Complete Financial Report of Puerto Rico

Basic Information

• Country ISO Code: PR

• Official Language: Spanish (most widely used) and English (both official, Spanish prioritized)

• Language ISO Code: es

• Current Official Currency: United States Dollar

• Currency ISO Code: USD

Currencies and Banknotes That Have Circulated in Puerto Rico

1. United States Dollar (USD) – Current Official Currency

• ISO Code: USD

• Symbols: $ or US$

• Singular Name: dollar

• Plural Name: dollars

• Monetary Subdivision: 1 dollar = 100 cents

• Fraction Name (singular): cent

• Fraction Name (plural): cents

• Initial Production Date: 1792 (U.S. coinage), circulating in Puerto Rico since 1898

• Final Production Date: ongoing

• Initial Circulation Date in Puerto Rico: 1898 (after Spain ceded Puerto Rico to the U.S.)

• Final Circulation Date: currently in circulation

• Mint: United States Mint

• Issuing Authority: United States Federal Reserve

• Coin Denominations: 1, 5, 10, 25, 50 cents and 1 dollar

• Banknote Denominations: 1, 2, 5, 10, 20, 50, 100 dollars

• Historical Context:

  • Following the 1898 cession of Puerto Rico to the U.S., the U.S. dollar was established as the official currency.

  • The dollar unified the monetary system with the U.S., facilitating trade and economic integration.

  • It remains the sole legal tender in Puerto Rico.

• Current Status: active and sole currency in circulation

• Interesting Facts:

  • Despite using the dollar, Puerto Ricans commonly use traditional terms such as “peso” for dollar, “peseta” for quarter dollar, “vellón” for nickel, and “chavo” or “perrita” for cent.

2. Puerto Rican Peso (Spanish Provincial Currency)

• ISO Code: not applicable

• Symbols: non-standardized; coins featured Spanish royal shields and effigies

• Singular Name: peso

• Plural Name: pesos

• Monetary Subdivision: 1 peso = 100 cents

• Fraction Name (singular): cent

• Fraction Name (plural): cents

• Initial Production Date: 1895

• Final Production Date: 1899

• Initial Circulation Date: 1895

• Final Circulation Date: 1900 (withdrawn after dollar adoption)

• Mint: Royal Mint of Madrid (Spain)

• Issuing Authority: Puerto Rico National Treasury (under Spanish rule)

• Coin Denominations: 5, 10, 20, 40 cents and 1 peso (all silver)

• Banknote Denominations: various provincial treasury notes

• Historical Context:

  • Due to coin shortages, Spain issued specific silver coins for Puerto Rico in 1895.

  • The peso was equivalent to 5 Spanish pesetas.

  • It was official currency until the 1898 cession and fully withdrawn by 1900.

• Current Status: out of circulation

• Interesting Facts:

  • Silver coins bore unique Puerto Rican designs with Spanish royal symbols.

3. Spanish and Other Foreign Coins and Banknotes

• Prior to the Puerto Rican peso, Spanish colonial coins (reales, pesetas), Mexican, British, and French coins circulated.

• The Madrid Mint produced coins specifically for Puerto Rico in the 17th century.

• In 1766, Puerto Rico was the first Spanish overseas province to issue 8 reales banknotes.

• The Spanish Bank of Puerto Rico issued banknotes from 1890 until the transition to U.S. currency.

Economic and Monetary Context

• The transition from the Puerto Rican peso to the U.S. dollar in 1900 unified the island’s monetary system with that of the United States, facilitating commerce and economic integration.

• The U.S. dollar has been the economic foundation since 1898, providing stability and full acceptance.

• Traditional monetary terms remain in popular use among the population.

• In recent years, Puerto Rico has faced severe debt crises impacting social and economic conditions, but the U.S. dollar remains the official and only currency.

Summary Table

This report has been prepared in International English based on reliable historical and financial sources regarding Puerto Rico’s currency.