Founded in 1527, Coro competes with Cumaná as the oldest Spanish city on the American Continent. Apparently, it was the oldest continuous settlement and when King Carlos of Spain signed a decree creating the Province of Venezuela on 1528, Coro became its Capital. Cumana's founding followed the discovery of pearls on Cubagua; Indians outraged by its slavers forced their removal three times. In Coro, in the other hand, founder Juan de Ampíes got along well with the local caquetíos.

The first overland expeditions from Venezuela in search of fabled wealth set out from Coro. Extraordinary in scope, hardship as well as, barbarity most ended in death. The gold seekers were not Spanish but Germans. By the time Ampíes founded Coro, Charles V had made a deal with the banking House of Welser, leasing them the Province of Venezuela to cover his debts as he had borrowed heavily to buy the titles of Holy Roman Emperor

Upon arrival in Coro Welser's agent, Ambrosius Alfinger arrested Ampíes and deported him to Curaçao. He then explored Lake Maracaibo and founded the settlement of Maracaibo. Alfinger pursued his golden idol as far as the Magdalena in Colombia where he was killed. The next German Governor Georg Hohemuth of Speier (Jorge Spira) set out with 361 men and got as far as the Meta River in The LLanos but missed the Kingdom of El Dorado and, starving returned with a few survivors. Nicholas Fedherman got all the way to Bogota only to find Jimenéz de Quesada arrived before him. German efforts ended in 1545 when Bartholomew Welser and Phillip Von Hutten were assassinated by Juan de Carvajal who had forged Governor's credentials..

Coro struggled to survive. Some inhabitants left with him and coerced by Carvajal founded El Tocuyo. In 1578 the Governor moved to Caracas in effect taking The Capital with him. The Bishop did the same in 1637. An English privateer, Christopher Mings burned Coro as late as 1659, living it in smoked ruins. Small wander it appeared in some maps as "destroyed".

Gradually Coro took hold as a supply center for Curacao and Aruba through its port La Vela. Exports were mainly cacao, tobacco, horses and mules. Such commerce continue despite being illegal and the town began to prosper. Most of the important buildings and houses date from the 18th century .

Falcón State, is named after Juan Crisóstomo Falcón, who was president of Venezuela in 1863-1868. General Falcón and his brother-in-law, Ezequiel Zamora, led the Federalist cause against the Centralist Party. Accompanied by Antonio Guzmán Blanco, they fought in Barquisimeto, Barinas and San Carlos where Zamora was shot. Falcón never liked Caracas (although he created the Federal District). He appointed various interim Presidents, including Guzmán Blanco, so he could spend time in Coro and Paraguaná.