Peso puerto rico: Puerto Rico Peso KM 24 Prices & Values
1 Peso, Puerto Rico, 1895
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- Location
- Currently not on view
- Object Name
- note
- date made
- 1895
- date on object
- 1895-07-01
- place made
- Puerto Rico
- Physical Description
- paper (overall material)
- Measurements
-
overall: 6.
65 cm x 10.95 cm x in; 2 5/8 in x 4 5/16 in x.0254 cm
- ID Number
- 2001.0009.0657
- accession number
- 2001.0009
- catalog number
- 2001.0009.0657
- serial number
- 0190168
- See more items in
- Work and Industry: National Numismatic Collection
- Data Source
- National Museum of American History
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From Pesos to Dollars – in cOHERENT Thoughts
Dr. Harry Franqui-Rivera
When the United States seized Puerto Rico, it immediately started to shape its new colony in accordance to American standards.
One of the many things changed was the local currency. This is what is found in the actual report by the Government of United States.
“Section 2 of the act of Congress approved April 12, 1900, contained provisions authorizing the Secretary of the Treasury to redeem the Porto Rican coins in circulation and to substitute therefor the coins of the United States at the previously authorized rate of exchange (60 United States currency for 100 Porto Rican currency, Executive Order of January 20,1899). The act limited the exchange to Porto Rican silver and copper coins in circulation on February 1, 1900.”
“The Porto Rican peso has a relative value to the United States silver dollar of 93.5 to 100. As the bullion value of the American dollar in 1900 was about 46.5 cents in gold, the Porto Rican is worth only about 43.5 cents gold. The United States paid for these coins in gold sixty one-hundredths of their face value. So the Government paid for the Porto Rican money nearly $903,000 more than it was worth as bullion, and also met the cost of the exchange, which for salaries, etc.
, had reached $12,409 in August, 1900.
It therefore appears that it has already cost the United States about 915,000 to substitute our own for the the local coinage in Puerto Rico, and when the whole operation is completed the cost will probably reach $1,000,000.”
Reports of the War Department. 1900. Civil affairs in Porto Rico. Oct. 18,1898 – April 30,1900 56th Congress, 2nd Session 1900-1901. Annual Reports of the War Department for the Fiscal Year Ended June 30, 1900. Part. 13. Report of the Military Governor of Porto Rico on Civil Affairs. (1902) (San Juan, P.R.: Reprint by Academia Puertorriqueña de la Historia, Ediciones Puerto, 2003), 171, 173.
Here is how it has been interpreted by economic historians.
“The U.S. first confronted the problem of silver currencies in a Third World Country when it seized control of Puerto Rico from Spain in 1898 and occupied it as permanent colony. Fortunately for the imperialists Puerto Rico was ripe for currency manipulation…
[This is an anachronism for the concept of a Third World did not exist until the post-WWII era when in response to a bipolar world emerged the non-aligned movement.
]
Only three years earlier, in 1895, Spain had destroyed the full-bodied Mexican silver currency that its colony had previously enjoyed and replaced it with a silver “dollar,” worth only 41 cents in U.S. currency. The Spanish government had pocketed the large seigniorage profits from the debasement…
[The difference between the face value of the coins and the cost of acquiring the metal and minting them generated a financial benefit for the State treasury, known as seigniorage.]
The U.S. was therefore easily able to substitute its own debased silver dollar, worth only 45.6 cents in gold. Thus the U.S. silver currency replaced an even more debased one and the Puerto Ricans had no tradition of loyalty to a currency recently imposed by the Spaniards. There was therefore little or no opposition in Puerto Rico to the U.S. monetary takeover…
The major controversial question was the exchange rate the American authorities would fix between the two debased coins, the old Puerto Rican peso and the U.
S. silver dollar…
The heavy debtors in Puerto Rico- mainly sugar planters- naturally wanted to pay their peso obligations as cheap a rate as possible; they lobbied for a peso worth 50 cents American. In contrast the Puerto Rican bankers-creditors wanted the rate fixed at 75 cents. Since the exchange rate was arbitrary anyway, [Economist, Jacob] Hollander and the other American officials decided in the time-honored way of governments; more or less splitting the difference, and fixing a peso equal to 60 cents.”
Murray N. Rothbard, History of Money and Banking in the United States: The Colonial Era to World War II, 220-21.
40 Percent of the Porto Rican’s wealth did not disappear overnight. That is not say that merchants- as usual- took advantage of the people’s ignorance, and instead of adjusting their prices to the new currency, charged more for the same products. For example if a pound of X product had been sold at 1 Porto Rican peso, merchants sold it at 1 American dollar after the exchange, in effect stealing from their costumers.
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I’m a historian by training, a professor of history by day, and a public intellectual and blogger by night.
I’m the author of:
Soldiers of the Nation: Military Service and Modern Puerto Rico, 1868-1952. University of Nebraska Press, 2018.
You can find my academic work at: http://www.academia.edu/
I also write and blog about current issues, from politics to foreign policy, military matters, identity, culture, race and privilege. You can find my most popular works in;
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Appendix B.
List of currencies in alphabetical order \ ConsultantPlus
──────────┬───────────────────────┐
│ Name of currency │ Currency code │Short name│
│ ├─── ───────┬────────┤ countries and territories │
│ │letter│numeric│ │
Australian Dollar AUD 036 Australia, Kiribati
Cocos (Keeling) Islands
Nauru Islands
Norfolk Island
Christmas Island
Tuvalu, Heard Island and
McDonald Islands
0003
Azerbaijani manat Azm 031 Azerbaijan
(introduced by a change in 1/97, approved by the State Standard of the Russian Federation 03/17/1997)
Algerian dinar DZD 012 Algeri 051 Armenia
(introduced by Amendment 1/97, approved by the State Standard of the Russian Federation on March 17, 1997)
Aruban guilder AWG 533 Aruba
(introduced by a change in 1/97, approved by the State Standard of the Russian Federation 03/17/1997)
Belarusian ruble BYR 974 Belarus
Explanation: this
Position belongs to
,
denominated
Belarusian ruble
(introduced by a change in 6/99, 6/99, 6/99, approved by the State Standard of the Russian Federation on December 31, 1999)
Belgian franc BEF 056 Belgium
Bermuda dollar BMD 060 Bermuda
Bulgarian lev BGN 975 Bulgaria
(introduced by a change in 7/2000, approved by the State Standard of the Russian Federation 05.
05.2000)
Bolivar VEB 862 Venezuela
Boliviano BOB 068 Bolivia
Brazilian Real Bril 986 Brazil
(introduced by a change in 1/97, central stand RF 03/17/1997)
Brunei dollar BND 096 Brunei Darussalam
Burundian franc BIF 108 Burundi
Vatu VUV 548 Vanuatu
Vaughn KRW 410 Korea, Republic
East — Caribbean XCD 951 Angilla, Antigua and
dollar Barbuda, Grenada,
Dominica, Montserrat,
Saint and
Grenadina, Sent — SEN
Kits and Nevis,
SET — Lucia
Gyan dollar Gyd 328 Gayana
Guinean franc GNF 324 Guinea
Gibraltar pound GIP 292 Gibraltar dollar HKD 344 Gong Kong
Gryvo 980 Gryvno 980 Gryvno 9803 1/97, approved. State Standard of the Russian Federation 17.03.1997)
Georgian coupon Excluded. — Amendment N 5/99, approved.
State Standard of the Russian Federation
(see the text in the previous edition)
Guarani PYG 600 Paraguay
Gurd htg 332 HAITI
Dalacy GMD0002 Faroe Islands
Denar MKD 807 Macedonia
Dirham (OAE) AED 784 United Arab
Emirates (UAE) Country
STD 678 San — Tom and Principa Zimbabwe ZWD 716 zimbabwe
KAMARAN
Islands
dollar NAD 516 NAD 516 Namibia
dollar SBD SBD 090 Solomon Island
Islands
USD 840 American Samoa,
British territory
in the Indian Ocean,
Virginsky Islands 9,00020003
(British),
Virgin Islands
(US), Haiti, Guam,
Minor Pacific
outlying islands
US, Marshall Islands
Micronesia,
Palau, Panama,
Puerto Rico,
Northern
Mariana Islands,
United States
Americas (USA), Turks
and Caicos Islands
dollar of Trinidada TTD 780 Trinidad and Tobago
and Tobago
dollar FJD 242 FIDGI
Dominican Peso Dominican Dominican
Republic
Dong 704 Vietnames
9000 2 EURTIONS
European Union
(introduced by Amendment 4/98, approved by the State Standard of the Russian Federation on December 16, 1998)
Egyptian pound EGP 818 Egypt
Zloty PLN 985 Poland
(as amended by the State Standard of the Russian Federation, No.
5/9 ; N 7/2000, approved
by the State Standard of the Russian Federation on 05.05.2000)
(see the text in the previous edition)
Golden cordoba NIO 558 Nicaragua
Ian JPY 392 Japan
Indian Rupy Inr 356 Buttan, India
Jordan Dinar JOD 400 Jordan
Iraqi IKD 368 Iraq
(as amended by changes N 7/2000, approved by the State Standard of the Russian Federation 05.05.2000)
(see previous text)
Iranian rial IRR 364 Iran (Islamic Republic of
)
Irish pound IEP 372 Ireland
Icelandic Krona ISK 352 Iceland
Spanish porseta ESP 724 Andorra, Spain
Italian lyre Itl 380 Vatikan, city —
state,
San — Marino
Yimeensky RIAL YERIL YERIL YERIL YERIL YEAR 886 Yemen
Canadian dollar CAD 124 Canada
Karbovanets (Ukrainian) Excluded. — Amendment 1/97, approved.
State Standard of the Russian Federation 03/17/1997
(see the text in the previous version)
Qatari RIAL QAR 634 Qatar
AOA 973 Academy of Sciences
(introduced by a change in 7/2000, approved by the State Standard of the Russian Federation 05.
05.2000)
quachach (Zambian) ZMK 894 Zbias
Kvach (Malavian) MWK 454 Malavi
Kenyan shilling Kenya
Ketsal GTQ 320 Gvatemala
Kina PGK 598 Papua — New Guinea
KIP LAK 418 Laos, Narodnaya
Democratic
Ol000 republic
(introduced by Amendment 7/2000, approved by the State Standard of the Russian Federation on 05.05.2000)
Costa Rican colón CRC 188 Costa Rica
Estonian kroon EEK 233
Cruzeiro real Excl. — Amendment 1/97, approved.
State Standard of the Russian Federation 17.03.1997
(see the text in the previous edition)
Cuban peso CUP 192 Cuba
Kuwaiti dinar KWD 414 Kuwait
0003
(see the text in the previous edition)
Kuna HRK 191 Croatia
(as amended by Changes 2/97, approved by Gosstandart of the Russian Federation on 19.06.1997, N 5/99,
approved by Gosstandart of the Russian Federation)
( see the text in the previous edition)
Kyat MMK 104 Myanmar (Burma)
Lari GEL 981 Georgia
(introduced by Amendment N 5/99, approved by the State Standard of the Russian Federation)
Latvian lats LVL 428 Latvia
Consultant Plus: note.
See also Bulgarian lev introduced by Amendment 7/2000, approved.
State Standard of the Russian Federation 05.05.2000.
Lev BGL 100 Bulgaria
Lei ROL 642 Romania
Lek ALL 008 Albania
Lempira HNL 340 Honduras
Leone SLL 694 Sierra Leone
Mexican peso MXN 484 Mexico
(as amended by Amendment N 5/99, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
Metical MZM 508 Mozambique
Moldovan lei MDL 49 9
Naira NGN 566 Nigeria
Nakfa ERN 232 Eritrea
0003
Ngultrum BTN 064 Butane
Deutsche Mark Excluded. — Amendment 7/2000, approved.
State Standard of the Russian Federation 05.05.2000
(see the text in the previous version)
German brand DEM 276 Germany
(introduced by a change in 7/2000, approved by the State Standard of the Russian Federation 05.05.2000)
NPR 524 Nepal
22 Dutch ANG 532 Dutch
Antillean guilder Antilles
Netherlands guilder NLG 528 Netherlands
(as amended by Amendment N 5/99, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
New kwanza Excluded.
— Amendment 7/2000, approved.
State Standard of the Russian Federation 05.05.2000
(see the text in the previous edition)
New Zealand dollar NZD 554 Niue, New Zealand,
Cook Islands
Pitcairn Island
Tokelau
New Zaire YUM 891 Yugoslavia
— Amendment 8/2000, approved.
State Standard of the Russian Federation
(see the text in the previous edition)
Israeli new shekel ILS 376 Israel
(as amended by Amendment 8/2000, approved by the State Standard of the Russian Federation)
(see text in the previous edition)
New Salt PEN 604 Peru
New Taiwan TWD, Taiwan Province 901
Chinese dollar
Norwegian krone NOK 578 Bouvet Island
Norway Svalbard
(Spitsbergen) and Yang
Mayen, islands
Oman RIL OMR 512 Oman
Poanga TOP 776 TOP
Pakistani Rupe Pakistan
MOP 446 Macao
(as amended by changes N 5/99, N 5/99, N 5/99, N 5/99, N 5/99, N 5/99, N 5/99, N 5/99, N 5/99, approved by the State Standard of the Russian Federation)
(see the text in the previous edition) 9Ol000
Russian ruble
(introduced by Amendment 8/2000, approved by the State Standard of the Russian Federation) 9Ol0000003
Saudi Riyal SAR 682 Saudi Arabia
(as amended by Amendment 8/2000, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
SDR (special XDR 960 International Drawing Rights
) Monetary Fund 9003
North Korean KPW 408 Korea
Democratic won
People’s Republic 9Ol000 Somali shilling SOS 706 Somali
Somoni TJS 972 Tajikistan
(introduced by a change in 8/2000, approved by the State Standard of the Russian Federation)
Sudanar dinar SDD : this currency
valid until April 1
2001
(introduced by Amendment 1/97, approved by the State Standard of the Russian Federation on March 17, 1997; in
rev.
Amendment 8/2000, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
Taka BDT 050 Bangladesh
Tala WST 882 Samoa
Tanzanian shilling TZS 834 Tanzania, unified
republic
Tenge (Kazakh) KZT 398 Kazakhstan
Timor Eskudo TPE 626 Eastern Timmor
SIT 705 Slovenia
Tugrik MNT 496 MONGOLY
Tunis TND 788 TND
Trl 792 Turkey
,
Ugax 800 Ugand 9000 9000 (to N 5/99, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
Utiy MRO 478 Mauritania
Uzbek Sum UZS 860 Uzbekistan
(introduced by a change in 1/97, approved by the State Standard of the Russian Federation 03/17/1997)
Uruguayan peso Uyu 858 Uruguay
(as amended by amendments N 5/99, centuries . State Standard of the Russian Federation)
(see the text in the previous edition)
Philippine peso PHP 608 Philippines
Forint HUF 348 Hungary
Djiboutian franc DJF 262 Djibouti
Comoros franc KMF 174 Comoros
Islands
ConsultantPlus: note.
See also Congolese franc introduced by Amendment 7/2000,
approved. State Standard of the Russian Federation 05.05.2000.
CFA Franc BEAC XAF 950 Gabon, Cameroon,
Congo, Central —
African
Republic, Chad,
Equatorial
Guinea,
South Africa
Frank KFA XOF 952 Benin, Burkina —
Explanation: Frank Kfa Faso, Guinea — Bisau,
All -AOO — Monetary unit D’Ivoar , Mali,
Central Bank of Niger, Senegal, Togo
West Africa
(as amended by Amendment 8/2000, approved by the State Standard of the Russian Federation)
(see text in previous edition)
CFP Franc XPF 00303 95303
Polynesia
New Caledonia
Wallis and Futuna
Islands
Rwandan Franc RWF 646 Rwanda
French Franc FRF 250 Andorra, Guadeloupe,
Martinique, Monaco,
Reunion, St. Pierre and
French Miquelon, France,
0003
French southern
Territories
pound of SHP 654 Islands of St.
Helena
St. Elena
pounds GBP 826 United Korolev-
Star (Great Britain)
pound of FKP 238 Folklandsky
Islands (Malvinsky) Islands (Malvinsky) Islands (Malvinsky)0003
Croatian dinar Deleted. — Amendment 2/97, approved.
State Standard of the Russian Federation 06/19/1997
(see text in the previous edition)
Czech Cro -Crone CZK 203 Czech Republic
Chilean peso CILI
Swedish crown SEK 752 Sweden Sweden Franc Chf 756 Liechtenstens
(as amended by Amendment N 5/99, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
Swiss franc Excluded. — Amendment N 5/99, approved.
State Standard of the Russian Federation
(see the text in the previous edition)
Shilling ATS 040 Austria
Sri Lankan rupee LKR 144 Sri Lanka
ECU (unit Deleted. — Change 8/2000, approved
European currency) State Standard of the Russian Federation
(see the text in the previous edition)
Escudo Cape Verde CVE 132 Cape Verde
Ethiopian birr ETB 230 Ethiopia
/2000, approved by the State Standard of the Russian Federation)
(see the text in the previous edition)
Yugoslav dinar Excluded.
— Amendment 8/2000, approved.
State Standard of the Russian Federation
(see the text in the previous edition)
Jamaican dollar JMD 388 Jamaica
Russia offered Cuba to protect the financial system from sanctions with the help of digital pesos :: RBC.Crypto
Crypto
We are talking about the creation of a special operator with a banking license, through which payments would pass within the country and for foreign trade transactions
Russia has proposed to Cuba to create a settlement center based on the digital peso, the press service of the Presidential Commissioner for the Protection of Entrepreneurs’ Rights, Chairman of the Russia-Cuba Business Council Boris Titov said. The project would protect Cuba’s financial system from external sanctions and bring the country’s economy out of the shadows, the report said.
The proposal was discussed at a meeting in Havana Titov with the head of the Central Bank of the Republic of Cuba, Marta Gonzalez. It was about creating in Cuba a special settlement center with a banking license, through which financial transactions would take place both within the country and in foreign trade transactions.
“The Russian side is ready to offer Cuba its own experience in creating a digital environment for entrepreneurs. The economies of our partners are in dire need of two things: whitewashing cash flows (while improving the ease of doing business) and protecting the financial system from external sanctions. We proposed a combined tool that, in our opinion, is able to solve both problems,” Titov said.
adv.rbc.ru
The Russian side proposed to introduce an official digital peso. Its issuer will be the Cuban Central Bank, and the main counterparty for the purchase of the asset, according to the plan, will be a new digital bank.
He will also be the operator of the platform, implemented as a mobile application for buying currency and making payments using QR codes.
The Ombudsman drew attention to the fact that the blockchain technology will solve the issue of the safe organization of external cash flows to Cuba, while excluding the circulation of the US dollar. At the same time, the meeting participants emphasized that cryptocurrencies in Cuba should not be circulated, but can be used for foreign trade operations.
In mid-November, Titov announced that Russia and Cuba were allowing crypto-currency settlement options to facilitate cooperation amid sanctions imposed on both countries. According to him, the issue of mutual settlements in cryptocurrencies was considered, as well as the possibility of payments through clearing and private schemes.
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