Dutch and English ships were not allowed in Cadiz, Sevilla and Lisbon since 1585. To trade one needed Spanish dollars or silver, accepted all over the world. To obtain silver they had to get as close as possible to Argentina, Peru, Potosí, Bolivia (the location of the Spanish colonial silver mint), Mexico or Japan. In 1596, the peak year of silver production in Spanish America, the total silver export was valued at around 7,000,000 pesos, of which the royal family gained only 1,550,000, the rest going to the "Casa de Contratación" and the "Consulado". In 1596 a combined English/Dutch fleet sacked Cadiz. Its primary objective was seizing the Spanish treasure fleet. The raid contributed to Spain's declaration of bankruptcy in the next year after Spain organized a 3rd Armada. With the death of King Phillip II in 1598 Spain was no longer regarded as a superpower.