Cuban peso
Worldwide use:
- Cuba
Description:
The Cuban Peso is the official currency of Cuba alongside the more valuable Convertible Peso (CUC). One Cuban Peso is worth 100 Centavos. Coins come in 1 Centavos, 5 Centavos, 20 Centavos, 1 Peso and 3 Pesos. Banknotes come in 1, 3, 5, 10, 20, 50 and 100 Pesos. The Convertible Peso is worth much more than the Cuban Peso and as such has caused tension in the country and a two tier class system, but plans are in place to phase it out.
Some products and services in Cuba can only be paid for with the Convertible Peso. Cuban workers are paid part in Cuban Pesos and part in Convertible Pesos.
Origin:
The Spanish Real was replaced by the Cuban Peso in 1857 with one Peso worth 8 Reales. The currency was paper based until 1915 when coins were circulated for the first time. In 1960, the Cuban Peso changed from being pegged to the US Dollar to the Soviet Ruble. Since that time, a ban on trade with the US as well as the dissolution of the Soviet Union in 1991 has caused its value to plunge. This lead to an economic crisis called the 'Special Period' during which the US Dollar was accepted as legal tender to try and help revive the economy. In 1994 the Convertible Peso was introduced on a par with the US Dollar and the US Dollar was withdrawn in 2004.
Component units:
- Centavo (100)
Date introduced:
- 1857
Central bank:
- Central Bank of Cuba
Printer:
Mint: