In addition, during specific periods of economic turmoil or instability, other commodities such as salt, cattle, or shells have been used as a currency.īut over time, the market always returned to gold and silver because of their unique qualities (i.e. Yes, there have been times throughout history when silver was not used as money.įor example, during the early part of the Middle Ages in Europe, gold was the preferred currency because it was more portable and easier to store than silver. Have there been times when silver has not been used as money? Silver coins are now held primarily for investment purposes. However, silver's use as a currency has declined broadly in favor of paper money and digital currencies. And the United States, Canada, Australia, and other countries continue to mint silver coins with official face values. In Mexico, the silver peso is still legal tender. Today, silver is still recognized as a form of money in many countries. Linked silver to barley (Leviticus 27:16). In the Old Testament, the 'silver standard' The Chinese used silver coins during the Tang Dynasty (618-907 AD), and the Spanish introduced the silver peso in the 16th century, which became a widely used currency throughout the Americas. Silver and gold were referenced throughout the Bible. In the centuries that followed, many other civilizations around the world used silver as a form of currency. Later, in the 5th century BC, the Greeks began producing silver coins, which became widely used in trade throughout the Mediterranean region. These coins were made of a natural alloy of gold and silver called electrum.

The first known silver coins were minted around 600 BC in Lydia, an ancient kingdom in western Asia Minor (modern-day Turkey). In fact, the word 'silver' is derived from the Anglo-Saxon word 'seolfor' and the Germanic word “silabar” which mean 'money.' Silver has been used as a form of money for thousands of years, dating back to ancient civilizations such as the Greeks, Romans, and Egyptians. British Gold Britannia (Queen Elizabeth II).

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