Using official coins in Lima and Peru can be traced back to the year 1566. Since the foundation of Lima by Francisco Pizarro in 1535, it was very difficult to execute commercial transactions with no established monetary system. At that time silver and gold bars were used for large transactions, but these were not efficient for small businesses and operations. A variety of coin shaped objects filled the gap with differences in weight, nomination and metals used that caused very chaotic conditions. The Spanish Crown realized the importance of coinage in the colonies and by request of the viceroy of Peru, Diego López de Zúñiga in 1561 the authorization to establish a mint was granted.

The creation of the National Mint was finally started on the 21st of August 1565 by royal decree of Philip II, but it took until 1568 that the operation started in the “Cajas Reales” a building on the corner of what is today the Government Palace (Main Square in the Lima City Center). The most important role of the Lima Mint was to organize and standardize the previous emission, circulation and use of other unlawful coins guaranteeing the political and economic stability of the newly established Vice-royalty.