Silver has fascinated man for thousands of years. Ancient civilizations found silver deposits plentiful on or near the earth’s surface, and fashioned it into jewelry, religious artifacts and food vessels. Silver also served as a medium of exchange, with Mesopotamian merchants using this durable and malleable metal as early as 700 B.C.
In 1792, silver assumed a key role in the United States monetary system when Congress based the currency on the silver dollar and fixed its relationship to gold. Its use was discontinued in 1965.
The dawn of the 20th century marked a new and important economic function for silver, that of industrial raw material. Industrial uses include batteries, photography, bearings, brazing and soldering, chemical catalyst and electronics.
Today, silver is also an appealing precious metal investment option, and several countries issue silver bullion coins, among them the Unites States, Canada and Mexico. Private issue silver bullion is also available from select private mints.
Although silver is relatively scarce, it is the most plentiful and least expensive of the precious metals. The largest silver producing countries are Mexico, Peru, the United States, Australia and Chile. Sources of silver include: silver mined directly; silver mined as a byproduct of gold, copper, lead and zinc mining; and recycled silver, primarily from photographic materials.