Un rasgo de política monetaria en tiempo de guerra: el canje de moneda en Cuba y Puerto Rico (1895-1898)

In this article, we have searched by means of the documentation, which was found in the Minister of Overseas’ personal files, the currency exchanges and the monetary policy that was carried out in Cuba and Puerto Rico between 1895 and 1898. We have first of all analysed how the operation of exchange was made in Puerto Rico, which consisted of replacing Mexican currency by “insular” pesos coined in Spain, the official
justifications, the critics that this fact got and the final repercussions of the measure. We have finally gone deeply into the frustrated attempt to a currency exchange in Cuba, into the intention to resort to the inconvertible and compulsory circulation notes in order to satisfy the necessities of the Treasury in war time and into the mistrust that those notes created among the native population.