Only in the 19th century did we switch over to the gold standard. There wasn’t enough gold to be used by most people, so silver for thousands of years was the main medium of exchange. In fact, if you go back to biblical Egypt, it was silver that was used in transactions. William Silber: Silver was the main unit of money going back 5,000 years. legal tender in 1789, but how far back is its transactional history? Knowledge at Wharton: Silver was designated as U.S. (Listen to the podcast at the top of this page.)Īn edited transcript of the conversation follows. He visited with the Knowledge at Wharton radio show on SiriusXM to talk about silver’s enduring importance. William Silber, professor of finance and economics at New York University’s Stern School of Business, is the author of The Story of Silver: How the White Metal Has Shaped America and the Modern World. It was also an element of military conflict, which helped Japan become a global power before World War II. It was mandated as legal tender in the United States in 1789 as part of the Constitution, and the first mint was in Philadelphia. But the white metal has commanded a leading role in shaping the world’s economies from ancient Egypt to modern America. Silver may play second fiddle to gold, its flashier, more expensive cousin. NYU professor William Silber discusses his new book, which looks at the leading role silver has played in economics, history and culture. Building a Team to Lead in a Crisis: Four Key Steps November 22, 2022.A Key to Better Leadership: Confident Humility December 6, 2022.
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