---
node: sa_potosi
type: event
slug: potosi_silver_mines
title: "Potosí silver mines"
lead: "The silver mines of Potosí, opened in 1545 in what is now Bolivia, became the richest source of silver in the world. Their output bankrolled the Spanish Empire and reshaped global trade."
published: 2026-07-13
updated: 2026-07-13
---

## What happened

The mountain called Cerro Rico held enormous silver deposits, and the boomtown of Potosí grew into one of the largest cities in the world. Vast quantities of silver flowed to Spain and, via the Pacific, to Asia.

## Background

Mining depended on brutal forced labor drawn from Indigenous communities under the mit'a system, and later enslaved Africans, at a terrible human cost. Mercury from Huancavelica was used to refine the ore.

## Consequences

Potosí silver financed Spain's wars and helped create the first truly global economy. Its wealth and its suffering made it a lasting symbol of the colonial mining system.