National Mint of Bolivia
Encyclopedia
The National Mint of Bolivia or the Mint of Potosí is a mint
located in the city of Potosí
in Bolivia
. It is from this mint that most of the silver
shipped through the Spanish Main
came.
The coinage minted during its period became so well-known in the world that a saying, memorialized by Miguel de Cervantes
came into use: valer un potosí, "to be worth a potosí" (that is, "a fortune").
of silver
ore), a growth of population and a commercial expansion coupled with Potosí's notable height, prompted a necessity to organise a coinage centre. Minting began immediately on the basis of a rudimentary technology that remained for the next 212 years, from 1572 to 1767.
A proposal by the Spanish viceroy Francisco de Toledo, Count of Oropesa
set about the initial construction of the first mint. In 1572 the foundations near the Royal Palaces in the Plaza del Regozijo under the auspices of the architect Jerónimo de Leto, who finished the work in three years. The overall costs exceeded 8,000 peso
s, the equivalent of around ten million dollars in today's currency. Charles III of Spain
is said to have remarked on hearing the cost of the mint, "the whole building must be made of pure silver".
Following a scandal and the resulting investigation, plans to reform the old factory were abandoned and a new building was erected in the neighbouring plaza del Gato.
The new factory saw its construction begin in 1757 and finish in 1770 amongst a number of difficulties. Hammered coinage
, the technique whereby coins were produced by placing a blank piece of metal of the correct weight between two dies, and then striking the upper die with a hammer to produce the required image on both sides, which had been used since the first coins at Potosí continued at the old factory until 1773. Nevertheless, the first screw-press coins were produced in 1767 as used as such until 1869 when moveable steam presses
were installed.
was formed on the 6 August 1825. Little after a conflict that streched 15 years with the support of Simón Bolívar
and Antonio José de Sucre
, the administrative organization and monetary unit was established, albeit with numerous difficulties. Two years would have to pass, whilst Spanish currencies continued circulating, before the first Republican coin would be struck.
In 1933 the abandoned Mint was used as a headquarters during the Chaco War
was fought between Bolivia
and Paraguay
over control of a great part of the Gran Chaco
region of South America
. It was subsequently used as a stable for the peasants who traveled to the Potosí market from the countryside.
The colonial and republican machinery is conserved in the mint solely for museum purposes. It is considered one of the most important museums in Bolivia. The building has UNESCO World Heritage status under the City of Potosi listing in 1987.
Mint (coin)
A mint is an industrial facility which manufactures coins for currency.The history of mints correlates closely with the history of coins. One difference is that the history of the mint is usually closely tied to the political situation of an era...
located in the city of Potosí
Potosí
Potosí is a city and the capital of the department of Potosí in Bolivia. It is one of the highest cities in the world by elevation at a nominal . and it was the location of the Spanish colonial mint, now the National Mint of Bolivia...
in Bolivia
Bolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
. It is from this mint that most of the silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
shipped through the Spanish Main
Spanish Main
In the days of the Spanish New World Empire, the mainland of the American continent enclosing the Caribbean Sea and the Gulf of Mexico was referred to as the Spanish Main. It included present-day Florida, the east shore of the Gulf of Mexico in Texas, Mexico, Central America and the north coast of...
came.
The coinage minted during its period became so well-known in the world that a saying, memorialized by Miguel de Cervantes
Miguel de Cervantes
Miguel de Cervantes Saavedra was a Spanish novelist, poet, and playwright. His magnum opus, Don Quixote, considered the first modern novel, is a classic of Western literature, and is regarded amongst the best works of fiction ever written...
came into use: valer un potosí, "to be worth a potosí" (that is, "a fortune").
First mint
Silver mining at Cerro Rico (a mountainMountain
Image:Himalaya_annotated.jpg|thumb|right|The Himalayan mountain range with Mount Everestrect 58 14 160 49 Chomo Lonzorect 200 28 335 52 Makalurect 378 24 566 45 Mount Everestrect 188 581 920 656 Tibetan Plateaurect 250 406 340 427 Rong River...
of silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
ore), a growth of population and a commercial expansion coupled with Potosí's notable height, prompted a necessity to organise a coinage centre. Minting began immediately on the basis of a rudimentary technology that remained for the next 212 years, from 1572 to 1767.
A proposal by the Spanish viceroy Francisco de Toledo, Count of Oropesa
Francisco de Toledo, Count of Oropesa
Francisco Álvarez de Toledo, Count of Oropesa was Spanish viceroy of Peru from November 26, 1569 to September 23, 1581.-Early years:...
set about the initial construction of the first mint. In 1572 the foundations near the Royal Palaces in the Plaza del Regozijo under the auspices of the architect Jerónimo de Leto, who finished the work in three years. The overall costs exceeded 8,000 peso
Peso
The word peso was the name of a coin that originated in Spain and became of immense importance internationally...
s, the equivalent of around ten million dollars in today's currency. Charles III of Spain
Charles III of Spain
Charles III was the King of Spain and the Spanish Indies from 1759 to 1788. He was the eldest son of Philip V of Spain and his second wife, the Princess Elisabeth Farnese...
is said to have remarked on hearing the cost of the mint, "the whole building must be made of pure silver".
Second mint
The new factory saw its construction begin in 1757 and finish in 1770 amongst a number of difficulties. Hammered coinage
Hammered coinage
Hammered coinage is the most common form of coins produced since the invention of coins in the first millennium BC until the early modern period of ca...
, the technique whereby coins were produced by placing a blank piece of metal of the correct weight between two dies, and then striking the upper die with a hammer to produce the required image on both sides, which had been used since the first coins at Potosí continued at the old factory until 1773. Nevertheless, the first screw-press coins were produced in 1767 as used as such until 1869 when moveable steam presses
Machine press
A machine press, commonly shortened to press, is a machine tool that changes the shape of a workpiece.-Servomechanism:A servomechanism press, also known as a servo press or a electro press, is a press driven by an AC servo motor. The torque produced is converted to a linear force via a ball screw....
were installed.
Later years and Republican minting
The Republic of BoliviaBolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
was formed on the 6 August 1825. Little after a conflict that streched 15 years with the support of Simón Bolívar
Simón Bolívar
Simón José Antonio de la Santísima Trinidad Bolívar y Palacios Ponte y Yeiter, commonly known as Simón Bolívar was a Venezuelan military and political leader...
and Antonio José de Sucre
Antonio José de Sucre
Antonio José de Sucre y Alcalá , known as the "Gran Mariscal de Ayacucho" , was a Venezuelan independence leader. Sucre was one of Simón Bolívar's closest friends, generals and statesmen.-Ancestry:...
, the administrative organization and monetary unit was established, albeit with numerous difficulties. Two years would have to pass, whilst Spanish currencies continued circulating, before the first Republican coin would be struck.
In 1933 the abandoned Mint was used as a headquarters during the Chaco War
Chaco War
The Chaco War was fought between Bolivia and Paraguay over control of the northern part of the Gran Chaco region of South America, which was incorrectly thought to be rich in oil. It is also referred to as La Guerra de la Sed in literary circles for being fought in the semi-arid Chaco...
was fought between Bolivia
Bolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
and Paraguay
Paraguay
Paraguay , officially the Republic of Paraguay , is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Paraguay lies on both banks of the Paraguay River, which runs through the center of the...
over control of a great part of the Gran Chaco
Gran Chaco
The Gran Chaco is a sparsely populated, hot and semi-arid lowland region of the Río de la Plata basin, divided among eastern Bolivia, Paraguay, northern Argentina and a portion of the Brazilian states of Mato Grosso and Mato Grosso do Sul, where it is connected with the Pantanal region...
region of South America
South America
South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
. It was subsequently used as a stable for the peasants who traveled to the Potosí market from the countryside.
The colonial and republican machinery is conserved in the mint solely for museum purposes. It is considered one of the most important museums in Bolivia. The building has UNESCO World Heritage status under the City of Potosi listing in 1987.