Puerto Rico Banknote Catalog
Puerto Rico’s First Paper Money
When the wars of independence broke out on the American continent, the annual subsidy the Spanish Crown sent from Mexico —the “situado”— stopped reaching Puerto Rico, precipitating a severe fiscal crisis. Faced with a shortage of coin, Governor Salvador Meléndez Bruna authorized by royal order of 31 August 1812 the issue of a provincial paper currency known as “papeletas”, which circulated to the amount of 500,000 pesos during 1813.
The arrival of intendant Alejandro Ramírez in February 1813 marked the start of a rigorous rehabilitation of the Real Hacienda: under his administration, the papeleta issue was fully redeemed by about 1816. Because of their fragile material and early withdrawal from circulation, these documents —together with the later 3- and 5-peso notes— rank today among the rarest and most sought-after pieces in Puerto Rican numismatics.
