Construction began in 1536 and, given the importance of the mint, does not seem to have been hindered by the financial constraints at the time of the Ottoman–Venetian War (1537–1540). Since minting operations could not be interrupted, work had to proceed piecemeal, beginning with the charcoal depository on the northern side. To protect the structure from high tides, the floor level was raised by approximately . In 1539, it was decided to incorporate the lean-to cheese and sausage shops along the embankment into the new structure in order to give greater dignity to the mint façade but also to then extend the upper floor over the shops and provide additional space for the gold mint which was located upstairs. But for security concerns, the shops were relocated in 1588. The arcades on the ground floor, originally open to facilitate commercial activities, were walled, and the space was annexed to the mint. Construction terminated in 1548.