Parral was once a bustling center for silver mining. As early as 1567, the silver mines at Santa Barbara were established in the territory of the Conchos people. However, in 1631, a vast new silver strike was made in what is now southern Chihuahua. Later, in 1640, it was declared "Capital of the World of Silver" by monarch Philip IV of Spain, at the very height of the Spanish Empire, that included territories in Eastern Asia, Italy, and the Low Countries .