<P> 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 . Following the Spanish colonization in 1502, Puerto Rico became an important port, with its own supply of gold . However, as the mineral reserves ran empty within the century, the archipelago's economy suffered . The Spanish Crown issued the Situado Mexicano, which meant that a semi-regular shipment of gold from the Viceroyalty of New Spain would be sent to the island, as a way to provide economic support . 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 . </P> <P> The situado was discontinued during the 19th century, creating an economic crisis, as a result of Mexico gaining its independence from Spain . Salvador Meléndez Bruna, the colonial governor in office, ordered the issue of provincial banknotes, creating the Puerto Rican peso . However, printing of these banknotes ceased after 1815 . During the following decades, foreign coins became the widespread currency . In the 1860s and 1870s, banknotes reemerged . On February 1, 1890, the Banco Español de Puerto Rico was inaugurated and began issuing banknotes . The bank designed four series and placed three in circulation under Spanish rule . In 1895, a Royal Decree ordered the production of provincial peso coins . </P> <P> 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 . In 1902, the First National Bank of Porto Rico issued banknotes in a parallel manner . Two more series were issued until 1913 . 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 for those issued by the United States Treasury . The peso and dollar have been followed by other contemporary issues, including commemorative banknotes, private currency, and a quarter coin designed with Fort San Felipe del Morro in the face . </P> <P> After Juan Ponce de León began the colonization process of Puerto Rico, the archipelago became a strategic military location, used by Spain to protect its colonies and possessions in America . Vessels used it as a main point for resupplying before attempting long voyages and trading became a key part of economy . However, when the mines and rivers in the main island of Puerto Rico, then known as San Juan Bautista, were depleted Puerto Rico began suffering from shortage of gold and its income was reduced drastically, precipitating a recession . Beginning in the 16th century, the Spanish Crown was forced to issue a monetary support decree to the archipelago known as situado, which was supplied by the Royal banks in Central America, particularly Mexico . However, this aid failed to arrive often, contributing to the economical instability . This was exacerbated by other factors, including the costs of running an efficient military and a lack of commercial prosperity . Natural conditions and disasters also contributed, multiplying the costs of maintaining fortresses while hurricanes damaged haciendas, destroying crops and shortening the amount of laborers . </P>

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