Fur trade
Beaver pelts were used to make hats; felters would remove the guard hairs. A good-quality top hat required two to three pelts, while Cavalier and Puritan hats used more. In the late 16th century, Europeans began to deal in North American furs since there were no taxes or tariffs in the New World and fur-bearing animals in Europe declined. Beaver pelts were valuable enough to cause or contribute to the Beaver Wars, King William's War and the French and Indian War. Fur traders were the main driver of the westward expansion of Europeans into the continent and were the first to meet and negotiate with the native peoples, who traded with the Europeans. Between 1860 and 1870, the peak of the fur trade, the Hudson's Bay Company and fur companies in the US bought over 150,000 beaver pelts per year. Conservation, anti-fur and animal rights campaigns have led to lower demand for beaver pelts and the global fur trade is no longer profitable.