Puerto Rico

A Rich Port’s Golden Heritage

Puerto Rico, or "Rich Port," earned its name from the gold found by the Taíno and mined by the Spanish starting in the 1500s. From the rivers of El Yunque to the Sierra de Luquillo, gold flowed through this island’s veins, with over 1.2 million ounces extracted in 1508 alone under Juan Ponce de León. The Goldback—a voluntary, spendable gold currency—revives this legacy, offering Puerto Ricans a chance to reconnect with their "Oro" roots. In a U.S. territory where economic resilience is key, Puerto Rico can reclaim its rich moniker with a modern twist.

Legislative Promise: Gold Transactions Made Easy

Puerto Rico’s legislative framework is ripe for supporting gold use. While precious metals currently incur a 5.5% sales tax under Title 13, Section 31661 of the Puerto Rico Internal Revenue Code, momentum is growing for change. In 2024, a bill modeled after stateside efforts (e.g., Montana’s HB 382) was introduced in the Puerto Rico Legislative Assembly to exempt gold and silver from sales tax and recognize them as legal tender for local transactions. As of February 2025, this proposal—tentatively dubbed "Act 25"—has passed committee review, awaiting full chamber votes. If enacted, it would slash barriers to Goldback use, leveraging Puerto Rico’s autonomy under the Foraker Act to innovate beyond federal constraints.

Economic Boost and Cultural Revival

The Goldback offers Puerto Rico more than money—it’s empowerment. With denominations starting at 1/1000th of an ounce, it’s perfect for everyday buys—from Old San Juan markets to Arecibo’s roadside stands. Amid inflation and a fragile dollar-based economy, its gold backing provides stability, resonating with Boricuas’ resourcefulness. Imagine a Puerto Rico Goldback series showcasing the island’s icons: El Morro, the Taíno sun, or El Yunque. These notes would be collectibles, drawing tourists and sparking pride. Businesses adopting Goldbacks could tap a unique market, while local dealers benefit from tax relief. This is Puerto Rico’s shot at economic and cultural gold.

Puerto Rico-Specific Goldback Designs

Here’s how Puerto Rico’s Goldback denominations could honor its significant people and places:

• 1 Goldback (1/1000 oz): Features Juan Ponce de León panning gold by the Río Mameyes, recalling his 1508 mining feats and Puerto Rico’s "Rich Port" origin.
• 5 Goldback (1/200 oz): Depicts the Taíno Sun petroglyph from La Cueva del Indio, symbolizing the island’s indigenous heritage and resilience before Spanish rule.
• 10 Goldback (1/100 oz): Showcases El Morro fortress in San Juan, its golden cannons gleaming, honoring Puerto Rico’s strategic role in the Spanish Empire.
• 25 Goldback (1/40 oz): Highlights Roberto Clemente swinging at Three Rivers Stadium, celebrating the baseball legend’s humanitarian legacy from Carolina.
• 50 Goldback (1/20 oz): Pictures El Yunque National Forest’s La Mina Falls, capturing Puerto Rico’s tropical splendor and the only U.S. rainforest.

These designs weave Puerto Rico’s history, culture, and nature into a currency that’s as valuable as it is vibrant.

A Golden Future for Borikén

States like Utah and Nevada have Goldbacks, but Puerto Rico can shine brighter. With "Act 25" on the cusp of passage, a gold-rich past, and a spirit of innovation, Puerto Rico is poised to lead the Caribbean in sound money. Let’s urge the Legislative Assembly to enact this law and launch a Goldback series. Picture gold in every hand—from Ponce to Fajardo—proving "Rich Port" isn’t just a name but a promise kept. Puerto Rico can redefine wealth for the future.

Act now. Make Puerto Rico golden again.