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Silver still plays this dual function in our economy today – that is to say, silver is simultaneously sought after for its pragmatic use - value in economic development and for its inherent beauty. It was this transformation from rare precious metal into popular currency that made silver an important player in the formation of commerce, trade, and eventually global investment markets.
In approximately 269 BC, the Roman Empire incorporated silver into use as standard coinage, which meant silver carried equal value across the trading world. Though silver had been used as a regional currency for hundreds of years, it was not until the Roman Empire that silver became a popular global coinage. Silver was used in this form for thousands of years, slowly becoming embedded in the everyday life of merchants and traders in the region, without ever losing silver’s allure as “the white metal” for use in jewelry, pottery, statues, caskets, & more. As silver flooded the market, the Egyptians realized they needed an alternative use for silver, and since it appeared to be more abundant than gold, they decided to use silver as a form of currency. By 3000 BC there were many silver mines across Egypt producing high volume of output. Partly due to the incessant silver demand, it did not take long for silver mining to develop into a flourishing industry.
Pharaohs and the wealthy upper class of Egyptian society were mesmerized by the shimmering quality of silver, and for many years in the Old Kingdom, silver had higher prices than gold. Part of the reason for the heightened status of silver was that, because silver had never been seen before, the Egyptians assumed it was rarer than gold.
However, when silver found its way into the Empire, it quickly bore high prices as one of the most sought-after precious metals. Egyptians were already familiar with gold, and Pharaohs had no trouble collecting it for jewelry & personal use. To the Egyptians of the Old Kingdom, the silver price was initially deemed higher than gold. The status of silver as a precious commodity made silver an important currency in early market economies, while its aesthetic appeal has remained strong ever since silver’s discovery in Ancient Egypt. Silver and silver prices have played an important role in human cultural and economic development.
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