FRONT - 100 Pesos bank note of 1894 Banco Español de Puerto Rico.
Part of a series on the
Economy of Puerto Rico
History
Currencies
Primary sectors
Agriculture
Electricity
Energy
Fishing
Secondary sectors
Aerospace
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Pharmaceutics
Petrochemicals
PRIDCO
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Textiles
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Companies of Puerto Rico
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Assets
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Bond issuers
AFI
AFICA
Authority for the Financing of the Infrastructure of Puerto Rico
COFINA
Government Development Bank
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Public debt
Balance
Budget
Bonds issued by Puerto Rico
Debt crisis
Public debt of Puerto Rico
Taxes
Internal Revenue Code
Sales and Use Tax
Taxation in Puerto Rico
Trade associations
Chamber of Commerce
Chamber of Marketing, Industry, and Distribution of Food
Made in Puerto Rico
MIDA
Manufacturers Association
Puerto Rico Products Association
United Retailers Center
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The currencies of Puerto Rico closely follow the historic development of Puerto Rico. As a Province of Spain (Autonomous Community) and a territory of the United States, Puerto Rico was granted the use of both foreign and provincial currencies. Following the Spanish colonization in 1508, 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 banknotes in 1766, becoming the first Overseas Province 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 coins 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 Puerto Rico and issued bills equivalent to the United States dollar, creating the Puerto Rican dollar. In 1902, the First National Bank of Puerto Rico issued banknotes in a parallel manner. Two more series were issued until 1913. After Puerto Rico's economy and monetary system were 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.
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