what license did the spanish give?
Monetary support decree "situado"
Currencies of Puerto Rico
"situado"
what type of money do they use in puerto rico Foreign and provincial currencies are they comprise of paper money or coins? There was issue of paper money between certain period while only coins circulated in the archipelago.
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Currencies of Puerto Rico [SEP] Early licenses issued by the Spanish Crown
After Juan Ponce de León began the colonization process of Puerto Rico, the archipelago became a strategic military location, used by Spain to protect its colonies and possessions in America. Vessels used it as the main point for resupplying before attempting long voyages and trading became a key part of the economy. However, when the mines and rivers in the main island of Puerto Rico, then known as San Juan Bautista, were depleted Puerto Rico began suffering from a shortage of gold and its income was reduced drastically, precipitating a recession. Beginning in the 16th century, the Spanish Crown was forced to issue a monetary support decree to the archipelago known as "situado", which was supplied by the Royal banks in Central America, particularly Mexico.