With its face set firmly to the Caribbean sun, Colón was founded as a result of the California gold rush in 1850, as the starting point of a railroad that carried prospectors across the Isthmus of Panama. The town was first named Aspinwall after one of the railroad's builders. In 1890, the name was changed to Cólon, to honor Christopher Columbus. Today, the city is renowned as having one of the largest duty-free zones in the Western Hemisphere.