Puerto Rico has no independent monetary authority and issues no legal tender coinage — this piece is a private or commemorative issue, almost certainly produced for the collector market under the name of the San Germán municipality, one of the oldest European-founded settlements on the island, established in its current location in 1573. The "peseta" denomination is purely nominal, evoking the Spanish colonial currency that circulated in Puerto Rico until the US takeover in 1898 replaced it with the dollar at a fixed rate of one peso per dollar.
Puerto Rico has no independent monetary authority and issues no legal tender coinage — this piece is a private or commemorative issue, almost certainly produced for the collector market under the name of the San Germán municipality, one of the oldest European-founded settlements on the island, established in its current location in 1573. The "peseta" denomination is purely nominal, evoking the Spanish colonial currency that circulated in Puerto Rico until the US takeover in 1898 replaced it with the dollar at a fixed rate of one peso per dollar.