Silver has a long history, dating back to around 3,000-4,000 BC. It was more prized than gold in ancient Egypt and India because of its limited production and the fact that it was rarely extracted as natural silver. In addition to being used as a material for jewelry, silver itself and minted silver coins were used as a means of commercial payment.

 

The discovery of new continents changed this situation drastically, and from the end of the 15th to the 16th century, the discovery of many silver mines in what is now Central and South America and advances in refining technology led to a rapid increase in the amount of silver in circulation. The amount of silver in circulation increased dramatically.

 

Japan was also once one of the world's leading silver-producing countries. Silver was mined at the Iwami Ginzan Silver Mine, a World Heritage Site, as well as the Ikuno Ginzan, the Tsushima Ginzan, and other silver mines throughout Japan, and reached its peak in the late 16th and 17th centuries as a valuable export commodity. It is said that Japanese silver production accounted for one-third of the world's silver production at this time.