Portal:Puerto Rico/Selected articles/19

The currencies of Puerto Rico closely follow the historic development of Puerto Rico. As a colony of Spain and the United States, Puerto Rico was granted the use of both foreign and provincial currencies. 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 colony to print 8-real banknotes in the Spanish Empire and which in the Spanish government's approval of subsequent issues. In the 19th century, Salvador Meléndez Bruna ordered the issue of provincial banknotes, creating the Puerto Rican peso. On February 1, 1890, the Banco Español de Puerto Rico was inaugurated and began issuing banknotes. 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 Porto Rico and issued bills equivalent to the United States dollar, creating the Puerto Rican dollar. After Puerto Rico's economy and monetary system was fully integrated into the United States' economic and monetary system, the Puerto Rican dollars were redeemed. (more...)