Castilla del Oro, the first permanent European settlement on the Pacific Ocean, was established on August 15, 1519 by Pedro Arias Dávila and 100 other people. This settlement was later upgraded to a city by a royal decree in 1521 and given a coat of arms by Charles V of Spain. It soon became a hub for voyages to Peru as well as a place to send gold and silver to Spain. Panamá Viejo (also known as Panamá la Vieja), the former capital of Panama, was destroyed by privateer Henry Morgan in 1671. It is situated near the current capital and was declared a World Heritage Site in 1997, alongside the historical district of Panamá.