In the first book of The Wealth of Nations, Adam Smith discusses the variations in the proportion between the respective values ​​of Gold and Silver. Throughout history, these two metals have been considered valuable mints. Before mines were discovered in America, the difference in value between silver and gold was usually considered proportional, where one ounce of fine gold was considered equivalent to between ten and twelve ounces of fine silver. More recently, values ​​have changed as much as one ounce of fine gold to be equal to fourteen or fifteen ounces of fine silver. Over the years, both silver and gold are said to have declined in value, but silver's decline occurred more rapidly, thus leading to why gold has become proportionately even more valuable than in the past . Smith argues, however, that both the gold and silver mines of America surpassed in fertility all those ever known before; the fertility of the silver mines had, apparently, been proportionately even greater than that of the gold mines. Since silver is more abundant than gold, although it is considered less valuable, in many cases it is certainly more important. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Adam Smith states that it would be absurd to infer that since fourteen to fifteen ounces of silver are commonly purchased with one ounce of gold, there are commonly only fourteen or fifteen ounces of silver in the market for a 'ounce of gold. The amount of silver that can be found on the market is probably worth more than gold. Adam Smith believes that the cheaper of the two metals has more value and magnitude due to the accessible quantity. He explains: There are so many buyers for the cheap goods than for the high-priced goods that not only a greater quantity can be disposed of, but also a greater value. The entire quantity of the cheap commodity must therefore generally be greater in relation to the entire quantity of the expensive commodity than the value of a certain quantity of the expensive commodity is in relation to the value of an equal quantity of the cheap commodity. market. Silver can be considered more valuable in the sense that it is used more often and more commonly. In some cases silver even outperforms gold, for example in the French currency where silver prevails. In another case, it is said that silver plates are worth more than gold plates. Another way Adam Smith demonstrates the greater importance of silver is through the Spanish market. Although he admits that gold will always be more expensive, he believes that in some ways it is also cheaper. He states that the product is considered cheap or expensive, not only according to the absolute greatness or smallness of its usual price, but according to the absolute greatness or smallness of its usual price, but according to whether this price is more or less higher than the lower for that it is possible to bring it on the market for a considerable time together. In Spain during this period, gold is closer to its lowest price than silver because the tax on gold is 5%, while the tax on silver is 10%. Therefore, silver miners in this country are much more successful. Silver, understandably, continues to play an important role in the monetary system during this time and is more important than gold in many cases. While the value may differ in favor of gold, other factors come into play that increase the importance of silver. In the European market, silver increased slightly in value due to the decline in the quantity found. The scarcity of silver increases the importance of the metal.