10 Pesos

The Banco Español de Puerto Rico was established by royal decree in 1888 as the island's first formal note-issuing institution, operating under Spanish colonial authority at a moment when Spain was already losing its grip on the Caribbean. This series, printed by the American Bank Note Company, reflects the odd commercial reality of a Spanish colonial bank turning to a New York printer for its currency — ABNC was simply the most capable and trusted security printer in the hemisphere, and political considerations took a back seat to quality.

Puerto Rico's monetary history under the banco was short. The Spanish-American War of 1898 ended both Spanish sovereignty and the bank's operating authority, leaving outstanding notes in legal and financial limbo.