I did a little looking and it seems to be a national collector’s mint silver plated item. Probably as a promotional bit for a group in PR wanting admission as a state. I haven’t looked in a while to see the current sentiment for their admission as a full state is today.
Yes, in early 2004 I was hired by National Collectors Mint (NCM) to do the graphic design for a Puerto Rico "state" quarter. I only did the graphic design. The sculpting, engraving, and minting was done by Sunshine Minting in Idaho. At the time, the US Mint apparently had no plans announced to do anything beyond the 50 states. I also did the design for a 2004 Washington DC quarter.
Most are silver-plated. The few that are solid silver are marked on the edge ".999 FINE SILVER".
These Puerto Rico and Washington DC "concept coins" were minted with dates from 2004 to 2009. Generally, the later the year, the scarcer they are.
Years later, when the US Mint issued official Puerto Rico state quarters, I noticed the similarity to my earlier design
I have some more info posted here (see the fourth section from the top titled: "Washington DC and Puerto Rico novelty quarters, 2004-2009."): moonlightmint.com/other.htm
Puerto Rico is not yet a state, it is a Commonwealth and unincorporated territory of the United States. I lived and worked in PR for over two years and found that there are diametrically opposing views on possible statehood. Both sides are quite strong in the arguments. It has been kicked around politically from time to time in the Congress... with no real action taken. Not sure how a referendum in PR would turn out if it became a possibility. Cheers, RickO
Comments
I did a little looking and it seems to be a national collector’s mint silver plated item. Probably as a promotional bit for a group in PR wanting admission as a state. I haven’t looked in a while to see the current sentiment for their admission as a full state is today.
That was indeed issued by National Collectors Mint.
It was done a few years before the Mint’s version. NCM hired Dan Carr, designer of the New York and Rhode Island quarters to come up with the design.
Dan is a forum member and perhaps will chime in - @dcarr .
Read more here:
http://www.moonlightmint.com/other.htm
"Is it real?"
Yes, it is a real copy.
BHNC #203
It is a medal, not a coin.
Interesting. Is it silver? That would be a nice find if so.
Collector, occasional seller
From what I saw it’s silver plated base metal.
NCM generally creates two version, silver plated and .999 fine silver. Check the edge.
Here area two .999 silver versions:
https://www.worthpoint.com/worthopedia/2004-999-silver-quarters-washington-1825846925
Yes, in early 2004 I was hired by National Collectors Mint (NCM) to do the graphic design for a Puerto Rico "state" quarter. I only did the graphic design. The sculpting, engraving, and minting was done by Sunshine Minting in Idaho. At the time, the US Mint apparently had no plans announced to do anything beyond the 50 states. I also did the design for a 2004 Washington DC quarter.
Most are silver-plated. The few that are solid silver are marked on the edge ".999 FINE SILVER".
These Puerto Rico and Washington DC "concept coins" were minted with dates from 2004 to 2009. Generally, the later the year, the scarcer they are.
Years later, when the US Mint issued official Puerto Rico state quarters, I noticed the similarity to my earlier design
I have some more info posted here (see the fourth section from the top titled: "Washington DC and Puerto Rico novelty quarters, 2004-2009."):
moonlightmint.com/other.htm
.
Man, that's more information then I ever would have expected to receive about this coin!
You guys are great!!
Right to the "go-to" guy and guys!! 
Here's the edge. It's plated. They did a trouble job on the reeding!
Puerto Rico is not yet a state, it is a Commonwealth and unincorporated territory of the United States. I lived and worked in PR for over two years and found that there are diametrically opposing views on possible statehood. Both sides are quite strong in the arguments. It has been kicked around politically from time to time in the Congress... with no real action taken. Not sure how a referendum in PR would turn out if it became a possibility. Cheers, RickO
I won't go political here. Is the coin the same diameter as a real quarter?
Wayne
Kennedys are my quest...
Yep, it looks like it.