How do oligarchies differ from monarchies

A monarchy is rule by one whereas an oligarchy is rule by some. In an absolute monarchy there is a single person who is the head of state and the ultimate authority in government. The best current example of an absolute monarchy is the Vatican Holy See, with the Pope as the monarch. In an oligarchy the state is controlled by a small (usually) group of individuals , one of whom will normally act as the head of state but authority rests with the ruling group.

(elizabeth's continuing support of english explores in the americas brought in vast supplies of silver and gold)