The peso was a currency used in Puerto Rico between 1812 and 1898.

History

The peso was initially subdivided into 8 reales and was equivalent to 8 Spanish reales. Between 1812 and 1819, the peso was issued in banknote form. No further issues of currency were made specifically for use in Puerto Rico until the 1880s. By this time, the peso was subdivided into 100 centavos and was equivalent to 5 Spanish pesetas. Banknotes and overstamped coins were issued in the 1880s, with regular coins following in the 1890s. The peso was replaced by the dollar at par, following Puerto Rico's transfer to the United States of America in 1898.

Coins

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, U.S. 20 cents, quarters, halves and dollars were all countermarked and used until they were redeemed in 1894.

In 1895, silver 20 centavos and 1 peso coins were introduced, followed in 1896 by silver 5, 10 and 40 centavos. The 1 peso coins bore the denomination as "1 PESO = 5 P.^TAS".

Banknotes

The National Treasury issued 8 reales notes in 1812 and 1813, followed by 3 and 5 pesos notes between 1814 and 1819. Around 1880, the Compania de los Ferro-Carriles de Puerto Rico issued 5 pesos notes. At some time, the Caja de Ahorros de Ponce issued 50 pesos notes.

In 1889, the Banco Español de Puerto Rico introduced notes in denominations of 5, 10, 20, 50, 100 and 200 pesos. The Ministerio de Ultramar issued 1 peso notes in 1895. The first notes issued under the U.S. administration were Banco Español 5 pesos notes overstamped with the words "Moneda Americana". The second issue was denominated in both pesos and dollars.

Subsequent currency issues in Puerto Rico

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 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.^[1] Silver ounces began circulating on October 8, 2005, marking the first time that a silver coin was distributed in more than a century.^[2]

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 Virgin Islands in the 50 State Quarters program.^[3] 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.^[3] 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.^[4] The Secretary of Treasury would have to approve each design after evaluating it with the local Governor, following a review by the Citizens Coinage Advisory Committee. Once approved the coins will be issued, as well as "proof coins" and 90% silver special issues.^[4]

References

External links

es:Peso puertorriqueño it:Peso portoricano

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