The Spanish conquest of the New World led to mining of the silver element that dramatically eclipsed anything that had come before that time. Between 1500 and 1800, Bolivia, Peru and Mexico accounted for over 85 percent of world production and trade.
Later, several other countries began to contribute more substantially, notably the United States with the discovery of the Comstock Lode in Nevada. Silver production continued to expand worldwide, growing from 40 to 80 million troy ounces annually by the 1870s.
In the last century, new technologies have also contributed to a massive rise in overall silver production. Major breakthroughs included steam-assisted drilling, mining, mine dewatering, and improved haulage. Furthermore, advances in mining techniques enhanced the ability to separate silver from other ores and made it possible to handle larger volumes of ore that contained silver.
Such methods were critical to the increased volume of production, as many of the high-grade ores throughout the world had been largely depleted by the end of the 19th century.
Today, more than 5000 years after ancient cultures first began to mine this precious metal, yearly global mine production averages 671 million troy ounces.