The genus Myroxylon was originally described in 1753 by Linnaeus, such description was made using a specimen collected in the province of Cartagena (at the time Tolú was located in the province of Cartagena), and named it Toluifera balsamum. The genus Myroxylon was first established by Linneaeus filus in 1781, when described Myroxylon peruiferum based on a specimen collected by Mutis in South America. Latex from Myroxylon trees is the source of Balsam of Peru and Tolu balsam (which differ in production) and composition.