Silver reaches its peak value, about one hundred times its current value. This will soon spur the search for new mines, especially in the New World. The new reserves discovered by the Spanish and Portuguese in America will finance their respective empires for several centuries (consider the name of the nation Argentina). Although gold is remembered, in terms of monetary value, Spain will import six times as much silver. This, combined with additional mines discovered in North America in the 19th century, will produce a surplus of silver supply that persists to this day, resulting in the price having collapsed to one hundredth of what it was in the 15th century.
