Age of Discovery

• Before the 14th century CE, European understanding of world geography was limited, with inaccurate maps of oceans and continents.

Age of Discovery

• In the early 15th century CE, Europe entered the Age of Discovery, marked by exploration from countries like Italy, Spain, England, Portugal, and the Netherlands.
• Explorers journeyed across the oceans, discovering new lands and cultures.
• Global exploration predates the 15th century CE, Vikings sailed to Greenland and Canada around 1000 CE.
• Marco Polo possibly traveled to China around South Africa in 1269 CE.
• The European Age of Discovery significantly increased Europe's understanding of the world.
• During the 15th and 16th centuries CE, explorers reached North and South America, Africa, Southeast Asia, and Australia.
• Stories of Atlantis and El Dorado fueled European curiosity and greed, motivating exploration for riches and fame.
• Renaissance advancements in farming, mechanics, and weaponry boosted the European economy and expanded trade routes.
• Increased trade and shipping led to a more sophisticated financial and banking system.
• Stronger economies and a desire for new resources drove exploration.
• Christopher Columbus sought a new route to Asia, and Ferdinand Magellan aimed to reach the Spice Islands.
• The Age of Discovery established Europe as a global power through exploration and colonization.
• Exploration and exploitation of foreign lands greatly enriched Europe.

Key Commodities

• Furs and spices were highly sought-after goods in Europe.
• Explorers sought faster sailing routes for these commodities.
• The North American fur trade began in the 16th century CE with French and English explorers.
• Trade relationships were established with native people exchanging furs for European knives and weapons.
• Beaver fur coats and hats became fashionable among wealthy Europeans.
• Spices like nutmeg, cloves, pepper, cinnamon, ginger, and mace were highly desired.
• Vasco da Gama sailed to India in 1498 CE, and Afonso de Albuquerque followed in 1506 CE, seeking spices.
• Christopher Columbus sought a shorter route to Southeast Asia but reached Central and South America instead.

Currency

• Gold has been a symbol of wealth and a medium of exchange since around 4000 BCE in Egypt.
• Egyptians used gold bars of consistent value, which evolved into gold coins.
• The Age of Discovery saw flourishing trade and a need for universal currency.
• Gold and silver coins were traditionally used but were difficult and laborious to produce, and heavy to transport.
• Coins were susceptible to devaluation through the use of lesser metals.
• Symbols or faces of kings were stamped on coins to verify authenticity.
• By the 1540s CE, silver coin devaluation was rampant, with some coins containing only 25% silver.
• Queen Elizabeth I revalued coins and penalized counterfeiters in 1560 CE to fix Britain's finances.
• Paper money first appeared in China around 618 CE and was used for over five hundred years.
• Persia attempted paper money in 1294 CE, but traders rejected it due to mistrust.
• Europe preferred gold and silver coins until the mid-1800s CE, when paper money became accepted.

Life at Sea

• Merchant and navy ships sailed the oceans during the Late Middle Ages for weeks or months.
• Shipmasters were the most important, making all decisions, managing paperwork, and choosing crews.
• Mates assisted the master, relaying orders to the crew.
• The crew rowed, steered, kept watch, and managed the sails.
• Idlers, such as carpenters, sailmakers, and cooks, maintained the ship and fed the crew.
• The master and mates had cabins, while the crew slept in hammocks in the forecastle.
• The crew's diet consisted of long-lasting foods like hard biscuits, beans, rice, salted meat, and beverages like coffee, tea, or cocoa.
• Longer voyages included live animals for food.
• Sailors faced storms, bad food, pirates, and privateers.
• Pirates robbed trading ships.
• Privateers, hired by governments, attacked enemy ships and kept portions of the cargo.

Trade Companies

• Overseas trading peaked in the 15th and 16th centuries, with England as a prominent player.
• The East India Company was founded in 1599 CE after merchants convinced Queen Elizabeth I to fund their voyage to the East Indies.
• A charter granted the company exclusive trading rights and the ability to carry bullion for trade making it a joint-stock company.
• Investors could buy shares in the company and receive a portion of the profits.
• The East India Company traded cotton, silk, saltpetre, and tea.
• The Hudson’s Bay Company was formed in 1670 CE.
• The Hudson’s Bay Company was granted trading rights to large areas of Canada and expanded into the U.S.
• The Hudson’s Bay Company still exists as a retail department store in Canada.