Potosí: Silver Heights
Perched at an awe-inspiring 4,090 meters (13,420 ft) in the heart of the Bolivian Andes, Potosí stands as one of the highest cities on earth. Its history, dating back to April 1, 1545, is a story of immense wealth nestled within a landscape as majestic as it is formidable.
At the base of Cerro Rico is a mountain teeming with mineral riches; Potosí became the heart of the global silver trade. During its peak in the 16th and 17th centuries, this city played a pivotal role in producing a staggering 60% of the world’s entire silver output. Its influence extended far beyond its mountainous borders.
The Silver Discovery
Accounts of the discovery of Potosí and Cerro Rico are limited. It was initially discovered by indigenous prospector Diego Gualpa in 1545, searching for a rumored shrine containing gold and silver. While the full details of his discovery remain unclear, accounts suggest that harsh winds eventually tossed him, and upon landing, he realized he had stumbled upon rich silver mineralization.
Potosí’s Rich Geology
Potosí is distinguished by a dacitic volcanic dome formed around 13.8 million years ago, characterized by a tin-tungsten core and an outer silver-lead-zinc zone. Over time, cooling and fracturing enriched these veins, resulting in significant mineral deposits. Its geological composition includes Ordovician shales overlain by Tertiary conglomerates and volcanic materials. According to Spanish records, Potosí produced approximately 756 million ounces of silver. Unofficial estimates indicate 1 to 2 billion t.oz or 30k to 60k tonnes of Silver.
The End of an Era
The silver from Potosí enriched the Spanish Crown and fueled a global interconnected trade network. However, the glory days of Potosí were not meant to last. By the mid-17th century, the city faced numerous challenges. Mines were gradually depleted, dams collapsed, and a scandal involving currency debasement shattered confidence in local currency. Furthermore, competition from European powers significantly threatened Potosi’s dominance.
1825, after 15 years of struggle, Simon Bolivar marked the end of the Mita and the “Vila imperial” of Potosi. He symbolically proclaimed South American freedom from its summit, and the new Republic of Bolivia in the high Andes took his name.
Today, Potosí is a testament to a bygone era, its legacy etched in history as a once-mighty mining powerhouse that left an indelible mark on the world’s trade and economy.