John U. Nef, an expert on Renaissance economics, described liquation as ‘even more important than the invention of the printing press’ for the development of industry during this period. It increased production of silver on a massive scale. Between 1460 and 1530, the output of silver increased as much as fivefold in central Europe. This had a secondary effect of lowering the costs of producing copper at a time when its demand had increased due to the needs of the brassmaking industry, and the use of copper on ships and roofs. Lead production also received a boost, indeed the lack of lead available held the liquation process back until a large lead-bearing seam was discovered at Tarnowitz in Poland.
Liquation triggered an increase in mining operations, and a new class of wealthy merchants clamoured to participate. Some of the wealthiest merchants in Europe invested in mining, including the French Royal Banker Jacques Coeur and the powerful Medici family of Florence. However, most of the funds came from merchants in neighbouring towns. For example, the burghers of Nuremberg funded mines in the mountains of Bohemia and the Harz.
Many new copper and silver mines sprang up. A mine at Jáchymov (Joachimstal) in the Ore Mountains was so successful that a coin called tolar was created, which led to the term, dollar. Others of note included Schneeberg, and Annaberg (also in the Ore Mountains), Schwaz, in the valley of the Inn, and at Neusohl in Hungary. The new mining wealth allowed some of the largest mines of previous centuries to reopen, such as the silver-bearing lead and copper mines of Rammelsberg. These old mines had previously been abandoned due to flooding, collapses, lack of technology, or simply a lack of money. Now shafts could be sunk deeper and water more efficiently drained, so miners could work seams once out of reach.
Liquation-based wealth helped build roads between mining and processing regions, and financed improvements to mining technology. Thus its influence went beyond just increasing silver and copper production. It helped revive the economy of large parts of Europe, and the mining of other metals such as iron and mercury.