Construction began in , , in 1946. She was intended to become Spain's national training ship. During her construction in 1947 the yard in which she was being built suffered catastrophic explosions, which damaged the ship and placed the yard on the brink of bankruptcy. Work on the ship was temporarily halted. In 1950 and Spain entered into negotiations in which Spain offered to repay debts incurred to Chile as a result of the in the form of manufactured products, including the not yet completed Esmeralda. Chile accepted the offer and the ship was formally transferred to the ownership of Chile in 1951. Work then continued on the ship. She was finally launched on before an audience of 5,000 people. She was christened by Mrs. Raquel Vicuña de Orrego using a bottle wrapped in the national colors of Spain and Chile. She was delivered as a four-masted topsail schooner to the Government of Chile on , Captain Horacio Cornejo Tagle in command.