Hilderston or Hilderstone in West Lothian, Scotland, was the site of the discovery of a vein of silver in 1606 and a mining operation that attracted international interest. King James used rumours of a silver bonanza to leverage a loan in the City of London. He took over the mine works, an act sometimes regarded as an example of nationalization. The enterprise may have inspired a satirical stage play. On 8 May 1608 work commenced under royal supervision. Miners from Cornwall and Germany were employed in the works.

Gold has been mined in Scotland for centuries. There was a short-lived gold rush in 1852 at Auchtermuchty and Kinnesswood, and another in 1869 at Baile An Or on the Kildonan burn in Helmsdale in Sutherland. There have been several attempts to run commercial mines. In the Lowther Hills, Leadhills, and Wanlockhead areas gold prospecting and the extraction of lead metal went hand in hand. From 1424, under the Royal Mines Act, until 1592, gold and silver mined in Scotland were deemed to belong to the crown. The 1592 Act vested rights for gold, silver, lead, copper, tin, and other minerals in the king's feudal tenants or other leaseholders, who would pay 10% of any profit to the crown. The Act also established a Master of Metals as a crown officer, a position held from June 1592 by Lord Menmuir. followed by Thomas Hamilton of Monkland in March 1607.