Abstract Gold and silver share a long history as monetary metals, serving as media of exchange and repositories of wealth. In developed countries, however, industrial uses of both metals have become increasingly important in the twentieth century at the expense of monetary uses. For the past two decades the largest single use of silver in the United States has been photographic products (Reese, 1985). Applications in electrical and electronic equipment now represent the second largest use of silver, and the second largest use of gold as well (Lucas, 1985). Historically, both gold and silver have been used extensively for jewelry and artistic and decorative items, and these uses are still important, although much more so for gold than for silver. Jewelry represents the largest single use of gold, whereas jewelry and sterlingware together constitute the third largest use of silver. Dental supplies represent the third largest use of gold, but a relatively minor use of silver. Gold and silver have been mined in the United States since early in the nineteenth century. The major period of production for gold began with discoveries in California in 1848 and continued to World War I, with annual output reaching 90 to 120 t (3 to 4 million troy oz) in the last two decades of this period (Simons and Prinz, 1973). Another brief surge of production began in 1935, after the price of gold was increased to $35 per troy ounce, but was cut off in 1942, when gold mines were shut down