Potosí: The Mountain That Funded an Empire

Cerro Rico produced more silver than any mine in history. Here's how a peak in the Bolivian Andes minted the coins that crossed your hand.

In 1545, Spanish prospectors confirmed what local Quechua miners already knew: the mountain above Potosí was nearly solid silver. Within fifty years, the city was one of the largest in the Western Hemisphere — bigger than London or Paris.

The Potosí mint stamped 8 Reales cobs by the millions. Each was hand-cut from a silver bar, weighed to 27.07 grams, and struck between two dies. The Habsburg shield went on one face. The pillars of Hercules and waves on the other. The assayer's initial was punched in by hand.

These coins funded wars, paid soldiers, and crossed every ocean. Many were loaded onto the Atocha and Santa Margarita in 1622. Many more left in the holds of Manila galleons bound for Asia.

When you hold a Potosí cob, you're holding the working currency of the first global economy.