Puerto Rican dollar
Encyclopedia
The currencies of Puerto Rico closely follow the historic development of Puerto Rico
. As a colony of Spain
and the United States
, Puerto Rico was granted the use of both foreign and provincial currencies. Following the Spanish colonization
in 1502, 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 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 colony to print 8-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 Mexico gaining its independence
from Spain. 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.
On August 13, 1898, the Spanish-American War
ended with Spain ceding Puerto Rico to the United States. The Banco Español de Puerto Rico was renamed Bank of Porto Rico and issued bills equivalent to the United States dollar
, creating the Puerto Rican dollar. In 1902, the First National Bank of Porto Rico issued banknotes in a parallel manner. Two more series were issued until 1913. After Puerto Rico's economy and monetary system was fully integrated into the United States' economic and monetary system, the Puerto Rican dollars were redeemed for those issued by the United States Treasury. The peso and dollar have been followed by other contemporary issues, including commemorative banknotes, private currency, and a quarter
coin designed with Fort San Felipe del Morro
in the face.
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. Vessels used it as a main point for resupplying before attempting long voyages and trading became a key part of 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 shortage of gold and its income was reduced drastically, precipitating a recession. 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. 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.
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. 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. Pedro Tomás de Cordova and Humberto Burzio claim in their research that Puerto Rico was the first place in America to print 8-real
, establishing 1766 as the date for this achievement. Thus, putting Puerto Rico ahead by two decades before Cuba
(1781), Hispaniola
(1782) and even Spain (1783). 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. 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.
, where he had served in various political positions, Ramírez was also a member of the Philadelphia Philosophical Society. The Diario Económico de Puerto Rico, a newspaper specialized in the archipelago's economy, noted that during the time banknotes of all denominations were still being forged in large quantities. The publication claimed that the counterfeits were most likely produced in other locations of the Caribbean, this was based on the fact that only one royal press existed in Puerto Rico. However, modern researchers maintain that the copies could have been produced locally in a clandestine manner. This is based on a report that emphasizes that the designs of false 8-real notes were crude and that the ink used spread when touched, something that wouldn't be possible if produced elsewhere, particularly because the ink would dry in the voyage between countries. During this time, paper notes began disappearing and the stated recurred to renewing old pieces.
In 1814, Ferdinand VII refused to renew the Spanish Constitution of 1812
, returning the Empire to an absolutist method of government. Consequently, Ramírez contacted some of his allies in Philadelphia and commissioned the production of banknotes in denominations of 3 and 5 reales. The issues were printed by Murray, Draper, Fairham & Company and featured the signatures of treasurer José Bacener and Ramírez. The designs featured the Spanish Crown and Ferdinand VII's profile in the two varieties and were numbered manually. No official documentation, letter or decree from the Spanish Crown related to the creation of these notes have surfaced. These issues were collected and destroyed with extreme efficacy in 1866, leaving only a few dozen intact.
In 1865, the Spanish Civil Code was imposed in Puerto Rico. Meanwhile, the Caja de Ahorros was founded in San Juan, a small bank, which provided an annual interest of up to 6% to its subscribers. The institution was bankrupted in 1879, but its business model was followed by other banks founded in the southern region of Puerto Rico. The Caja de Ahorros de Ponce (lit. "Ponce Savings Bank") was founded in 1873 and continued in business until 1879. The institution issued notes in denominations of 1, 3, 5 and 50 pesos which were printed by the P.W. Derhan firm. These bills were only printed in one side and were signed by members of the bank's board of directors, which was composed by eminent Puerto Rican citizens. These were redeemed mostly in Ponce and co-existed along tokens issued by local business entities.
In 1868, the Central Republican Board of Cuba and Puerto Rico was founded. The group organized expeditions to Cuba, offering supplies to movements that supported the independence of Puerto Rico and Cuba. Founded by José Francisco Basora, a Puerto Rican revolutionary and friend of Ramón Emeterio Betances
, the group had connections within the wealthy sugar industry in the larger antille. Bonds for quantities of 100, 500 and 1,000 pesos were printed between June 1 and November 1, 1869, in order to cover the expenses of the two planned revolutions. On August 17, 1869, the board issued notes in denominations of 1, 5, 10 and 20 pesos, these were produced to establish an affordable alternative to the bonds. All of these issues circulated throughout North and South America as well as the Caribbean. Although they were widespread in the Spanish processions, their use was kept clandestine to avoid imprisonment by the royal authorities. However, none of them was redeemed due to the failure of the Ten Years' War
and Little War
in Cuba. On December 17, 1866, Maria Christina of Austria
signed a decree which authorized the auctioning of a railroad in Puerto Rico. In 1888, Ivo Bosch y Puig, an engineer from Catalonia
, received the concession to put the project in march. In Madrid, Bosch y Puig established the Compañía de los Ferrocarriles de Puerto Rico (lit. "Puerto Rico Railroad Company"). During this decade, Charles Skipper and East produced 5-peso banknotes in England, which were circulated after receiving the signatures of Bosch y Puig and an unidentified associate.
. 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. A decade later, coins were brought from the Dominican Republic
to Puerto Rico. Consequently, the distribution of foreign coins received authorization. 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. 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, United States' 20 cents
, quarters, halves
and 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. 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. 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. 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.
On May 5, 1888, a second royal decree was issue, officializing the creation of the Banco Español de Puerto Rico, which received a charter validity of 25 years. This grant of authority was awarded to Enrique Vijande y Loredo, José Caldas y Caldas and Pablo Ubarri, the members composing this partnership. The bank wasn't established immediately, this was because the currency being used in Puerto Rico was Mexican silver, which created problems and delayed the establishment date until early 1890. Until this point, the Sociedad Anónima de Crédito Mercantil de Puerto Rico continued in service, before disappearing in April. During this timeframe, they produced 100-peso banknotes featuring the lamb, Puerto Rico's official emblem. The bank was inaugurated on February 1, 1890, with Juan Róspide y Navarro and José Manuel López Sainz as governor and vice governor respectively. The Royal Decree permitted the issuing of paper money in denominations of 5, 10, 20, 50, 100 and 200 pesos. These banknotes were manufactured by the American Bank Note Company
. The original bank was located in San Juan, with a second one being established in Mayagüez in 1894. Until 1898, the institution issued four series A, B, C and D, though apparently C was put into production after D and didn't circulate under Spanish control. Series D began distribution on December 1, 1894; this became the first time that the lamb, which had continued being used since the days of the Sociedad Anónima de Crédito Mercantil de Puerto Rico, was replaced by the profile of Maria Christina of Austria. The Ministerio de Ultramar issued 1 peso notes in 1895.
, bringing the Puerto Rican Campaign
to an end. The Banco Español de Puerto Rico was then transferred to invading investors. However, the terms signed in the armistice, stated that the United States would have to respect all the charters that were previously granted by Spain to its former colonies. This was certified by the United States Congress on June 6, 1900. Thus, the bank continued issuing provincial currency in Puerto Rico, but was renamed El Banco de Puerto Rico or Bank of Puerto Rico. The capital used by the currency was changed from peso to dollars, giving birth to the Puerto Rican dollar. A proposal to print 1-dollar banknotes was suggested, but refused citing that it could "bring dangerous results". Series C bills were issued with a release date of "May 1, 1900" and were overstamped with "Moneda Americana" in bold red letters. They bore the signatures of the new bank governor Carlos María Soler and cashier Manuel Vicente. This marked the first and only time that currency valorized in dollars was issued outside the United States.
Series E was introduced subsequently. The banknotes for this issue were bilingual, featuring the bank's name both in Spanish and English. This was one of the earliest and possibly the first instance of bilingual currency in the world. Early specimens for Series F were produced in 1907, but they never reached circulation. The bills for this issue featured the profiles of Christopher Columbus
and Juan Ponce de León. The colonial government intended to eliminate all Spanish captions from these notes, intending to accelerate a failed "Americanization
" process in Puerto Rico. Series F ultimately entered circulation on July 1, 1909, still featuring bilingual captions and exhibiting a higher degree of technical quality. In 1913, the charter granted by Spain expired and the bank was closed and its assets were liquidated. After this date, Puerto Rico's economy was fully integrated into the United States' currency system, while Puerto Rican dollars were redeemed for United States dollar
s. Banknotes valorized in millions continued in circulation, thus a collect was ordered and held between January 16 – 24, 1916. The remaining bills, with an estimated value of $14,872 were taken out of circulation nine years later by the Puerto Rico Commercial Bank.
Parallel to the Bank of Puerto Rico, American investors saw an opportunity to establish banks in Puerto Rico. The first of these was the American Colonial Bank, which opened in 1899. The establishment of national banks was proposed to the Office of the Comptroller of the Currency
, with charters being eventually established in June 1900. The requirements for establishing a bank under this grant of authority, demanded that at least three-fourths of the board of directors lived in Puerto Rico at least for a year. It took the group two years to meet these regulations, but in 1902 the First National Bank of Porto Rico was inaugurated, with Andrés Crosas from San Juan serving as its president. The bank began issuing notes in denominations of 10, 20, 50 and 100 dollars which were manufactured by October 27, 1902, even before all of the requirements were met.
classifies them as "territorial" currency, this being the only unit of exchange of this kind that is recognized by the United States Department of the Treasury
.
Objects from Puerto Rico are constantly featured in specialized magazines, in both national and international distribution. The Puerto Rican dollars that were collected by the government, were burned between January 16 - 24, 1925, drastically reducing the amount of surviving notes from the Bank of Puerto Rico. The Great Depression
reduced their numbers further, since necessity prevented the collection of pesos in large denominations. Thus less than five exemplars are known to exist of the 100 and 200 peso banknotes issued by El Banco Español de Puerto Rico and the 5 and 10 dollars Series F bills published by the Bank of Puerto Rico.
Similarly, the other notes issued by this banks range from scarce to rare. 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 $100 denomination have been known to survive, similarly two from the $20 issue are left, with one of them being acquired by Amon G. Carter
before his death. Carter was known to exhibit the piece, but didn't make it available for sale. More than a dozen $10 banknotes survived, seldom appearing at auctions. 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. 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).
In Puerto Rico, the Sociedad Numismática de Puerto Rico (lit. "Numismatic Society of Puerto Rico") was founded in 1949. 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
since the commercial center's inauguration. Outside of this activity, Puerto Rican currency can be found locally in philatelic and numismatic as well as flea markets. 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.
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 Puerto Rico
, Jayuya and the Nationalist Party. Microprint
with the names of Pedro Albizu Campos and Filiberto Ojeda Ríos
are found throughout the pesos. The Liberty Dollar
of Puerto Rico was introduced on July 10, 2005. Silver ounces began circulating on October 8, 2005, marking the first time that a silver coin was distributed in more than a century.
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. 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. 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. The Secretary of Treasury
approved the design on July 31, 2008. The coins were issued, as well as "proof coins
" and 90% silver special issues. The Puerto Rico coin was the second release in 2009. In 2012, as part of the National Park Quarters Program initiative, the United States Mint
will release a quarter commemorating the inclusion of El Yunque National Forest
as part of the National Forest System in 1903.
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
. As a colony of Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Puerto Rico was granted the use of both foreign and provincial currencies. Following the Spanish colonization
Spanish colonization of the Americas
Colonial expansion under the Spanish Empire was initiated by the Spanish conquistadores and developed by the Monarchy of Spain through its administrators and missionaries. The motivations for colonial expansion were trade and the spread of the Christian faith through indigenous conversions...
in 1502, 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 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
Philip IV of Spain
Philip IV was King of Spain between 1621 and 1665, sovereign of the Spanish Netherlands, and King of Portugal until 1640...
imposed a tax which had to be paid using a revenue stamp
Revenue stamp
A revenue stamp, tax stamp or fiscal stamp is a adhesive label used to collect taxes or fees on documents, tobacco, alcoholic drinks, drugs and medicines, playing cards, hunting licenses, firearm registration, and many other things...
. Inspired by this, Puerto Rico began producing banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s in 1766, becoming the first colony to print 8-real
Spanish real
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
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 Mexico gaining its independence
Mexican War of Independence
The Mexican War of Independence was an armed conflict between the people of Mexico and the Spanish colonial authorities which started on 16 September 1810. The movement, which became known as the Mexican War of Independence, was led by Mexican-born Spaniards, Mestizos and Amerindians who sought...
from Spain. 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
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
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
Decree
A decree is a rule of law issued by a head of state , according to certain procedures . It has the force of law...
ordered the production of provincial peso
Peso
The word peso was the name of a coin that originated in Spain and became of immense importance internationally...
coins.
On August 13, 1898, the Spanish-American War
Spanish-American War
The Spanish–American War was a conflict in 1898 between Spain and the United States, effectively the result of American intervention in the ongoing Cuban War of Independence...
ended with Spain ceding Puerto Rico to the United States. The Banco Español de Puerto Rico was renamed Bank of Porto Rico and issued bills equivalent to the United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
, creating the Puerto Rican dollar. In 1902, the First National Bank of Porto Rico issued banknotes in a parallel manner. Two more series were issued until 1913. After Puerto Rico's economy and monetary system was fully integrated into the United States' economic and monetary system, the Puerto Rican dollars were redeemed for those issued by the United States Treasury. The peso and dollar have been followed by other contemporary issues, including commemorative banknotes, private currency, and a quarter
Quarter (United States coin)
A quarter dollar, commonly shortened to quarter, is a coin worth ¼ of a United States dollar, or 25 cents. The quarter has been produced since 1796. The choice of 25¢ as a denomination, as opposed to 20¢ which is more common in other parts of the world, originated with the practice of dividing...
coin designed with Fort San Felipe del Morro
Fort San Felipe del Morro
Also known as Fort San Felipe del Morro or Morro Castle, is a 16th-century citadel located in San Juan, Puerto Rico.- Rundown :Lies on the northwestern-most point of the islet of San Juan, Puerto Rico...
in the face.
Early licenses issued by the Spanish Crown
After Juan Ponce de LeónJuan Ponce de León
Juan Ponce de León was a Spanish explorer. He became the first Governor of Puerto Rico by appointment of the Spanish crown. He led the first European expedition to Florida, which he named...
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. Vessels used it as a main point for resupplying before attempting long voyages and trading became a key part of 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 shortage of gold and its income was reduced drastically, precipitating a recession. 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. 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.
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
Philip IV of Spain
Philip IV was King of Spain between 1621 and 1665, sovereign of the Spanish Netherlands, and King of Portugal until 1640...
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. 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. Pedro Tomás de Cordova and Humberto Burzio claim in their research that Puerto Rico was the first place in America to print 8-real
Spanish real
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
, establishing 1766 as the date for this achievement. Thus, putting Puerto Rico ahead by two decades before Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
(1781), Hispaniola
Hispaniola
Hispaniola is a major island in the Caribbean, containing the two sovereign states of the Dominican Republic and Haiti. The island is located between the islands of Cuba to the west and Puerto Rico to the east, within the hurricane belt...
(1782) and even Spain (1783). 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. 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.
Birth of the Puerto Rican peso
In the 19th century, the issuing of situado concluded, with two last deliveries of 500,000 and 100,000 between 1809 and 1810. 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. Produced by hand, these banknotes featured quantities in the thousands, with 1 peso being worth 8 reales. 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. The other notes printed between 1813 and 1814, featured a combination of printed types and stamps, the printing was done by Puerto Rico's National Printing Office and featured patterns to prevent the production of counterfeits. 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. 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. The first issue beared the signatures of treasurers or accountants, but this was dropped the subsequent year.End of the Cádiz Constitution
On February 11, 1813, Alejandro Ramírez arrived to Puerto Rico and almost immediately was named to the office of Intendant, eventually establishing a Consulate of Commerce to control trade in Puerto Rico. Originally from GuatemalaGuatemala
Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
, where he had served in various political positions, Ramírez was also a member of the Philadelphia Philosophical Society. The Diario Económico de Puerto Rico, a newspaper specialized in the archipelago's economy, noted that during the time banknotes of all denominations were still being forged in large quantities. The publication claimed that the counterfeits were most likely produced in other locations of the Caribbean, this was based on the fact that only one royal press existed in Puerto Rico. However, modern researchers maintain that the copies could have been produced locally in a clandestine manner. This is based on a report that emphasizes that the designs of false 8-real notes were crude and that the ink used spread when touched, something that wouldn't be possible if produced elsewhere, particularly because the ink would dry in the voyage between countries. During this time, paper notes began disappearing and the stated recurred to renewing old pieces.
In 1814, Ferdinand VII refused to renew the Spanish Constitution of 1812
Spanish Constitution of 1812
The Spanish Constitution of 1812 was promulgated 19 March 1812 by the Cádiz Cortes, the national legislative assembly of Spain, while in refuge from the Peninsular War...
, returning the Empire to an absolutist method of government. Consequently, Ramírez contacted some of his allies in Philadelphia and commissioned the production of banknotes in denominations of 3 and 5 reales. The issues were printed by Murray, Draper, Fairham & Company and featured the signatures of treasurer José Bacener and Ramírez. The designs featured the Spanish Crown and Ferdinand VII's profile in the two varieties and were numbered manually. No official documentation, letter or decree from the Spanish Crown related to the creation of these notes have surfaced. These issues were collected and destroyed with extreme efficacy in 1866, leaving only a few dozen intact.
Reemergence of paper money
The negative perception created by the issue of paper money between 1813 and 1815, brought the production of banknotes to a halt, while only coins circulated in the archipelago.In 1865, the Spanish Civil Code was imposed in Puerto Rico. Meanwhile, the Caja de Ahorros was founded in San Juan, a small bank, which provided an annual interest of up to 6% to its subscribers. The institution was bankrupted in 1879, but its business model was followed by other banks founded in the southern region of Puerto Rico. The Caja de Ahorros de Ponce (lit. "Ponce Savings Bank") was founded in 1873 and continued in business until 1879. The institution issued notes in denominations of 1, 3, 5 and 50 pesos which were printed by the P.W. Derhan firm. These bills were only printed in one side and were signed by members of the bank's board of directors, which was composed by eminent Puerto Rican citizens. These were redeemed mostly in Ponce and co-existed along tokens issued by local business entities.
In 1868, the Central Republican Board of Cuba and Puerto Rico was founded. The group organized expeditions to Cuba, offering supplies to movements that supported the independence of Puerto Rico and Cuba. Founded by José Francisco Basora, a Puerto Rican revolutionary and friend of Ramón Emeterio Betances
Ramón Emeterio Betances
Ramón Emeterio Betances y Alacán was a Puerto Rican nationalist. He was the primary instigator of the Grito de Lares revolution, and as such, is considered to be the father of the Puerto Rican independence movement...
, the group had connections within the wealthy sugar industry in the larger antille. Bonds for quantities of 100, 500 and 1,000 pesos were printed between June 1 and November 1, 1869, in order to cover the expenses of the two planned revolutions. On August 17, 1869, the board issued notes in denominations of 1, 5, 10 and 20 pesos, these were produced to establish an affordable alternative to the bonds. All of these issues circulated throughout North and South America as well as the Caribbean. Although they were widespread in the Spanish processions, their use was kept clandestine to avoid imprisonment by the royal authorities. However, none of them was redeemed due to the failure of the Ten Years' War
Ten Years' War
The Ten Years' War , also known as the Great War and the War of '68, began on October 10, 1868 when sugar mill owner Carlos Manuel de Céspedes and his followers proclaimed Cuba's independence from Spain...
and Little War
Little War (Cuba)
The Little War or Small War , was the second of three conflicts in the Cuban War of Independence. It followed the Ten Years' War of 1868–1878 and preceded the War of '95, itself sometimes called the Cuban War of Independence, which bled into the Spanish-American War, ultimately resulting in...
in Cuba. On December 17, 1866, Maria Christina of Austria
Maria Christina of Austria
Maria Christina of Austria was Queen consort of Spain as the second wife of King Alfonso XII of Spain...
signed a decree which authorized the auctioning of a railroad in Puerto Rico. In 1888, Ivo Bosch y Puig, an engineer from Catalonia
Catalonia
Catalonia is an autonomous community in northeastern Spain, with the official status of a "nationality" of Spain. Catalonia comprises four provinces: Barcelona, Girona, Lleida, and Tarragona. Its capital and largest city is Barcelona. Catalonia covers an area of 32,114 km² and has an...
, received the concession to put the project in march. In Madrid, Bosch y Puig established the Compañía de los Ferrocarriles de Puerto Rico (lit. "Puerto Rico Railroad Company"). During this decade, Charles Skipper and East produced 5-peso banknotes in England, which were circulated after receiving the signatures of Bosch y Puig and an unidentified associate.
The provincial coin
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 macuquina coins. These arrived to Puerto Rico in 1813, originally produced by Spain in VenezuelaVenezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
. 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. A decade later, coins were brought from the Dominican Republic
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
to Puerto Rico. Consequently, the distribution of foreign coins received authorization. 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
Mexican peso
The peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". The Mexican peso is the 12th most traded currency in the world, the third most traded in the Americas, and by far the most...
s outside of Puerto Rico before importing them, in the process gaining a profit of up to 40 centavos per peso. In 1884, a number of different coins were countermarked with a fleur-de-lis
Fleur-de-lis
The fleur-de-lis or fleur-de-lys is a stylized lily or iris that is used as a decorative design or symbol. It may be "at one and the same time, political, dynastic, artistic, emblematic, and symbolic", especially in heraldry...
for circulation on Puerto Rico. Spanish 2, 4 and 8 reales, and 5 and 10 centimos, United States' 20 cents
Twenty-cent piece (United States coin)
The United States twenty cent coin was a unit of currency equalling 1/5 of a United States dollar....
, quarters, halves
Half dollar (United States coin)
Half dollar coins have been produced nearly every year since the inception of the United States Mint in 1794. Sometimes referred to as the fifty-cent piece, the only U.S. coin that has been minted more consistently is the cent.-Circulation:...
and 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. 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. 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. 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.
Banco Español de Puerto Rico
On May 23, 1887, Maria Christina of Austria and Victor Balaguer, Spain's Overseas Minister, signed a royal decree proposing the creation of a royal bank in Puerto Rico. A waiting period of three months was imposed to those interested in pursuing the project, who had to present a business proposal as dictated by the order. Two proposals were formally presented and taken under consideration. One of these, was presented by the Sociedad Anónima de Crédito Mercantil de Puerto Rico (lit. "Puerto Rico Mercantile Credit Company"), which was represented by Manuel Vicente Rodríguez, Enrique Vijande, Guillermo Mullenhoff, Pablo Ubarri Capetillo and José Caldas, with all of them serving as the group's directors. The other one was presented by a coalition of French and Spanish bankers. The proposal which bore the signature of Francisco Lastres and Eulogio Despujols, who acted as their representatives, was ultimately accepted.On May 5, 1888, a second royal decree was issue, officializing the creation of the Banco Español de Puerto Rico, which received a charter validity of 25 years. This grant of authority was awarded to Enrique Vijande y Loredo, José Caldas y Caldas and Pablo Ubarri, the members composing this partnership. The bank wasn't established immediately, this was because the currency being used in Puerto Rico was Mexican silver, which created problems and delayed the establishment date until early 1890. Until this point, the Sociedad Anónima de Crédito Mercantil de Puerto Rico continued in service, before disappearing in April. During this timeframe, they produced 100-peso banknotes featuring the lamb, Puerto Rico's official emblem. The bank was inaugurated on February 1, 1890, with Juan Róspide y Navarro and José Manuel López Sainz as governor and vice governor respectively. The Royal Decree permitted the issuing of paper money in denominations of 5, 10, 20, 50, 100 and 200 pesos. These banknotes were manufactured by the American Bank Note Company
American Bank Note Company
The American Bank Note Company was a major worldwide engraver of national currency and postage stamps. Currently it engraves and prints stock and bond certificates.-History:Robert Scot, the first official engraver of the young U.S...
. The original bank was located in San Juan, with a second one being established in Mayagüez in 1894. Until 1898, the institution issued four series A, B, C and D, though apparently C was put into production after D and didn't circulate under Spanish control. Series D began distribution on December 1, 1894; this became the first time that the lamb, which had continued being used since the days of the Sociedad Anónima de Crédito Mercantil de Puerto Rico, was replaced by the profile of Maria Christina of Austria. The Ministerio de Ultramar issued 1 peso notes in 1895.
American invasion and decline
On August 13, 1898, Spain ceded Puerto Rico to the United States as part of the Treaty of ParisTreaty of Paris (1898)
The Treaty of Paris of 1898 was signed on December 10, 1898, at the end of the Spanish-American War, and came into effect on April 11, 1899, when the ratifications were exchanged....
, bringing the Puerto Rican Campaign
Puerto Rican Campaign
The Puerto Rican Campaign was an American military sea and land operation on the island of Puerto Rico during the Spanish–American War. The offensive began on May 12, 1898, when the United States Navy attacked the archipelago’s capital, San Juan. Though the damage inflicted on the city was minimal,...
to an end. The Banco Español de Puerto Rico was then transferred to invading investors. However, the terms signed in the armistice, stated that the United States would have to respect all the charters that were previously granted by Spain to its former colonies. This was certified by the United States Congress on June 6, 1900. Thus, the bank continued issuing provincial currency in Puerto Rico, but was renamed El Banco de Puerto Rico or Bank of Puerto Rico. The capital used by the currency was changed from peso to dollars, giving birth to the Puerto Rican dollar. A proposal to print 1-dollar banknotes was suggested, but refused citing that it could "bring dangerous results". Series C bills were issued with a release date of "May 1, 1900" and were overstamped with "Moneda Americana" in bold red letters. They bore the signatures of the new bank governor Carlos María Soler and cashier Manuel Vicente. This marked the first and only time that currency valorized in dollars was issued outside the United States.
Series E was introduced subsequently. The banknotes for this issue were bilingual, featuring the bank's name both in Spanish and English. This was one of the earliest and possibly the first instance of bilingual currency in the world. Early specimens for Series F were produced in 1907, but they never reached circulation. The bills for this issue featured the profiles of Christopher Columbus
Christopher Columbus
Christopher Columbus was an explorer, colonizer, and navigator, born in the Republic of Genoa, in northwestern Italy. Under the auspices of the Catholic Monarchs of Spain, he completed four voyages across the Atlantic Ocean that led to general European awareness of the American continents in the...
and Juan Ponce de León. The colonial government intended to eliminate all Spanish captions from these notes, intending to accelerate a failed "Americanization
Americanization
Americanization is the influence of the United States on the popular culture, technology, business practices, or political techniques of other countries. The term has been used since at least 1907. Inside the U.S...
" process in Puerto Rico. Series F ultimately entered circulation on July 1, 1909, still featuring bilingual captions and exhibiting a higher degree of technical quality. In 1913, the charter granted by Spain expired and the bank was closed and its assets were liquidated. After this date, Puerto Rico's economy was fully integrated into the United States' currency system, while Puerto Rican dollars were redeemed for United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
s. Banknotes valorized in millions continued in circulation, thus a collect was ordered and held between January 16 – 24, 1916. The remaining bills, with an estimated value of $14,872 were taken out of circulation nine years later by the Puerto Rico Commercial Bank.
Parallel to the Bank of Puerto Rico, American investors saw an opportunity to establish banks in Puerto Rico. The first of these was the American Colonial Bank, which opened in 1899. The establishment of national banks was proposed to the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
, with charters being eventually established in June 1900. The requirements for establishing a bank under this grant of authority, demanded that at least three-fourths of the board of directors lived in Puerto Rico at least for a year. It took the group two years to meet these regulations, but in 1902 the First National Bank of Porto Rico was inaugurated, with Andrés Crosas from San Juan serving as its president. The bank began issuing notes in denominations of 10, 20, 50 and 100 dollars which were manufactured by October 27, 1902, even before all of the requirements were met.
Collection value and numismatic study
The remaining exemplars of Puerto Rican currency have gathered significant value with the years, particularly in the United States. The value of them within the collectors of that country is due to the special nature of the post-1898 issues. Since they were issued under the same Spanish provincial charter, the Bureau of Engraving and PrintingBureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
classifies them as "territorial" currency, this being the only unit of exchange of this kind that is recognized by the United States Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
.
Objects from Puerto Rico are constantly featured in specialized magazines, in both national and international distribution. The Puerto Rican dollars that were collected by the government, were burned between January 16 - 24, 1925, drastically reducing the amount of surviving notes from the Bank of Puerto Rico. The Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
reduced their numbers further, since necessity prevented the collection of pesos in large denominations. Thus less than five exemplars are known to exist of the 100 and 200 peso banknotes issued by El Banco Español de Puerto Rico and the 5 and 10 dollars Series F bills published by the Bank of Puerto Rico.
Similarly, the other notes issued by this banks range from scarce to rare. 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 $100 denomination have been known to survive, similarly two from the $20 issue are left, with one of them being acquired by Amon G. Carter
Amon G. Carter
Amon G. Carter, Sr. was the creator and publisher of the Fort Worth Star-Telegram, and a nationally known civic booster for Fort Worth, Texas. A legacy in his will was used to create Fort Worth's Amon Carter Museum....
before his death. Carter was known to exhibit the piece, but didn't make it available for sale. More than a dozen $10 banknotes survived, seldom appearing at auctions. 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. 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).
In Puerto Rico, the Sociedad Numismática de Puerto Rico (lit. "Numismatic Society of Puerto Rico") was founded in 1949. 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
Plaza Las Américas
Plaza Las Américas is a shopping mall in Hato Rey, San Juan, Puerto Rico, located at the intersection of Routes 18 and 22. It is near the Roberto Clemente Coliseum, the Hiram Bithorn Stadium, and the WKAQ-TV's studios. "Plaza", as it is known to many Puerto Ricans, was the first indoor mall built...
since the commercial center's inauguration. Outside of this activity, Puerto Rican currency can be found locally in philatelic and numismatic as well as flea markets. 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.
Other issued currency
In 2005, the Puerto Rican Nationalist PartyPuerto Rican Nationalist Party
The Puerto Rican Nationalist Party was founded on September 17, 1922. Its main objective is to work for Puerto Rican Independence.In 1919, José Coll y Cuchí, a member of the Union Party of Puerto Rico, felt that the Union Party was not doing enough for the cause of Puerto Rican independence and he...
issued a limited amount of banknotes commemorating the Jayuya Uprising
Jayuya Uprising
The Jayuya Uprising, also known as the Jayuya Revolt or El Grito de Jayuya, refers to a nationalist revolt in the town of Jayuya, Puerto Rico which occurred on October 30, 1950...
. 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
Pedro Albizu Campos
Don Pedro Albizu Campos was a Puerto Rican politician and one of the leading figures in the Puerto Rican independence movement. He was the leader and president of the Puerto Rican Nationalist Party from 1930 until his death...
in the front side while the reverses are adorned with the flags of Puerto Rico
Flag of Puerto Rico
The flags of Puerto Rico represent and symbolize the island and people of Puerto Rico. The most commonly used flags of Puerto Rico are the current flag, which represents the people of the commonwealth of Puerto Rico; municipal flags, which represent the different regions of the island; political...
, Jayuya and the Nationalist Party. Microprint
Microprinting
Microprinting is one of many anti-counterfeiting techniques used most often on currency and bank checks, as well as various other items of value. Microprinting involves printing very small text, usually too small to read with the naked eye, onto the note or item. Microprint is frequently hidden in...
with the names of Pedro Albizu Campos and Filiberto Ojeda Ríos
Filiberto Ojeda Ríos
Filiberto Ojeda Ríos was the commander-in-chief of the Boricua Popular Army , a clandestine paramilitary organization that considers United States rule over Puerto Rico to be oppressive colonization and advocates the latter's independence.Ojeda Ríos was a...
are found throughout the pesos. The Liberty Dollar
Liberty Dollar
The Liberty Dollar was a private currency produced in the United States. The currency was issued in minted metal rounds similar to coins, gold and silver certificates and electronic currency . ALD certificates are "warehouse receipts" for real gold and silver owned by the bearer, ALD certificate...
of Puerto Rico was introduced on July 10, 2005. Silver ounces began circulating on October 8, 2005, marking the first time that a silver coin was distributed in more than a century.
In December 2007, the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
approved a measure that included the Commonwealth of Puerto Rico, Washington D.C. and several non-autonomous territories including American Samoa
American Samoa
American Samoa is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the sovereign state of Samoa...
, Guam
Guam
Guam is an organized, unincorporated territory of the United States located in the western Pacific Ocean. It is one of five U.S. territories with an established civilian government. Guam is listed as one of 16 Non-Self-Governing Territories by the Special Committee on Decolonization of the United...
and the United States Virgin Islands
United States Virgin Islands
The Virgin Islands of the United States are a group of islands in the Caribbean that are an insular area of the United States. The islands are geographically part of the Virgin Islands archipelago and are located in the Leeward Islands of the Lesser Antilles.The U.S...
in the 50 State Quarters
50 State Quarters
The 50 State Quarters program is the release of a series of circulating commemorative coins by the United States Mint. Between 1999 and 2008, it featured each of the 50 U.S. states on unique designs for the reverse of the quarter....
program. 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. The design on these coins was expected to feature the same George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
image found in the obverse of the original issues, while the reverse would depict illustrations of something characteristic to that location. The Secretary of Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
approved the design on July 31, 2008. The coins were issued, as well as "proof coins
Proof coinage
Proof coinage means special early samples of a coin issue, historically made for checking the dies and for archival purposes, but nowadays often struck in greater numbers specially for coin collectors . Many countries now issue them....
" and 90% silver special issues. The Puerto Rico coin was the second release in 2009. In 2012, as part of the National Park Quarters Program initiative, the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
will release a quarter commemorating the inclusion of El Yunque National Forest
El Yunque National Forest
El Yunque National Forest, formerly known as the Luquillo National Forest, and the Caribbean National Forest, is a forest located in northeastern Puerto Rico. It is the only tropical rain forest in the United States...
as part of the National Forest System in 1903.
External links
- Puerto Rico Monetary History
- Sociedad Numismática de Puerto Rico
- Historia de la Moneda y Numismática en Puerto Rico