the years under discussion. Any estimate must be conjectural, in the absence of the accounts of the Spanish Mints.1 This understood, it may be thus tabularly represented.
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| Date. | Annual Average Production of Gold. | Annual Average Production of Silver. | Proportion of Gold in Total. | Proportion of Silver in Total. |
|---|---|---|---|---|
| 1493-1520 | £800,000 | £600,000 | 57% | 43% |
| 1521-45 | 1,000,000 | 1,100,000 | 47% | 53% |
| 1545-60 | 1,200,000 | 3,850,000 | 23.6 | 76.4 |
| 1560-80 | 855,000 | 3,640,000 | 20.8 | 79.2 |
| 1581-1600 | 1,030,000 | 4,945,000 | 17.2 | 82.8 |
| 1601-20 | 1,190,000 | 4,820,000 | 19.8 | 80.2 |
| 1621-40 | 1,157,850 | 3,916,300 | 22.8 | 77.2 |
| 1641-60 | 1,223,400 | 3,516,500 | 25.8 | 74.2 |
The general tendency of the first years of this period (1493-1520), if discernible at all, seems rather in favour of silver, and