jan 1, 1899 - US est. American Colonial Bank San Juan, Puerto Rico

Description:

40% CURRENCY DEVALUATION

The U.S. sets up the American Colonial Bank, and the Spanish peso is replaced by the U.S. dollar as Puerto Rico’s currency. Though of equal international value, each peso is declared worth only 60 U.S. cents. This cripples the Puerto Rican economy, particularly for the small farmers.

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