Silver may play second fiddle to gold, its flashier, more expensive cousin. But the white metal has commanded a leading role in shaping the world’s economies from ancient Egypt to modern America. It was mandated as legal tender in the United States in 1789 as part of the Constitution, and the first mint was in Philadelphia. It was also an element of military conflict, which helped Japan become a global power before World War II. William Silber, professor of finance and economics at New York University’s Stern School of Business, is the author of The Story of Silver: How the White Metal Has Shaped America and the Modern World . He visited with the Knowledge at Wharton radio show on SiriusXM to talk about silver’s enduring importance. (Listen to the podcast at the top of this page.)

An edited transcript of the conversation follows.

Knowledge at Wharton: Silver was designated as U.S.…