets looking for the Spanish silver. This silver was made into the Spanish milled dollar and was universally excepted, especially among American colonies. This coin was so popular that even the United States of America based its own currency on the Spanish milled dollar.