The History of Gold and Silver in the Americas

Mexico and Peru were responsible for more than 99% of the production of silver in the whole of the American continent during early modern period. The precious metals then shipped across the Atlantic to the Iberia Peninsula, initially to Seville and then later to Gaddis in Spain. We estimate that the average annual influx amounted to about 1% of West European GDP. It could be a little bit lower. But this is the value suggested by best available estimates on West European GDP and also on the American money influx.