Final answer:
The continent with the most silver was South America, particularly due to the massive mines in Potosí, Bolivia. The Spanish extracted the silver to finance their empire and support global trade, making Spanish silver coins an international currency and spurring on economic development, including the Industrial Revolution.
Step-by-step explanation:
The continent with the most silver was South America. Specifically, the city of Potosí in present-day Bolivia had massive silver mines during the colonial period, especially notable within the Cerro Rico mountain. The Spanish controlled these mines and used the silver to finance their empire and to trade internationally, particularly with Asian markets. This silver played a crucial role in the world economy, enabling widespread trade and even contributing to the European industrialization.
During the colonial era, the Spanish found massive quantities of silver in the New World, which were much more abundant than gold. The silver from Potosí not only paid for Spain's expenses but also financed its armies and churches across Europe and facilitated trade with Asia. Indeed, silver from Potosí and Mexican mines became so plentiful that Spanish silver coins, known as pieces of eight, became an international currency.
It's also worth mentioning that European countries such as Spain were deeply engaged in the mercantilist trade practices, using the newfound wealth from the Americas to fund their economies and expansion. The silver extracted fueled the global commercial growth, essential for the advancement of the Industrial Revolution.