The silverfleet

With the Silver Fleet, it is clear that the history of silver goes far back in time. A time still well remembered in the Netherlands thanks to a famous song:

Have you heard of the silver fleet
the silver fleet from Spain?
It carried many Spanish coins,
And little apples of Orange.

These are the opening lines of the victory song. Yet the song is unfamiliar to many today, as it was sung less and less by the end of the twentieth century. Just after World War II, it was taught in schools and often sung at national events.

The capture of the Silver Fleet by Piet Hein is proof of how attractive the transports of silver and gold from this region were. The value of the transported silver amounted to millions of guilders.

The proceeds came from Spanish involvement in the colonies. Silver was the driving force behind global trade with Asia and served as the primary means of exchange for other valuable goods. Although times have changed, silver remains important in today’s precious metals market, especially in industry.

What was the Silver Fleet?

The Silver Fleet was a Spanish fleet that, between the 16th and 18th centuries, annually transported large quantities of silver from Spain’s colonies in the Americas to Europe. These ships mainly carried silver from regions such as Mexico and Peru to Spain. Alongside silver, they also transported other valuables like gold, gemstones, and spices to Europe.

The Silver Fleet was of enormous economic importance to the Spanish Empire and symbolized wealth and power. Because of the extremely valuable cargo, the silver ships were often heavily armed and sailed in convoy to defend against pirates and privateers.

Piet Hein and the capture of the fleet

In 1628, Piet Hein, admiral of the Dutch West India Company (WIC), managed to capture the Spanish Silver Fleet in Matanzas Bay, near Cuba. The Silver Fleet consisted of heavily laden ships that annually brought valuable cargos of silver, gold, and spices from the Spanish colonies to Europe.

By using clever ambushes and negotiations, Piet Hein was able to seize the entire fleet almost without a fight. The loot amounted to more than 11 million guilders — a staggering sum at the time, equivalent to about half of the annual budget of the Republic of the Seven United Netherlands.

The financial gain gave the Republic of the Seven United Netherlands a huge advantage in the Eighty Years’ War. The proceeds were used to pay soldiers’ wages, build warships, and finance new offensives against the Spanish.

The capture of the Silver Fleet made Piet Hein a hero of his time and significantly boosted the Dutch economy. The event also held great symbolic value: it increased the international standing of the young Dutch state and undermined Spain’s position as a global empire.

The importance of silver in global trade

In the 16th and 17th centuries, global trade revolved around silver. In particular, Asian countries like China used silver extensively in monetary transactions. The Republic of the Seven United Netherlands used silver from South American colonies to purchase goods such as silk, porcelain, and spices.

Asian merchants often didn’t want European products but did accept silver as a universal medium of exchange. Thus, silver became essential in world trade, serving as the silent force behind the global economic growth of that era.

Cultural impact of the Silver Fleet

The silver loot, and a small amount of gold, not only gave the young Republic of the Seven United Netherlands financial power. The country also gained a strong sense of national pride. ‘The Silver Fleet’ song celebrates this extraordinary victory and still lives on as a symbol of Dutch courage and ingenuity.

Street names, monuments, and history lessons keep the story alive, reminding us of a time when precious metals represented ultimate wealth — and stood for freedom and progress.

From history to precious metal investment

Silver still plays a leading role in the Dutch economy, though not in the form of shiploads of precious metals anymore. Today, smart investments are made in silver.

Silver’s centuries-long history shows that this precious metal has always been important, in times of both prosperity and uncertainty. Want to invest in physical silver yourself? Discover the current offerings at The Silver Mountain and take the step toward a stable investment. Need help? Feel free to contact us.

Disclaimer: The Silver Mountain does not provide investment advice and this article should not be considered as such. Past performance is no guarantee of future results.