What is Puerto Rico’s currency?

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Puerto Rico’s official currency is the United States Dollar (USD). This is because Puerto Rico is an unincorporated territory of the United States, and as a result, it follows the same currency system as the mainland U.S.



Historical Context

Puerto Rico became a U.S. territory in 1898 after the Puerto Rico Phone Number List Spanish-American War, and since then, it has been using the U.S. dollar. Prior to this, Puerto Rico used the Puerto Rican peso, which was replaced by the U.S. dollar following the U.S. acquisition of the island. The adoption of the U.S. dollar streamlined the island’s economic integration with the rest of the U.S. and made it easier to conduct trade, commerce, and financial transactions between Puerto Rico and the mainland.



U.S. Dollar in Puerto Rico

The U.S. dollar is used for all financial transactions in Puerto Rico, including retail purchases, wages, and investments. It is issued by the U.S. Department of the Treasury, with coins (pennies, nickels, dimes, quarters) and paper bills ($1, $5, $10, $20, $50, $100) circulating in Puerto Rico just as they do on the U.S. mainland. Additionally, the island's residents also use U.S. checks, credit cards, and electronic payment systems for transactions.



Economic Integration with the U.S.

As part of the United States, Puerto Rico's economy is closely tied to that of the mainland. The use of the U.S. dollar facilitates trade, tourism, and investment between Puerto Rico and the U.S. mainland, and ensures a stable financial system. Despite its unique political status, the island enjoys the same access to U.S. currency and banking system, making it an integral part of the broader U.S. economy.



In summary, Puerto Rico uses the U.S. Dollar (USD) as its official currency, reflecting its status as a U.S. territory and ensuring financial compatibility with the mainland.