The ''quinto real'' or the quinto del rey, the "King's fifth", was a 20%

tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

established in 1504 that

Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...

levied on the

mining Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic ...

precious metals Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lu ...

. The tax was a major source of revenue for the

Spanish monarchy , coatofarms = File:Coat_of_Arms_of_Spanish_Monarch.svg , coatofarms_article = Coat of arms of the King of Spain , image = Felipe_VI_in_2020_(cropped).jpg , incumbent = Felipe VI , incumbentsince = 19 Ju ...

. In 1723 the tax was reduced to 10%. Rather than levy the tax on the basis of the amount 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 ...

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile me ...

produced, the government tracked the amount of mercury used. Mercury was essential for the refinement of silver and gold in the

patio process The patio process is a process for extracting silver from ore. Smelting, or refining, was necessary because silver does not occur by itself in a natural state like some metals. Instead, it is made up of a larger ore body. Thus, smelting, or refin ...

(see also amalgamation). The Spanish government had a

monopoly A monopoly (from Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a speci ...

of mercury production, through its mines at

Almadén Almadén () is a town and municipality in the Spanish province of Ciudad Real, within the autonomous community of Castile-La Mancha. The town is located at 4° 49' W and 38° 46' N and is 589 meters above sea level. Almadén is approximately 3 ...

in Spain and at

Huancavelica Huancavelica () or Wankawillka in Quechua is a city in Peru. It is the capital of the department of Huancavelica and according to the 2017 census had a population of 49,570 people. The city was established on August 5, 1572 by the Viceroy ...

Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...

. In 1648 the

Viceroy A viceroy () is an official who reigns over a polity in the name of and as the representative of the monarch of the territory. The term derives from the Latin prefix ''vice-'', meaning "in the place of" and the French word ''roy'', meaning " ...

of Peru declared that Potosí and Huancavelica were "the two pillars that support this kingdom and that of Spain." Moreover, the viceroy thought that Spain could, if necessary, dispense with the silver from Potosí, but it could not dispense with the mercury from Huancavelica.Arthur Preston Whitaker, ''The Huancavelica Mercury Mine: A Contribution to the History of the Bourbon Renaissance in the Spanish Empire,'' Harvard Historical Monographs 16 (Cambridge, MA: Harvard University Press, 1941).

Popular culture

*'' The King's Fifth'' is a novel by Scott O'Dell in which the protagonist is accused of stealing the King's Fifth.

References

{{coord, 43.0333, N, 1.4333, W, source:wikidata, display=title Spanish colonization of the Americas Economic history of Mexico