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Rare plan of Portobelo Harbor in Panama, first published by Robert Sayer.

Shows the town, Castello Nuevoa, Castello de San Jeronimo, Castello de la Gloria, Drake's Island and a host of other details.

Includes soundings and anchorages.

Portobelo, on the northern coast of present-day Panama, was of a place of immense strategic and economic importance in the 18th century. Its sheltered harbor became a key transit point for the Spanish treasure fleets that transported silver and other riches from South America to Spain. The town's significance was not only due to its role in the Spanish imperial economy, but also because it became a focal point of conflict among European powers vying for control of the lucrative Caribbean trade routes. 

Portobelo's value stemmed from its position as the main Caribbean port for the Spanish South American silver trade, particularly from the mines of Peru. Goods and silver were transported overland from the Pacific Ocean to Portobelo via the Isthmus of Panama, making the town one of the most important transshipment points in the Spanish Empire. To defend this valuable location, the Spanish built several formidable fortifications, including Fort Santiago, Fort San Jerónimo, and San Felipe de Portobelo, which commanded strategic points around the harbor. The defenses were designed to protect the annual Spanish treasure fleets and the fairs that attracted merchants from across the Spanish empire and beyond. 

Portobelo's wealth inevitably made it a target for rival powers, especially the British, who sought to undermine Spain’s dominance in the Caribbean. One of the most significant events involving Portobelo was the attack by the British privateer Captain Henry Morgan in 1680, who raided the town as part of his larger campaign against Spanish holdings in the region.

In the 18th century, British-Spanish hostilities intensified, culminating in the War of Jenkins' Ear (1739–1748). Named after an incident in which Spanish coastguards allegedly severed the ear of British captain Robert Jenkins, the conflict provided Britain with a pretext to challenge Spain’s control over trade in the Caribbean.  One of the key battles in this war was the Battle of Portobelo, fought on November 21, 1739. British Admiral Edward Vernon led a daring assault on the town with six warships. Despite the fortifications, Vernon’s forces quickly overwhelmed the Spanish defenses. Fort San Jerónimo was heavily bombarded and captured. The victory was celebrated in Britain as a major success, as it disrupted Spain's trading networks and demonstrated the vulnerability of its Caribbean possessions. However, the British failed to follow up this victory with a sustained campaign, and Spain soon regained control of the port. 

The War of Jenkins’ Ear merged into the broader War of Austrian Succession (1740–1748), which involved nearly all the major European powers. Portobelo remained a vital strategic point throughout this conflict, with both Britain and Spain vying for control over Caribbean trade routes. The conflict ended with the Treaty of Aix-la-Chapelle in 1748, which restored Spain's control over Portobelo and its empire’s trade networks, although British pressure on Spanish shipping continued through privateering. 

By the late 18th century, Portobelo’s importance began to decline. The overland trade route across Panama had become less reliable, and the Spanish crown shifted its primary shipping route for South American silver to the port of Buenos Aires in Argentina, reducing the significance of Portobelo.