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Puerto Rico's old money coins and bank notes illustration

Puerto Rico's Monetary History

Puerto Rico's monetary history reflects centuries of political and economic change. Spanish coins circulated on the island during the colonial period, followed by Puerto Rico's own provincial currency in the late 19th century. After sovereignty changed from Spain to the United States in 1898, Puerto Rican currency was gradually replaced by the U.S. dollar.

From rare silver pesos bearing the image of King Alfonso XIII to early Puerto Rican banknotes, the coins and bills once used on the island offer a fascinating glimpse into Puerto Rico's history.

Puerto Rico's Currency Timeline

Spanish Colonial Era
Spanish and other circulating coinage was used throughout Puerto Rico during the island's colonial period.
1895 – Puerto Rico's Provincial Coinage
Puerto Rico received its own provincial silver coinage, denominated in pesos and centavos.
1898 – Change of Sovereignty
Spain ceded Puerto Rico to the United States following the Spanish-American War.
1900 – Transition to the U.S. Dollar
The U.S. dollar became Puerto Rico's official currency, replacing the Puerto Rican peso.
Today – The U.S. Dollar
Puerto Rico uses the U.S. dollar (USD), the same currency used throughout the United States.

Puerto Rico's 1895 Provincial Coins

Beginning in the 17th century, the provincial currency (silver) minted in the Casa de Moneda de Madrid, in the denominations of 1 peso, 40 cents, 20 cents, 10 cents and 5 cents. These five denominations had a common design, with the figure 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.

5 Centavos de Peso

Units: 600.000 coins were minted in its first year of production, 1895 Puerto Rico PG V
Material: Silver 835/1000
Weight: 1,25gr
Diameter: 16,5mm

10 Centavos de Peso

Units: 700,000 coins were minted in its first year of production, 1895 Puerto Rico PG V
Material: Silver 835/1000
Weight: 2,5gr
Diameter: 18,5mm

20 Centavos de Peso

Units: 3.350.006 coins were minted in its first year of production, 1895 Puerto Rico PG V
Material Silver 835/1000
Weight: 5gr
Diameter: 23,5mm

40 Centavos de Peso

Units: 752.002 coins were minted in its first year of production, 1895 Puerto Rico PG V
Material: Silver 835/1000
Weight: 10gr
Diameter: 31mm
Estimated Value $300-400

1 Peso

Units: 8.500.021 coins were minted in its first year of production, 1895 Puerto Rico PG V Material: Silver 900/1000
Weight: 25 gr
Diameter: 37,5mm

Did the Spanish Peso and Puerto Rican Peso Circulate Together?


Spanish and American currencies of 1898

The one of Spain it was worth 5 pesetas and the American 1 dollar. 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, which created a serious problem to investors, banks and the economy in general. The Puerto Rican currency had more value, in silver, that the one from the USA, but this one was endorsed in gold and the Puerto Rican only by its own weight in silver. In the end the Puerto Rican peso was fused to make the dollar of 1902.


Puerto Rico's Historic Banknotes

Banco Español de Puerto Rico


The Puerto Rican 5 pesos, series D, of the Spanish Bank of Puerto Rico. The bank was founded on 1888, of private capital and it had license from the Spanish government to issue notes during 25 years (1888-1913). After the Spanish-American War the bank was renamed Bank of Puerto Rico. The front shows the head of Queen Maria Cristina.

Bank of Porto Rico


The Puerto Rican bilingual note of 200 pesos or dollars. This note was issued by the Bank of Puerto Rico (Bank of Porto Rico) just a short time after the cession of the Island. The Treaty of Paris forced the United States to respect all licenses or effective concessions, reason why the Bank of Puerto Rico, old Spanish Bank of Puerto Rico, continued this operation until its liquidation in 1913. In the beginning, the Bank of Puerto Rico reprinted Spanish bills with red ink with the phrase "American currency". The reprinted Spanish bills were those that had the Paschal Lamb, instead of Queen Maria Cristina.


Why Puerto Rico Uses the U.S. Dollar Today

Puerto Rico uses the U.S. dollar (USD), just like the 50 states and other U.S. jurisdictions. Visitors from the mainland United States do not need to exchange currency when traveling to Puerto Rico.


What Puerto Ricans Call Their Money


Coins Then & Now

Historic Puerto Rican Currency Currency Today
Peso U.S. dollar
Centavos Cents
Puerto Rican provincial coins U.S. coins
Puerto Rican/Spanish-era banknotes U.S. Federal Reserve notes

Continue Exploring Puerto Rico

Puerto Rico History


Explore more than 500 years of Puerto Rico's recorded history.

Puerto Rico Economy


Learn about the industries and economic changes that shaped the island.

Puerto Rico Fast Facts


Find essential facts about Puerto Rico at a glance.


Glossary

mint: a place where coins, medals, or tokens are made

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Did You Know?

Scientists have identified more than 200 caves and sinkholes within the Camuy karst region, although only a small portion is open to visitors.