Cuba Currency: History, Types, and Usage

Cuba has had a complex history with its currency, with the Cuban peso being the official currency since 1994.

The Cuban peso is subdivided into 100 centavos, with coins available in denominations of 1, 2, 5, and 20 pesos.

You can exchange your money for Cuban pesos at airports, banks, and currency exchange offices, but be aware that exchange rates can be unfavorable.

Tourists are often given a better exchange rate than locals, but you can also withdraw Cuban pesos from ATMs using your debit or credit card.

The history of Cuban currency is a fascinating story that spans over a century. Before 1857, Spanish and Spanish colonial reales circulated in Cuba, but in 1857, banknotes were issued specifically for use on the island.

These early banknotes were denominated in pesos, with each peso worth 8 reales. The currency continued to evolve, with decimal notes introduced in 1869, denominated in centavos, with 100 centavos for each peso.

In 1881, the peso was pegged to the US dollar at par, marking a significant milestone in Cuba's currency history. The first coins were issued in 1915, finally giving Cuba a physical currency to complement its paper notes.

Here's a brief rundown of the coins currently in circulation:

In 2017, the Banco Central de Cuba introduced a bi-metallic 5 pesos coin, featuring a cupronickel ring and a brass center plug. Today, coins currently in common circulation are 5 and 20 centavos and 1, 3, and 5 pesos.

The history of Cuban currency is a fascinating story that spans centuries. Before 1857, Spanish and Spanish colonial reales circulated in Cuba.

In 1857, banknotes were issued specifically for use on Cuba, denominated in pesos, with each peso worth 8 reales. The peso was pegged to the US dollar at par in 1881, marking a significant milestone in Cuba's monetary history.

From 1869, decimal notes were also issued, denominated in centavos, with 100 centavos for each peso. This move towards a decimal system paved the way for the modern Cuban currency we know today.

The first coins were issued in 1915, but it wasn't until 1962 that cupro-nickel 20 and 40 centavos coins were introduced. These coins were followed by aluminium 1 and 5 centavos coins in 1963.

Here's a brief overview of the evolution of Cuban currency:

The modern Cuban currency is a reflection of the country's rich history and its efforts to adapt to changing economic and social circumstances.

The Tale of Two Currencies in Cuba was a confusing reality for tourists and locals alike. The Cuban Convertible Peso (CUC) was used primarily by tourists, while the Cuban Peso (CUP) was used by locals.

For 30 years, the CUC circulated in Cuba with an exchange rate of 1 to 1 with the US dollar. This made it a convenient option for tourists.

In 2020, the CUC was officially withdrawn from circulation, simplifying the financial navigation in Cuba. The CUP is now the only official currency in the country.

From 1994 to 2020, the Banco Nacional de Cuba and Banco Central de Cuba issued CUC banknotes in denominations of 1, 3, 5, 10, 20, 50, and 100 pesos.

These CUC banknotes co-circulated with CUP banknotes, but they had a huge 25:1 ratio in their values.

CUC notes were distinguishable from CUP notes by the fact that they featured monuments, while CUP notes featured portraits.

Monetary unification was a significant event in Cuba's currency history. It occurred on January 1, 2021.

A single official exchange rate of 24 CUP/USD was established for state companies and private individuals alike. This marked a change from the previous official rate of 1 CUP/USD used in government and state business.

The Cuban Convertible Peso was retired and exchanged at the rate of 24 CUP/CUC until the end of 2021. This move effectively brought the official exchange rate in line with the reality of the private sector.

In 2021, a shortage in foreign currency made it difficult for people to exchange Cuban Pesos (CUP) for US dollars at the official rate of 24 CUP/USD.

Demand for hard currency drove a black market in currency exchange, where US$1 was worth around 100 CUP by January 2022.

The price of one US dollar continued to rise, reaching 200 CUP in October 2022, and 300 CUP in February 2024.

Banknotes were first introduced in Cuba in 1857 by the Banco Español de la Habana, with denominations of 50, 100, 300, 500, and 1,000 dollars.

The 25 peso denomination was introduced in 1867, and the 5 and 10 peso denominations 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.

The National Bank of Cuba (Banco Nacional de Cuba) issued notes for 1, 2, 5, and 50 pesos in 1905, but these were not issued according to Pick's catalog.

Cuba's first issue of banknotes was introduced by the Banco Español de la Habana in 1857 in denominations of 50, 100, 300, 500, and 1,000 dollars.

The 25 peso denomination was introduced in 1867, and the 5 and 10 peso denominations 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, the Banco Español de la Habana introduced 5, 10, 25, and 50 centavo, and 1 and 3 peso notes.

The Treasury issued notes for 5, 10, 20, 50, 100, and 200 pesos in 1891.

In 1896, the Banco Español de la Isla de Cuba issued notes in denominations of 5 and 50 centavos and 1, 5, 10, 50, 100, 500, and 1000 pesos.

In 1897, the Banco Español de la Isla de Cuba followed up with 10 and 20 centavo notes.

The National Bank of Cuba (Banco Nacional de Cuba) issued notes for 1, 2, 5, and 50 pesos in 1905, although these banknotes were not issued.

The Government introduced silver certificates (certificados de plata) in denominations of 1, 5, 10, 20, and 50 pesos in 1934, followed by 100 pesos in 1936.

The INTUR coins were introduced in 1981 and were used by tourists in Cuba. These coins were made of cupro-nickel and came in denominations of 5, 10, 25, and 50 centavos, as well as 1 peso.

The INTUR coins were later replaced by aluminium coins in 1988, which were also used by tourists. The aluminium coins were available in the same denominations as the cupro-nickel coins.

The INTUR coins were demonetized on October 15, 2001, and were replaced by convertible pesos (CUC).