In 1671 Henry Morgan with a band of 1,400 men attacked and looted the city, which was subsequently destroyed by fire. In 1520, Genoese merchants controlled the port and the commerce of the region, mainly for the slave trade, thanks to a concession given by the Spaniards, who had the Republic of Genoa as its main banking base. Within a few years of its founding, the city became a launching point for the exploration and conquest of Peru and a transit point for gold and silver headed back to Spain through the Isthmus. The city was founded on 15 August 1519, by Pedro Arias de Ávila, also known as Pedrarias Dávila. Colonial Metropolitan Cathedral of Panama City. Panamá City in 1615 by the Inca painter Guamán Poma in his work 'Nueva corónica y buen gobierno'. JSTOR ( April 2016) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources in this section. This section needs additional citations for verification. The site of the previously devastated city is still in ruins, and is now a World Heritage Site and popular tourist attraction, regularly visited by school trips. The city was formally reestablished two years later on 21 January 1673, on a peninsula located 8 km (5 miles) from the original settlement. On 28 January 1671, the original city was destroyed by a fire when the privateer Henry Morgan sacked and set fire to it. It was a stopover point on one of the most important trade routes in the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain mined from the Americas. The city was the starting point for expeditions that conquered the Inca Empire in Peru. The city of Panama was founded on 15 August 1519, by Spanish conquistador Pedro Arias Dávila. The city is the political and administrative center of the country, as well as a hub for banking and commerce.

The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. It has a total population of 1,938,000, with over 1,500,000 in its urban area. Panama City (Spanish: Ciudad de Panamá pronounced ), also known as Panama (or Panamá in Spanish), is the capital and largest city of Panama.

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