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In 1519, Hernan Cortes and his greedy band of some 600 conquistadors began their audacious assault on the Mexica (Aztec) Empire. By 1521 the Mexica capital city of ​Tenochtitlan was in ashes, Emperor Montezuma was dead and the Spanish were firmly in control of what they took to calling "New Spain." Along the way, Cortes and his men collected thousands of pounds of gold, silver, jewels and priceless pieces of Aztec art. For the Spanish, the concept of wealth was simple: it meant gold and silver, preferably in easily negotiable bars or coins, and the more of it the better.

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For the Mexica and their allies, it was more complicated. They used gold and silver but primarily for ornaments, decorations, plates, and jewelry.

The Aztecs prized other things far above gold: they loved brightly colored feathers, preferably from quetzals or hummingbirds. They would make elaborate cloaks and headdresses out of these feathers and it was a conspicuous display of wealth to wear one. They also prized cotton and garments like tunics made from it: as a display of power, Tlatoani Montezuma would wear as many as four cotton tunics a day and discard them after wearing them only once.

The people of central Mexico were great merchants who engaged in trade, generally bartering goods with one another, but cacao beans were also used as a currency of sorts. In April of 1519, the Cortes expedition landed near present-day​ Veracruz: they had already visited the Maya area of Potonchan, where they picked up some gold and the invaluable interpreter Malinche.

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From the town they founded in Veracruz they made friendly relationships with the coastal tribes. The Spanish offered to ally themselves with these disgruntled vassals, who agreed and often gave them gifts of gold, feathers, and cotton cloth.

In addition, emissaries from Montezuma occasionally appeared, bringing great gifts with them. The first emissaries gave the Spanish some rich clothes, an obsidian mirror, a tray and jar of gold, some fans and a shield made from mother-of-pearl.   Subsequent emissaries brought a gold-plated wheel six and a half feet across, weighing some thirty-five pounds, and a smaller silver one: these represented the sun and moon.  

Later emissaries brought back a Spanish helmet which had been sent to Montezuma; the generous ruler had filled the helm with gold dust as the Spanish had requested.

He did this because he had been made to believe that the Spanish suffered from an illness which could only be cured by gold. In July of 1519, Cortes decided to send some of this treasure to the King of Spain, in part because the king was entitled to a fifth of any treasure found and in part because Cortes needed the king's support for his venture, which was on questionable legal ground.

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The Spanish put together all of the treasures they had accumulated, inventoried it and sent much of it to Spain on a ship. They estimated that the gold and silver was worth about 22,500 pesos: this estimate was based on its worth as a raw material, not as artistic treasures. A long list of the inventory survives: it details every item.

One example: Between July and November of 1519, Cortes and his men made their way to Tenochtitlan.