Prices for virtually everything are unstable at best these days; from the ever-unaffordable cost of produce, to the constantly falling price of real estate, few things in our current economy can be counted on the way they used to be.
One obvious exception to this rule, however, is silver. This precious metal has not only historically been an asset to any investor, but remains so to this day.
As far back as the Ancient Greeks, silver has been the cornerstone of safe economic stability in the form of the drachma. With a firm understanding of this precious metal, the Greeks had a grasp on not only the safeness of the silver price but also silver’s value. Indeed, the Greek drachma—a small silver coin with a turtle printed on the obverse—was used widely by this seafaring nation to conduct commerce with many of the nearby nations. In doing this, the Greeks were instrumental in establishing silver as one of the world’s most important and reliable currencies.
In future generations, as a testament to the unflappability of the silver price throughout history, later generations adopted silver as their primary currency as well. The Byzantine Empire, for example, had a currency consisting of a mixture of copper and gold, and toward the later part of the empire, shifted toward the use of primarily silver as their form of currency.
In any shifting economy, one thing will always be for certain: silver coinage is the standard currency of any thriving nation at its financial height. It comes at no great surprise then that silver was used to mint British pennies up until the 18th Century and that it was also used for the currency of some of the first civilizations in Lydia and Asia Minor. While the coins of Asia Minor were minted in a metal called electrum, which was not 100% pure silver, it’s important to note, however, that it was, in fact, almost wholly silver, with trace elements of gold in it. What is more, due to the location of the countries that initially minted these coins, they were spread throughout the better part of the civilized world through commerce. By doing so, these nations helped plant the seeds of stability of silver for virtually every future generation.
While out peanut butter goes up in price and our real estate goes down in price, we can always come back to silver, which remains comfortingly stable throughout time.