The rush caused rapid demographic, infrastructural, and economic expansion in the semi-arid Norte Chico mountains where the silver deposits lay.

Exports of Chilean silver alongside copper and wheat were instrumental in helping Chile to prevent default on its independence debt in London.

[2] Following the discovery of silver at Agua Amarga (1811) and Arqueros (1825), the Norte Chico mountains north of La Serena were intensely prospected.

[3][4][5] On May 16, 1832,[7] prospector Juan Godoy found a silver outcrop (reventón) 50 km south of Copiapó in the town of Chañarcillo.

[9] On top of a hill next to Godoy's discovery, these men discovered the silver outcrop that was later known as El Manto de Los Peralta.

[9] On May 26, Gallo bought all the rights from the Godoy brothers for a small fortune which however came to dwindle in relation to the future earnings from mining.

[12][14] Pueblo Juan Godoy came to have a plaza, school, market, hospital, theater, a railroad station, a church, and graveyard.

[5] Agriculture in Norte Chico and Central Chile also expanded as a consequence of the rush as it created a new market for its product.

[3] At the end of the silver rush, rich miners had diversified their assets into banking, agriculture, trade and commerce all over Chile.