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| Puerto Rico 100 pesos banknote, Queen Maria Cristina |
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| Banco Español de Puerto Rico - 100 pesos banknote |
Puerto Rico banknotes, Puerto Rico paper money and Puerto Rican currency pictures.
Obverse: Portrait of Queen Mother and Regent of Spain Maria Cristina at right and Man with Globe and Map on the left , two allegorical women on center.
Banco Español de Puerto Rico
On May 23, 1887, Maria Christina of Austria and Victor Balaguer, Spain's Overseas Minister, signed a royal decree proposing the creation of a royal bank in Puerto Rico. A waiting period of three months was imposed to those interested in pursuing the project, who had to present a business proposal as dictated by the order. Two proposals were formally presented and taken under consideration. One of these, was presented by the Sociedad Anónima de Crédito Mercantil de Puerto Rico ("Puerto Rico Mercantile Credit Company"), which was represented by Manuel Vicente Rodríguez, Enrique Vijande, Guillermo Mullenhoff, Pablo Ubarri Capetillo and José Caldas, with all of them serving as the group's directors. The other one was presented by a coalition of French and Spanish bankers. The proposal which bore the signature of Francisco Lastres and Eulogio Despujols, who acted as their representatives, was ultimately accepted.
On May 5, 1888, a second royal decree was issue, officializing the creation of the Banco Español de Puerto Rico, which received a charter validity of 25 years. This grant of authority was awarded to Enrique Vijande y Loredo, José Caldas y Caldas and Pablo Ubarri, the members composing this partnership. The bank wasn't established immediately, this was because the currency being used in Puerto Rico was Mexican silver, which created problems and delayed the establishment date until early 1890. Until this point, the Sociedad Anónima de Crédito Mercantil de Puerto Rico continued in service, before disappearing in April. During this timeframe, they produced 100-peso banknotes featuring the lamb, Puerto Rico's official emblem. The bank was inaugurated on February 1, 1890, with Juan Róspide y Navarro and José Manuel López Sainz as governor and vice governor respectively. The Royal Decree permitted the issuing of paper money in denominations of 5, 10, 20, 50, 100 and 200 pesos. These banknotes were manufactured by the American Bank Note Company. The original bank was located in San Juan, with a second one being established in Mayagüez in 1894. Until 1898, the institution issued four series A, B, C and D, though apparently C was put into production after D and didn't circulate under Spanish control. Series D began distribution on December 1, 1894; this became the first time that the lamb, which had continued being used since the days of the Sociedad Anónima de Crédito Mercantil de Puerto Rico, was replaced by the profile of Maria Christina of Austria. The Ministerio de Ultramar issued 1 peso notes in 1895.
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.