Spanish colonists began large-scale silver extraction at Potosi in the Andes in 1545, tapping one of the richest silver deposits known at the time. Production relied heavily on coerced Indigenous labor under the mita system, alongside enslaved and free laborers, under harsh and often fatal conditions. Potosi silver became a central source of Spanish royal revenue and fed global trade circuits reaching Europe and, eventually, Asia.
Relevance to Trade History
Potosi's silver output underpinned Spanish finances and became a key commodity in emerging global trade networks, including the Manila galleon trade.
Read the full story in our article The Columbian Exchange and Its Global Consequences.
Source: World History Encyclopedia. See our Sources & Methodology page for how we select and verify references.