Cuban peso

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Cuban peso
peso cubano  (Spanish)
A 3 peso banknote depicting Che Guevara
ISO 4217 code CUP
Central bank Central Bank of Cuba
User(s)  Cuba
Inflation 4.2%
 Source [1]
 1/100 centavo
Symbol $, $MN, or ₱ (obsolete)
 centavo ¢ or c
 Freq. used 20¢, $1, $3
 Rarely used 1¢, 5¢
 Freq. used $1, $3, $5, $10, $20, $50, $100, $200, $500 and $1,000[2][3]

The peso (ISO 4217 code: CUP, sometimes called the "national peso" or in Spanish moneda nacional) is one of two official currencies in use in Cuba, the other being the convertible peso (ISO 4217 code: CUC, occasionally referred to as "dollar" in spoken language). It is subdivided into 100 centavos.

Cuban state workers receive a portion of their wages in convertible pesos, the rest in national pesos. Shops selling basics, like fruit and vegetables, generally accept only the normal peso, while "dollar shops" sell the rest. The word "pesos" may refer to both non-convertible and convertible money. Cuban convertible pesos are 25 times more valuable, but this does not completely eliminate the confusion for tourists: since goods bought in national pesos have controlled prices, tourists are sometimes confused by prices perceived as "too cheap."


Before 1857, Spanish and Spanish colonial reales circulated in Cuba. From 1857, banknotes were issued specifically for use on Cuba. These were denominated in pesos, with 1 peso = 8 reales. From 1869, notes were also issued denominated in centavos, with 100 centavos = 1 peso. In 1881, the peso was pegged to the U.S. dollar at par. The currency continued to be issued only in paper form until 1915, when the first coins were issued.

In 1960, the peg to the dollar was replaced by one to the Soviet ruble. The peso lost value due to the United States embargo against Cuba and the suspension of the sugar quota. This suspension was the principal economic force driving Cuba to seek out a new economic partner, the Soviet Union. When the Soviet Union dissolved in 1991, the peso lost much of its value and the exchange rate fell to 125 pesos to the US dollar. Recently, it has become more valuable, fluctuating between 23 and 25 pesos to the US dollar.









Banco Español de la Habana, 1 peso (1872).

In 1857, the Banco Español de la Habana introduced notes in denominations of 50, 100, 300, 500 and 1000 pesos. As well, 25 peso notes were introduced in 1867, followed by 5 and 10 pesos in 1869. During the Ten Years' War, notes were issued dated 1869 in the name of the Republic of Cuba in denominations of 50 centavos, 1, 5, 10, 50, 500 and 1000 pesos.

In 1872, 5, 10, 25 and 50 centavo, and 1 and 3 peso notes were introduced by the Banco Español de la Habana. In 1891, the Treasury issued notes for 5, 10, 20, 50, 100 and 200 pesos. In 1896, the name of the bank was changed to the Banco Español de la Isla de Cuba, and it issued notes in denominations of 5 and 50 centavos and 1, 5 10, 50, 100, 500 and 1000 pesos, followed by 10 and 20 centavos in 1897.


Silver certificates[edit]

República de Cuba, one silver peso (1936)


Banco Nacional de Cuba[edit]


Banknotes of the Cuban peso (Current issues)
Value Obverse Reverse
10 pesos Máximo Gómez "War of the people"
50 pesos Calixto García Íñiguez Genetic and Biotechnological Centre
200 pesos Frank País Cuartel Moncada, Havana
500 pesos Ignacio Agramonte Asamblea Constituyente (Constituent Assembly), Guáimaro
1,000 pesos Julio Antonio Mella University of Havana

The CUP and the CUC[edit]


From 18 March 2005, the rate is 1:25 when exchanging CUC for CUP and 24:1 when going from CUP to CUC.[9]

Current CUP exchange rates

See also[edit]


  1. ^ The World Factbook, 2008 est.
  4. ^ Cuhaj 2009, p. 299.
  6. ^ Do You Know Your ABC's?
  8. ^ source: Banco Central Cuba, Granma, February 27, 2002
  9. ^ "Centro de Promoción del Comercio Exterior y la Inversión Extranjera de Cuba - CEPEC". Retrieved 2011-09-30. 

External links[edit]