When Europeans explored America in the 16th century, they found a continent filled with unimaginable riches. Among all the treasures, gold stood out as the most precious one.
The conquistadors saw gold as the key to wealth, power and the expansion of their empires. Beyond material wealth, gold represented the driving force of exploration and territorial domination. Below, are five key points about gold and the colonization of the New World.
1. El Dorado: The Legend that motivated multiple expeditions
One of the most enduring myths to emerge during the conquest was the legend of El Dorado, a mythical city covered in gold. According to rumors, its streets, palaces, and temples shone with the sparkle of the precious metal. This legend was fueled by indigenous tales that fired the imagination and greed of the European conquerors.
Explorers such as Francisco de Orellana and Gonzalo Jiménez de Quesada ventured into the heart of the Amazon rainforest and the Andes Mountains in search of this golden city. Although no expedition found El Dorado, the interest in its discovery led the Spanish to expand their control over vast regions of South America.
2. Gold as a Currency of Power and Faith: Divine Justification
Gold was not just a matter of material wealth. It had a spiritual meaning, as some believed they were fulfilling a divine destiny by obtaining such riches. Hernán Cortés expressed this idea in a stark but revealing way: "My companions and I suffer from a heart disease that only gold can cure."
Spanish leaders, backed by the Catholic Church, saw their mission as spreading Christianity in the New World, and gold was the means to finance this project.
3. The Royal Fifth: Gold Tribute to the Spanish Crown
Although the conquistadors risked their lives in search of gold, they could not keep all the riches they found for themselves. The Spanish crown demanded its share through the “royal fifth”, a tax that required 20% (one-fifth) of all gold and riches mined in the Americas to be sent directly to the monarchy.
This system was instrumental in keeping the Spanish imperial machine running. Gold mined in the New World funded Spain's wars in Europe, its territorial expansion, and the maintenance of its naval fleet. Ships, known as treasure fleets, transported vast amounts of gold and silver across the Atlantic. However, this wealth also attracted pirates and privateers, forcing Spain to create complex defense systems to protect its vessels.
4. The Rescue of Atahualpa: An Unprecedented Treasure
One of the most dramatic episodes involving gold in the Spanish conquest was the ransom of Atahualpa, the Inca emperor. Captured by Francisco Pizarro in 1532, Atahualpa offered to fill a room with gold and another with silver in exchange for his release. The Incas, with unwavering loyalty, began collecting gold from all over the empire, including priceless treasures.
Although the ransom was delivered, Pizarro betrayed Atahualpa and ordered his execution, ending the rule of the Inca Empire. This episode illustrates the brutal nature of the conquest, as well as the incalculable value that gold had from then on.
5. Gold and Transatlantic Trade: The Treasure Fleets
As gold flowed from the Americas to Europe, Spain organized an efficient system to transport these riches. “Galleon fleets” crossed the Atlantic loaded with gold and silver, protected by warships. These ships were the lifeblood of transatlantic trade, and each successful voyage reinforced Spain’s position as the dominant economic power in Europe.
Pirates and privateers, aware of the enormous riches that were transported, attempted to intercept treasure fleets on the high seas. As a result, Spain developed convoy systems to protect the gold and silver. Although many ships arrived safely at Spanish ports, others were lost at the bottom of the ocean, leaving treasures that to this day are the object of a relentless search.
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