How a 16th-Century Bolivian Silver Mine Invented Modern Capitalism

Potosí’s Coins Ruled the Globe But Their Costs Included Violence and Environmental Destruction

Gold has always attracted special attention for its color, malleability, and resistance to oxidation, but silver has long held a close second place. Its relative abundance in relation to gold and its relative rarity in relation to metals such as copper made it ideal for global coinage. Silver was a metal that crossed international boundaries in compact but stout units, always welcome in settling accounts.

In early modern times, and really up until the 20th century, one could argue that silver, not gold, was the precious metal that ruled the world. …