The capture of Tenochtitlan marked the beginning of a 300-year colonial period, during which Mexico was known as "New Spain" and ruled by a viceroy in the name of the Spanish monarch. Colonial Mexico had key elements to attract Spanish immigrants: dense and politically complex indigenous populations that could be compelled to work and huge mineral wealth, especially major silver deposits. The Viceroyalty of Peru shared these elements, so New Spain and Peru were the seats of Spanish power and the source of its wealth until other viceroyalties were created in Spanish South America in the late 18th century. This wealth made Spain a dominant power in Europe. Spain's silver mining and crown mints created high-quality coins, the currency of Spanish America, the silver peso or Spanish dollar that became a global currency.
The capture of Tenochtitlan marked the beginning of a 300-year colonial period, during which Mexico was known as "New Spain" and ruled by a viceroy in the name of the Spanish monarch Colonial Mexico had key elements to attract Spanish immigrants: dense and politically complex indigenous populations that could be compelled to work and huge mineral wealth, especially major silver deposits. The Viceroyalty of Peru shared these elements, so New Spain and Peru were the seats of Spanish power and the source of its wealth until other viceroyalties were created in Spanish South America in the late 18th century. This wealth made Spain a dominant power in Europe. Spain's silver mining and crown mints created high-quality coins, the currency of Spanish America the silver peso or Spanish dollar that became a global currency