Puerto Rico Currency 5 Dollars banknote 1.7.1909, Bank of Puerto Rico - Banco de Puerto Rico, San Juan. P-47a.
Obverse: Portrait of Christopher Columbus at left, Red Paschal Lamb Seal at right.
Reverse: Nice lounging lady with books and Aladdin's lamp.
Printed by American Bank Note Company, New York.
Puerto Rico Currency - Bank of Puerto Rico - Banco de Puerto Rico
Puerto Rican dollar was pegged to the United States dollar
On August 13, 1898, Spain ceded Puerto Rico to the United States as part of the Treaty of Paris, bringing the Puerto Rican Campaign to an end. The Banco Español de Puerto Rico was then transferred to invading investors. However, the terms signed in the armistice, stated that the United States would have to respect all the charters that were previously granted by Spain to its former colonies. This was certified by the United States Congress on June 6, 1900. Thus, the bank continued issuing provincial currency in Puerto Rico, but was renamed El Banco de Puerto Rico or Bank of Puerto Rico. The capital used by the currency was changed from peso to dollars, giving birth to the Puerto Rican dollar. A proposal to print 1-dollar banknotes was suggested, but refused citing that it could "bring dangerous results". Series C bills were issued with a release date of "May 1, 1900" and were overstamped with "Moneda Americana" in bold red letters. They bore the signatures of the new bank governor Carlos María Soler and cashier Manuel Vicente. This marked the first and only time that currency valorized in dollars was issued outside the United States.
Series E was introduced subsequently. The banknotes for this issue were bilingual, featuring the bank's name both in Spanish and English. This was one of the earliest and possibly the first instance of bilingual currency in the world. Early specimens for Series F were produced in 1907, but they never reached circulation. The bills for this issue featured the profiles of Christopher Columbus and Juan Ponce de León. The colonial government intended to eliminate all Spanish captions from these notes, intending to accelerate a failed "Americanization" process in Puerto Rico. Series F ultimately entered circulation on July 1, 1909, still featuring bilingual captions and exhibiting a higher degree of technical quality. In 1913, the charter granted by Spain expired and the bank was closed and its assets were liquidated. After this date, Puerto Rico's economy was fully integrated into the United States' currency system, while Puerto Rican dollars were redeemed for United States dollars. Banknotes valorized in millions continued in circulation, thus a collect was ordered and held between January 16 – 24, 1916. The remaining bills, with an estimated value of $14,872 were taken out of circulation nine years later by the Puerto Rico Commercial Bank.
Banknotes of Puerto Rico
Puerto Rico 50 Pesos banknote 1894, Banco Español de Puerto Rico
Puerto Rico 5 Pesos banknote 1894, Banco Español de Puerto Rico
Puerto Rico 5 Pesos banknote 1894, Banco Español de Puerto Rico