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Modern fur trapping and trading in North America is part of a wider $15 billion global fur industry where wild animal pelts make up only 15 percent of total fur output. In 2008, the global recession hit the fur industry and trappers especially hard with greatly depressed fur prices thanks to a drop in the sale of expensive fur coats and hats.
The maritime fur trade was a ship-based fur trade system that focused on acquiring furs of sea otters and other animals from the indigenous peoples of the Pacific Northwest Coast and natives of Alaska. The furs were mostly traded in China for tea, silks, porcelain, and other Chinese goods, which were then sold in Europe and the United States.
This business advertised itself as "general merchants, wholesale and retail; buyers and exporters of raw furs; dealers in land scrip and north west lands; outfitters for survey parties, traders, trappers, miners and others for the north, and suppliers for country stores." The two ran the company until 1907, when they sold it.
In 1897, the pair founded McDougall & Secord, which advertised itself as "general merchants, wholesale and retail; buyers and exporters of raw furs; dealers in land scrip and north west lands; outfitters for survey parties, traders, trappers, miners and others for the north, and suppliers for country stores."
In 1979, the major raw fur auctions were occurring in January, March, May, and December at CFC. [10] By 1999, approximately 500 buyers would arrive in Copenhagen from 15 countries to bid on some 12 million mink pelts. [11] Kopenhagen Fur is the world's largest fur skin auction house and the centre of the international fur trade.
Native Americans made use of the trade goods received, particularly knives, axes, and guns. The fur trade provided a stable source of income for many Native Americans until the mid-19th century when changing fashion trends in Europe and a decline in the beaver population in North America brought about a collapse in demand for fur. [16]
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Siberian fur trader at the fair in Leipzig, Saxony (c. 1800). Russians used several methods of acquiring the fur pelts from the Siberian furriers: yasak, purchase, confiscation, hunting expeditions, trade with natives, and in much later years, fur farming of the most valued animals. [6]