Puerto Rico North, Central America Coins: World Coins & Paper Money
The coins of Puerto Rico are of great interest to many collectors. From Puerto Rico’s discovery in1493, to 1899, when the US dismantled the Puerto Rican "peso" and replaced it with the dollar, the coins of many countries circulated freely in the island. During the colonization of Puerto Rico, the Island used Spanish money. This was hardly surprising considering that Puerto Rico was, at the time, a Spanish colony.
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Beginning in the 17th century, silver coins were minted in the Casa de Moneda de Madrid, in the denominations of 1 peso, 40 cents, 20 cents, 10 cents and 5 cents. They were intended for use in Puerto Rico. All 5 denominations had the same design, an illustration of Alfonso XIII (1886 - 1931) boy by a side and the other the shield of Spain, with the real crown between the two columns of Hercules and the Puerto Rico inscription.
From 1895-96 the Puerto Rican provincial peso was in circulation, but at the beginning of the 20th century an interchange took place, paying 60 cents of a dollar. This created a serious problem for investors and banks, and put the Puerto Rican economy in peril. The Puerto Rican currency had more value, in silver, that the US currency. The US currency, on the other hand, promised its value in gold, but Puerto Rican only by the coin’s own weight in silver. The Puerto Rican peso was fused to make the dollar of 1902. Coins from Puerto Rico’s colonial history are highly collectible.
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