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{{short description|Historynone}} of<!-- money"none" inis Puertopreferred Rico}}when the title is sufficiently descriptive; see [[WP:SDNONE]] -->
[[file:FRONT - 100 Pesos bank note of 1894 Banco Español de Puerto Rico.jpg|thumb|FRONT - 100 Pesos bank note of 1894 Banco Español de Puerto Rico.]]
{{Sidebar Economy of Puerto Rico}}
The '''currencies of Puerto Rico''' closely follow the historic development of [[Puerto Rico]]. As a Province of [[Spain]] (Autonomous Community) and a [[territories of the United States|territory]] of the [[United States]], Puerto Rico was granted the use of both foreign and provincial currencies. Following the [[Spanish colonization of the Americas|Spanish colonization]] in 15021508, Puerto Rico became an important port, with its own supply of gold. However, as the mineral reserves ran empty within the century, the archipelago's economy suffered. The [[Monarchy of Spain|Spanish Crown]] issued the ''Situado Mexicano'', which meant that a semi-regular shipment of gold from the [[Viceroyalty of New Spain]] would be sent to the island, as a way to provide economic support. Between 1636 and 1637, [[Philip IV of Spain]] imposed a tax which had to be paid using a [[revenue stamp]]. Inspired by this, Puerto Rico began producing [[banknote]]s in 1766, becoming the first Overseas Province to print 8-''[[Spanish real|real]]'' banknotes in the Spanish Empire and which in the Spanish government's approval of subsequent issues.
 
The ''situado'' was discontinued during the 19th century, creating an economic crisis, as a result of [[Mexican War of Independence|Mexico gaining its independence]] from Spain. [[List of Governors of Puerto Rico#Governors under Spanish Crown|Salvador Meléndez Bruna]], the colonial governor in office, ordered the issue of provincial banknotes, creating the '''Puerto Rican peso'''. However, printing of these banknotes ceased after 1815. During the following decades, foreign [[coin]]s became the widespread currency. In the 1860s and 1870s, banknotes reemerged. On February 1, 1890, the ''Banco Español de Puerto Rico'' was inaugurated and began issuing banknotes. The bank designed four series and placed three in circulation under Spanish rule. In 1895, a Royal [[Decree]] ordered the production of provincial ''[[peso]]'' coins.
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After [[Juan Ponce de León]] began the colonization process of Puerto Rico, the archipelago became a strategic military location, used by Spain to protect its colonies and possessions in America.<ref name="p.26">Costa, Rodríguez-Vázquez et al., p. 26</ref> Vessels used it as the main point for resupplying before attempting long voyages and trading became a key part of the economy. However, when the mines and rivers in the main island of Puerto Rico, then known as San Juan Bautista, were depleted Puerto Rico began suffering from a shortage of gold and its income was reduced drastically, precipitating a recession.<ref name="p.26"/> Beginning in the 16th century, the Spanish Crown was forced to issue a monetary support decree to the archipelago known as ''situado'', which was supplied by the Royal banks in Central America, particularly Mexico.<ref name="p.28">Costa, Rodríguez-Vázquez et al., p. 28</ref> However, this aid failed to arrive often, contributing to the economical instability. This was exacerbated by other factors, including the costs of running an efficient military and a lack of commercial prosperity. Natural conditions and disasters also contributed, multiplying the costs of maintaining fortresses while hurricanes damaged haciendas, destroying crops and shortening the amount of laborers.<ref name="p.28"/>
 
Municipalities suffered most, being forced to implement taxes, including the ''alcaba del viento'' (lit. "wind tax"), which was imposed on foreign suppliers. However, these taxes barely helped, this was because each one had to receive a Royal certification, a bureaucratic procedure which usually lasted several years. Once they reached an established deadline, the process would have to be repeated, taking an extended amount of time. From January 1, 1636, to December 15, 1637, [[Philip IV of Spain]] imposed an obligatory payment to the treasuries in Puerto Rico. The debt was to be paid with currency symbolized by legalized papers bearing a Royal seal.<ref name="p.29">Costa, Rodríguez-Vázquez et al., p. 29</ref> Researchers believe that the use of these documents had an impact in the production of banknotes in Puerto Rico. In due time, these documents would be short in supply upon their arrival, in such cases the government officials would stamp the current date into old papers.<ref name="p.29"/> Pedro Tomás de Cordova and [[Humberto Burzio]] claim in their research that Puerto Rico was the first place in America to print 8-''[[Spanish real|real]]'', establishing 1766 as the date for this achievement.<ref name="p.31">Costa, Rodríguez-Vázquez et al., p. 31</ref> Thus, putting Puerto Rico ahead by two decades before [[Cuba]] (1781), [[Hispaniola]] (1782) and even Spain (1783).<ref name="p.31"/> Both researchers divided the first two types of banknotes issued, the two varieties were classified as "issued" and "printed". Although both were manufactured using the same method, those referred to as "printed" bore stamps listing numbers and letters.<ref name="p.31"/> In 1767, the Spanish Crown approved subsequent issues, conditioning that they should be collected once ''situado'' shipped. When this was lacking, paper money was used in a widespread manner throughout the main island. These requirements were met when possible, an example of this was in 1769, when 88,000 banknotes were reclaimed by the authorities.<ref name="p.32">Costa, Rodríguez-Vázquez et al., p. 32</ref>
 
==Birth of the Puerto Rican peso==
{{Infobox currency
| currency_namename = Puerto Rican peso
| currency_name_in_locallocal_name ={{native name|es|Peso Puertorriqueño}}
| local_name_lang = es
| issuing_authority = El Banco Español de Puerto Rico<br />{{Collapsible list|title =
|La Real Tesorería de Puerto Rico (1815)
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| plural = [[pesos]]
| symbol =
|date_of_introduction = 31 August 19121812
| used_coins = 5, 10, 20, 40 centavos, 1 peso
| printer = [[American Bank Note Company|American Bank Note Co. New York]]
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| mint = [[Royal Spanish Mint|Fábrica Nacional de Moneda y Timbre]], [[Madrid]], Spain
|mint_website = {{url|http://www.fnmt.es/en/home|www.fnmt.es/en}}
| used_banknotes = 1, 3, 5, 10, 20, 50, 100, 200 ps<ref>[https://books.google.co.ukcom/books?id=nUnXAQAAQBAJ&pg=PA21&dq=200+pesos+puerto+rican++5,%2C+10,%2C+20,%2C+50,%2C+100+y+200+pesos.&hlpg=en&sa=X&ved=0ahUKEwiGsvzZ_f3NAhWD7hoKHcfoAPwQ6AEIIzAB#v=onepage&q=200%20pesos%20puerto%20rican%20%205%2C%2010%2C%2020%2C%2050%2C%20100%20y%20200%20pesos.&f=falsePA21 Catalogo Del Papel Moneda de Puerto Rico.] Catalog of paper money of Puerto Rico. (Page: 21)</ref>
}}
In the 19th century, the issuing of ''situado'' concluded, with two last deliveries of 500,000 and 100,000 between 1809 and 1810.<ref name="p.33">Costa, Rodríguez-Vázquez et al., p. 33</ref> This brought forth a critical economical crisis to Puerto Rico. At the moment, Salvador Meléndez Bruna, the colonial governor in office, ordered the production of provincial paper money. The decree was officially enacted on August 31, 1812. These banknotes used the ''peso'' being used as equivalent to Spanish ''reales''.<ref name="p.33"/> Produced by hand, these banknotes featured quantities in the thousands, with 1 ''peso'' being worth 8 ''reales''.<ref name="p.33"/> Mechanical printing had arrived to Puerto Rico years earlier, but up until 1813, part of the issued notes were being produced by hand and stamped. Between 1812 and 1813, the tradition of collecting paper money continued, which reduced the amount of surviving banknotes drastically.<ref name="p.33"/> The other notes printed between 1813 and 1814, featured a combination of printed types and stamps.<ref name="Internet Archive 2016">{{cite web | title=Orden del gobierno para la circulacion de la plata menuda y calderilla y que todos los negocios se hagan indistintamente en plata ò papel con la perdida establecida : Puerto Rico. Governor (1809-1820 : Meléndez y Bruna) | date=October 23, 2016 | url=https://archive.org/details/ordendelgobierno00puer | access-date=July 20, 2019}}</ref> The printing was done by Puerto Rico's National Printing Office and featured patterns to prevent the production of counterfeits.<ref name="p.34">Costa, Rodríguez-Vázquez et al., p. 34</ref> Those featuring denominations in ''reales'', were adorned by Spain's Royal Seal, with the color varying depending on the date of issue, the 1813 8-''real'' banknotes featured a lamb on the obverse.<ref name="p.34"/> However, these security measures were ineffective against counterfeiting, eventually copies of several denominations were circulating in a widespread manner, forcing cities outside of San Juan, Arecibo and Loiza to discontinue their use. Meléndez Bruna decided that the only way to prevent forgery was by asking Spain to produce sealed paper for the printing of the banknotes.<ref name="p.34"/> The first issue bore the signatures of treasurers or accountants, but this was dropped the subsequent year.<ref name="p.35">Costa, Rodríguez-Vázquez et al., p. 35</ref>
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|align=center| || 5 pesos ||[[Ferdinand VII of Spain|King Ferdinand VII]] || 1819||
|-
| colspan="7" style="text-align:left;"|<small>Engraved and printed by: [[American Bank Note Company|Murray, Draper, Fairman and Co.]]</small><ref name="books.google.co.uk">[https://books.google.co.ukcom/books?id=tb_j0kGHufEC&pg=PA1002&lpg=PA1002&dq=Real+Tesorer%C3%ADa+de+Puerto+Rico+Murray,%2C+Draper,%2C+Fairman&sourcepg=bl&ots=mcf1uRFHCw&sig=_bzZUbfjIEXXIFle5gGXc1qIpSc&hl=en&sa=X&ved=0ahUKEwiLuPn7ia3OAhXMD8AKHYlFCW8Q6AEILTAD#v=onepage&q=Real%20Tesorer%C3%ADa%20de%20Puerto%20Rico%20Murray%2C%20Draper%2C%20Fairman&f=falsePA1002 Standard Catalog of World Paper Money General Issues] {{Webarchive|url=https://web.archive.org/web/20160918175533/https://books.google.co.uk/books?id=tb_j0kGHufEC&pg=PA1002&lpg=PA1002&dq=Real+Tesorer%C3%ADa+de+Puerto+Rico+Murray,+Draper,+Fairman&source=bl&ots=mcf1uRFHCw&sig=_bzZUbfjIEXXIFle5gGXc1qIpSc&hl=en&sa=X&ved=0ahUKEwiLuPn7ia3OAhXMD8AKHYlFCW8Q6AEILTAD#v=onepage&q=Real%20Tesorer%C3%ADa%20de%20Puerto%20Rico%20Murray%2C%20Draper%2C%20Fairman&f=false |date=2016-09-18 }} - 1368-1960, Volume 2 By George S. Cuhaj</ref>
|}
 
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| 1895
|-
| colspan="7" style="text-align:left;"|<small>{{note|1|1}}</small><small>Source:<ref>[http://www.coindatabase.com/coin_spain.php?pais=648 coindatabase.com] Puerto Rican coins 1895 -1896.</ref><ref>[http://en.numista.com/catalogue/porto-rico-1.html Puerto Rico - Peso (1890-18981890–1898)] Puerto Rico coins</ref> Engraver: B.M. [[Bartolomé Maura y Montaner]].</small><ref>[http://colnect.com/en/coins/list/country/2282-Puerto_Rico/mint/53-Royal_Spanish_Mint_F%C3%A1brica_Nacional_de_Moneda_y_Timbre_FNMT-RCM_Madrid_Spain Spanish coins issued for Isla de Puerto Rico.]</ref>
|}
Due to its strategic location, currencies from several countries began circulating in Puerto Rico and used as trade. The government often ordered the collection of these coins in exchange for exchange notes. The first of these took place in 1857, when a royal decree ordered the gathering of ''[[Currency of Venezuela#Pre-independence currency|coins]] (''[[macuquina]]'' coins).<ref name="p.56">Costa, Rodríguez-Vázquez et al., p. 56</ref> These arrived to Puerto Rico in 1813, originally produced by Spain in [[Venezuela]]. Due to Spanish manufacture, the exchange notes issued for the ''macuquina'' featured a 12.5% discount, which left a significant deficit in the government's budget.<ref name="p.56"/> A decade later, coins were brought from the [[Dominican Republic]] to Puerto Rico. Consequently, the distribution of foreign coins received authorization.<ref name="p.56"/> In 1879, the circulation of Mexican silver was approved in government and official entities, eventually allowing public distribution in 1881. However, some saw an opportunity for profit in this and bought [[Mexican peso]]s outside of Puerto Rico before importing them, in the process gaining a profit of up to 40 ''centavos'' per peso.<ref name="p.57">Rodríguez-Vázquez et al., p. 57</ref> In 1884, a number of different coins were countermarked with a [[fleur-de-lis]] for circulation on Puerto Rico. Spanish 2, 4 and 8 ''reales'', and 5 and 10 centimos, [[Twenty-cent piece (United States coin)|United States' 20 cents]], quarters, [[Half dollar (United States coin)|halves]] and [[Dollar coin (United States)|dollars]] were all countermarked and used until they were redeemed in 1894. By 1895, the coins circulating in Puerto Rico were mostly Mexican silver, creating a shortage of currency. To resolve this, Spain issued a Royal Decree stating that the Mexican coins were to be replaced by ones minted in Madrid, with special coins created exclusively for Puerto Rico.<ref name="p.57"/> To execute this move, exchange notes in one-''peso'' denomination were created. Once the exchange concluded in 1896, the provincial coin was already in circulation.<ref name="p.57"/> Silver 20 centavos and 1 peso coins were introduced in 1895, followed in 1896 by silver 5, 10 and 40 centavos. The 1 peso coins bore the denomination as "1 PESO = 5 P.TAS". These exchanges heavily affected the government's economy.<ref name="p.58">Costa, Rodríguez-Vázquez et al., p.58</ref> Some years later, Ceredo Millán a commercial firm in San Juan obtained some of the now-obsolete Exchange Notes, which were converted into souvenirs and offered as gifts to their clients.<ref name="p.58"/>
 
==''Banco Español de Puerto Rico''==
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{|class="sort wikitable" style="font-size: 89%"
|-
!colspan=7| El Banco Español de Puerto Rico notes<ref>{{cite webbook|url=https://books.google.co.ukcom/books?id=z3G6BQAAQBAJ&pg=PA322&dq=puerto+rico+pesos+serie+B&hl=en&sa=X&ved=0ahUKEwjnopnJt_7NAhVDD8AKHVwuA-cQ6AEIHzAA#vpg=onepage&q=puerto%20rico%20pesos%20serie%20B&f=falsePA322|title= HISTORIA DE LAS MONEDAS, CONTRAMARCAS Y FICHAS QUE CIRCULARON EN PUERTO RICO|page=316|date=2013|isbn= 9781304225030|accessdate=12 October 2022|last1= Vázquez|first1= Luis Antonio Rodríguez|publisher= Lulu.com}}</ref>
|-
!colspan="2"| Image !!rowspan="2"| Value !!colspan="2"| Description !!colspan="2"| Date
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===American invasion and decline===
{{Infobox currency
| currency_namename = Puerto Rican dollar
| currency_name_in_locallocal_name = {{native name|es|Dólar Puertoriqueño}}
| local_name_lang = es
| image_1 = 200pesos.jpg
| image_width_1 = 150
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| used_coins = 5, 10, 20, 40 centavos
| used_banknotes = 5, 10, 20, 50, 100, 200 dollars<br />series E (1904), series F (1909)
| issuing_authority = Bank of Porto Rico (1898-19131898–1913)
| printer = [[American Bank Note Company|American Bank Note Co. N.Y.]]
|printer_website = {{url|http://www.abnote.com/about-abnote/company-history|www.abnote.com}}
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Similarly, the other notes issued by this banks range from scarce to rare.<ref name="p.219"/> The banknotes from the First National Bank of Porto Rico are particularly scarce, this is because the institution's issues didn't even reach quantities of 20. Only two bills from the {{val|p=$|100}} denomination have been known to survive, similarly two from the {{val|p=$|20}} issue are left, with one of them being acquired by [[Amon G. Carter]] before his death.<ref name="p.21">Costa, Rodríguez-Vázquez et al., p. 21</ref> Carter was known to exhibit the piece, but didn't make it available for sale. More than a dozen {{val|p=$|10}} banknotes survived, seldom appearing at auctions.<ref name="p.22"/> Other extremely rare banknotes include the 2 and 4 ''real'' notes of 1813 and all of the denominations issued by the ''Caja de Ahorros de Ponce''.<ref name="p.219"/> In contrast, the paper money used by the Puerto Rico Railroad Company is still known to appear occasionally in the market. Outside of these, the clandestine bills issued by the Central Republican Board of Cuba and Puerto Rico, range from scarce (5-''peso'' bill) to extremely rare (20-''peso'' notes).<ref name="p.42">Costa, Rodríguez-Vázquez et al., p. 42</ref>
 
In Puerto Rico, the ''Sociedad Numismática de Puerto Rico'' (lit. "Numismatic Society of Puerto Rico") was founded in 1949.<ref name="p.13">Costa, Rodríguez-Vázquez et al., p. 13</ref> The society is usually composed of 25 to 50 members and it focuses in collecting and distributing both coins and banknotes from Puerto Rico to interested collectors. An annual exhibition along the ''Sociedad Filatelica de Puerto Rico'' (lit. "Philatelic Society of Puerto Rico") has been held in [[Plaza Las Américas (Puerto Rico)|Plaza Las Américas]] since the commercial center's inauguration.<ref name="p.14"/> Outside of this activity, Puerto Rican currency can be found locally in philatelic and numismatic as well as flea markets.<ref name="p.16">Costa, Rodríguez-Vázquez et al., p. 16</ref> At auctions, banknotes have been known to surpass bid that are up to 70,000 dollars. The collection of cardboard samples given by banks to numismatic merchants, has also been noted among enthusiasts.<ref name="p.23">Costa, Rodríguez-Vázquez et al., p. 23</ref>
 
==Other issued currency==
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In 2005, the [[Puerto Rican Nationalist Party]] issued a limited amount of banknotes commemorating the [[Jayuya Uprising]]. The series included pesos of six denominations, including $1, $5, $10, $20, $50 and $100 bills. The designs of all banknotes feature [[Pedro Albizu Campos]] in the front side while the reverses are adorned with the flags of [[Flag of Puerto Rico|Puerto Rico]], Jayuya and the Nationalist Party. [[Microprinting|Microprint]] with the names of Pedro Albizu Campos and [[Filiberto Ojeda Ríos]] are found throughout the pesos. On July 10, 2005, [[Liberty dollar (private currency)|Liberty Dollar]] of Puerto Rico was created by Alfredo Pacheco Martínez.<ref>{{cite web| url=http://www.libertydollar.org/information/nlfiles/2005V7N10.pdf| title=Liberty Dollar News: October 2005 Vol. 7 No.10| publisher=LibertyDollar.org| year=2005| access-date=2008-07-02 |archive-url = https://web.archive.org/web/20061004015841/http://www.libertydollar.org/information/nlfiles/2005V7N10.pdf |archive-date = October 4, 2006}}</ref> Silver ounces began circulating on October 8, 2005, marking the first time that a silver coin was distributed in more than a century.<ref>{{cite web| url=http://www.ibgapr.com/libertydollar.html| title=Liberty Dollar| publisher=International Business Group & Affiliates, Inc.| access-date=2008-07-02| archive-url=https://web.archive.org/web/20180826155511/http://ibgapr.com/libertydollar.html| archive-date=2018-08-26| url-status=dead}}</ref> After an intervention with parent company Liberty Services concluded with its assets being confiscated, leading to a process that resulted in the indictment and conviction of founder [[Bernard von NotHaus]], Pacheco Martínez continued to circulate the coins under the name of ''Dólar Boricua''. In August 2010, he was also indicted on the same charges faced by Von NotHaus.<ref>{{cite news|url=http://www.primerahora.com/noticias/policia-tribunales/nota/culpablealfredopachecomartinezporfraudeylavadodedinero-665138/|title=Culpable Alfredo Pacheco Martínez por fraude y lavado de dinero|newspaper=[[Primera Hora (Puerto Rico)|Primera hora]]|language=es|date=2013-06-29}}</ref> Pacheco Martínez was found guilty on June 29, 2012, being subsequently sentenced to 19 years in prison.<ref>{{cite news|url=http://www.primerahora.com/noticias/policia-tribunales/nota/casi20anosdecarcelpormillonariofraudeainversionistas-947590/|title=Casi 20 años de cárcel por millonario fraude a inversionistas|author=Mariana Cobián|newspaper=[[Primera Hora (Puerto Rico)|Primera Hora]]|language=es|date=2013-08-21|access-date=2014-02-05}}</ref>
 
In December 2007, the [[United States Congress]] approved a measure that included the Commonwealth of Puerto Rico, Washington, D.C., and several non-autonomous territories including [[American Samoa]], [[Guam]] and the [[United States Virgin Islands]] in the [[50 State Quarters]] program.<ref name="peseta"/> Both commonwealths and territories were excluded from the original program approved in 1998, which was followed by almost ten years of lobbying before they were included.<ref name="peseta">{{cite book|title=Puerto Rico tendrá su peseta| publisher=[[Primera Hora (Puerto Rico)|Primera Hora]]| language=es|date=2007-12-20}}</ref> The design on these coins was expected to feature the same [[George Washington]] image found in the obverse of the original issues, while the reverse would depict illustrations of something characteristic to that location.<ref name="Mint">{{cite web| url=http://usmint.gov/mint_programs/DCAndTerritories/index.cfm?flash=yes| title=The District of Columbia and United States Territories Quarter Program| publisher=[[United States Mint]]| access-date=2008-07-01| archive-date=2008-04-16| archive-url=https://web.archive.org/web/20080416023512/http://www.usmint.gov/mint_programs/DCAndTerritories/index.cfm?flash=yes| url-status=dead}}</ref> The [[United States Secretary of the Treasury|Secretary of Treasury]] approved the design on July 31, 2008.<ref>{{cite web| url=http://www.usmint.gov/mint_programs/DCAndTerritories/index.cfm?flash=yes&action=DCterritories&local=PR| title=Coins and Medals: Puerto Rico| publisher=[[United States Mint]]| access-date=2009-01-05| archive-date=2009-04-07| archive-url=https://web.archive.org/web/20090407021042/http://www.usmint.gov/mint_programs/DCAndTerritories/index.cfm?flash=yes&action=DCterritories&local=PR| url-status=dead}}</ref> The coins were issued, as well as "[[Proof coinage|proof coins]]" and 90% silver special issues.<ref name="Mint"/> The Puerto Rico coin was the second release in 2009.<ref>{{cite web| url=http://www.statequarterguide.com/2009-puerto-rico-quarter/| title=2009 Puerto Rico Quarter: Coin Information and Images| date=22 October 2008| publisher=State Quarters: Guide to 50 State Quarters Program| access-date=2009-01-05}}</ref> In 2012, as part of the [[America the Beautiful Quarters|National Park Quarters Program]] initiative, the [[United States Mint]] was due to release a quarter commemorating the inclusion of [[El Yunque National Forest]] as part of the [[National Forest System]] in 1903.<ref>{{cite web| url=http://www.usmint.gov/mint_programs/NSQuartersProgram/?action=siteRegister| title=National Site Quarters Program - America the Beautiful| publisher=[[United States Mint]]| access-date=2010-02-22| archive-date=2010-02-18| archive-url=https://web.archive.org/web/20100218074107/http://www.usmint.gov/mint_programs/NSQuartersProgram/?action=siteRegister| url-status=dead}}</ref>
 
==See also==
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*[http://welcome.topuertorico.org/reference/money.shtml Puerto Rico Monetary History]
*[http://home.coqui.net/sarrasin/museo3.htm Sociedad Numismática de Puerto Rico] {{in lang|es}}
*[httphttps://www.angelfire.com/ri/caguax/ Historia de la Moneda y Numismática en Puerto Rico] {{in lang|es}}
 
{{Caribbean topic|Currencies of}}
{{peso}}
{{dollar}}
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{{good article}}
 
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