The National Mint of Bolivia ( es, Casa de la Moneda de Bolivia) or the Mint of Potosí (in colonial era) is a
mint
MiNT is Now TOS (MiNT) is a free software alternative operating system kernel for the Atari ST system and its successors. It is a multi-tasking alternative to TOS and MagiC. Together with the free system components fVDI device drivers, XaA ...
located in the city of Potosí in Bolivia. It is from this mint that most of the
silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
shipped through the
Spanish Main
During the Spanish colonization of America, the Spanish Main was the collective term for the parts of the Spanish Empire that were on the mainland of the Americas and had coastlines on the Caribbean Sea or Gulf of Mexico. The term was used to di ...
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 Saavedra (; 29 September 1547 (assumed) – 22 April 1616 NS) was an Early Modern Spanish writer widely regarded as the greatest writer in the Spanish language and one of the world's pre-eminent novelists. He is best kno ...
, came into use: ''valer un potosí'', "to be worth a potosí" (that is, "a fortune").
First mint
Silver mining at
Cerro Rico
Cerro Rico (Spanish for "Rich Mountain"), Cerro Potosí ("Potosí Mountain") or Sumaq Urqu (Quechua ''sumaq'' "beautiful, good, pleasant", ''urqu'' "mountain", "beautiful (good or pleasant) mountain"), is a mountain in the Andes near the Bolivi ...
(a
mountain
A mountain is an elevated portion of the Earth's crust, generally with steep sides that show significant exposed bedrock. Although definitions vary, a mountain may differ from a plateau in having a limited summit area, and is usually highe ...
of
silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
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 Álvarez de Toledo ( Oropesa, 10 July 1515 – Escalona, 21 April 1582), also known as ''The Viceroyal Solon'', was an aristocrat and soldier of the Kingdom of Spain and the fifth Viceroy of Peru. Often regarded as the "best of P ...
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 Leto, who finished the work in three years. The overall costs exceeded 8,000
peso
The peso is the monetary unit of several countries in the Americas, and the Philippines. Originating in the Spanish Empire, the word translates to "weight". In most countries the peso uses the same sign, "$", as many currencies named "dollar" ...
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".
Second mint
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
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 c. the 15th–17th centuries, contrasting to the cast coinage and the later developed milled coi ...
, 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.
Later years and Republican minting
The
Republic of Bolivia
, image_flag = Bandera de Bolivia (Estado).svg
, flag_alt = Horizontal tricolor (red, yellow, and green from top to bottom) with the coat of arms of Bolivia in the center
, flag_alt2 = 7 × 7 square p ...
was formed on the 6 August 1825. Little after a conflict that stretched 15 years with the support of Simón Bolívar and
Antonio José de Sucre
Antonio José de Sucre y Alcalá (; 3 February 1795 – 4 June 1830), known as the "Gran Mariscal de Ayacucho" ( en, "Grand Marshal of Ayacucho"), was a Venezuelan independence leader who served as the president of Peru and as the second p ...
, 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
The Chaco War ( es, link=no, Guerra del Chaco, gn, Cháko ÑorairõBolivia and
Paraguay
Paraguay (; ), officially the Republic of Paraguay ( es, República del Paraguay, links=no; gn, Tavakuairetã Paraguái, links=si), is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to th ...
over control of a great part of the
Gran Chaco
The Gran Chaco or Dry Chaco is a sparsely populated, hot and semiarid lowland natural region of the Río de la Plata basin, divided among eastern Bolivia, western Paraguay, northern Argentina, and a portion of the Brazilian states of Mato ...
region of
South America
South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere at the northern tip of the continent. It can also be described as the sout ...
. 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
A World Heritage Site is a landmark or area with legal protection by an international convention administered by the United Nations Educational, Scientific and Cultural Organization (UNESCO). World Heritage Sites are designated by UNESCO for h ...