Walton, a historian and avid coin collector, states in the very first sentence, "This is a book about money." Walton chronicles Spain's exploitation of the mineral wealth of Latin America for over 300 years, showing how that wealth transformed the world financial markets. The treasure fleets transported silver and gold mined in Peru and New Spain in large convoys twice yearly to Europe and Asia. This silver, mainly in the form of eight real pieces (pieces of eight), was then circulated worldwide by trade, laying the groundwork for our precious metal-based economic system today. Walton focuses more on political and economic activites in Europe, only briefly mentioning the disastrous impact this system had upon the indigenous peoples. Extensive footnotes and detailed reading lists are supplied with each chapter. Armchair sailors who have read the works of C.S. Forester, Alexander Kent, or Dudley Pope will find this fascinating reading. Recommended for both academic and public libraries.
John Kenny, San Francisco, P.L.
Copyright 1994 Reed Business Information, Inc.

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