1 Peseta Caguas

Caguas sits in Puerto Rico's central valley and carries an unusual monetary history — it was one of the municipios most affected by the acute coin shortage that plagued the island under Spanish colonial administration, driving local merchants to issue their own copper tokens, known as resellados, simply to make change. This 2009 silver peseta revival draws on that tradition of local monetary improvisation, issued as part of a broader series replicating the old Spanish colonial denominations that circulated on the island before the American takeover in 1898 rendered the peseta obsolete overnight.