Puerto Rico 1895 1 Peso/5 Pesetas

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As part of the last coinage struck for Puerto Rico under Spanish rule, the 1895 1 peso/5 pesetas was an attempt to stabilize the Caribbean island’s monetary system. With an obverse featuring a young King Alfonso XIII, this one-year emission had a mintage of 8.5 million, dwarfing the Morgan dollar production that year.

However, with slightly less silver than a Morgan dollar, the pieces were driven from circulation after the United States gained control of the island in 1898, contributing to their rarity today. Numismatic Guaranty Company (NGC) has graded fewer than 500 of these historic coins; about a fifth are mint state and sell at auction for more than $1,000.

NGC recently received a purported example that was quickly identified as a fake. Even without using a loupe, you can see that details in the hair and ear of the king’s portrait are clearly over-enhanced, lacking the subtlety of a genuine example. Additionally, the surfaces on both sides of the counterfeit are grainy.

A closer look at the date shows that its numerals differ from a genuine piece, which is particularly noticeable in the shape of the 5. The denticles on both sides of the coin are another red flag, as they are more squared than they should be.

The problems continue on the reverse, where replicating the fine details posed a challenge for the counterfeiter. On the fake, the words PLUS and ULTRA on the ribbon adorning the Pillars of Hercules are much too thick. Meanwhile, the coat of arms has multiple issues, including the lack of vertical lines around the castle; a lion that appears to be missing its lower jaw; and fleurs-de-lis that look more like ears of corn. Notice also how the chains in the bottom right quadrant are so fuzzy as to be nearly unrecognizable.

An example of this issue can be a crowning achievement in a Puerto Rico collection, but only if it’s genuine. Remember, NGC backs its determinations of authenticity and grade with the NGC Guarantee.

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A version of this article appears in the December 2026 issue of The Numismatist (money.org).

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