The European arrival in the Americas transformed the history of gold. Spanish expeditions encountered civilizations that possessed sophisticated traditions of goldworking, particularly in Mesoamerica and South America. Gold objects had great cultural and religious significance among societies including the Aztec, Inca, and other American civilizations. For European conquerors, however, gold was increasingly viewed as a source of bullion and political wealth. The conquest of American empires therefore became closely connected with the seizure, melting, and transportation of precious metals to Europe.
The Spanish Empire gained enormous quantities of gold and silver from the Americas, although silver ultimately became even more important in overall colonial production. Gold from regions such as Colombia and other parts of South America entered European markets, while mining and forced labor systems were established on a vast scale. European powers competed for control of territories, mines, trade routes, and colonial resources. The movement of precious metals across the Atlantic helped connect the economies of Europe, the Americas, Africa, and Asia in an increasingly global system.
Gold also became increasingly important to the development of modern financial systems. European states issued coins of standardized weight and purity, and merchants developed increasingly sophisticated banking and credit networks. England eventually established a stronger monetary connection with gold, and in the eighteenth century gold became increasingly important in British monetary policy. By 1800, gold had moved far beyond its ancient role as a royal treasure: it had become a foundation of international commerce, imperial finance, and emerging global capitalism.
