These
figures show a total production of gold for the United States, from the
earliest mining to the end of 1918, of 192,598,309 ounces, valued at
nearly $3,981,355,000, and an output of silver of nearly 2,447,347,600
ounces, valued at more than $1,961,498,000. Although the output of gold
was less than one-twelfth the output of silver in quantity, its value
was more than twice that of the silver.
The
average commercial value per fine ounce of silver for the 126 years
contributing to the total domestic production was a little more than
$0.80. Fluctuations in value of silver per fine ounce are shown in the
curve in figure 12. It is of interest to note that the average value
for the total output of silver was reached in 1893. For the years shown
(1871 to 1918, inclusive), the average annual value was above $0.80
before 1893, and has been below that figure every year since until
1917, when the average value was $0.8235, or 2.35 cents more than the
average value 1871-1918, and in 1918 when the average value was
$0.98046, or about 18 cents more.
Gold and silver produced in the United States, 1880-1918.
