Shortage of gold and silver in 15th century Europe
Gold coin of Louis XI of France, minted at Perpignan in 1461 during the worst years of the Great Bullion Famine
The Great Bullion Famine was a shortage of precious metals that struck Europe in the 15th century, with the worst years of the famine lasting from 1457 to 1464. During the Middle Ages, gold and silver coins saw widespread use as currency in Europe, and facilitated trade with the Middle East and Asia; the shortage of these metals therefore became a problem for European economies. The main cause for the bullion famine was outflow of silver to the East unequaled by European mining output, although 15th century contemporaries believed the bullion famine to be caused by hoarding.
The exploration and later discovery of America, is believed to have been fueled by the bullion famine. The discovery of the Americas with its silver and gold, along with innovations in mining techniques, and the Portuguese gaining access to African gold ended the bullion famine.
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