What is CUC currency？
The Cuban peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency of Cuba.
The Cuban peso historically circulated at par with the Spanish-American silver dollar from the 16th to 19th centuries, and then at par with the U.S. dollar from 1881 to 1959. The Castro government then introduced the socialist planned economy and pegged the peso to the Soviet ruble.
The Soviet Union’s collapse in 1991 resulted in a Special Period of difficult economic adjustments for Cuba. From 1994 to 2020 the Cuban peso co-circulated with the Cuban convertible peso (ISO 4217 code “CUC”; colloquially pronounced “kook” in contrast to the CUP, often pronounced “koop”), which was convertible to and fixed against the U.S. dollar, and which was generally available to the public at a rate of US$1 = CUC 1 = CUP 25. State enterprises under the socialist planned economy, though, were entitled to exchange CUPs into CUCs and U.S. dollars at the official, subsidized rate of US$1 = CUC 1 = CUP 1, within prescribed limits.
From 1 January 2021 Cuba implemented the so-called “Day Zero” of monetary unification which abolished the Cuban convertible peso as well as the 1 CUP/USD rate for state enterprises. Henceforth the Cuban Peso became the only legal tender in Cuba, CUCs were converted at the rate of 24 CUP/CUC, and a single official exchange rate of 24 CUP/USD became applicable for both public and private transactions.
CUC Coins
In 1897 and 1898, pesos were issued by revolutionary forces promoting independence. In 1915, cupro-nickel 1, 2 and 5 centavos, silver 10, 20 and 40 centavos and 1 peso, and gold 1, 2, 4, 5, 10 and 20 peso coins were introduced. These coins were designed by Charles E. Barber, who also designed the Barber dimes, quarters, half-dollars for the US. The coins were minted at the US mint at Philadelphia. The gold coins and 2 centavos were not produced after 1916, with the large star design 1 peso ceasing production in 1934. A new silver peso showing a woman, representing the Cuban Republic, beneath a star (the “ABC peso”) was issued from 1934 to 1939. Finally, a centennial of Jose Marti commemorative peso (also minted in 50, 25, and 1 centavos denominations) was produced in 1953.
Brass 1 and 5 centavos were issued in 1943, and with copper nickel composition sporadically from 1915 to 1958. Beginning in 1915, 2, 5, 10, 20 and 40 centavos coins were occasionally minted. The last 10, 20, and 40 centavo coins were produced in 1952; these were commemorative issues celebrating the fiftieth year of the republic. As mentioned above, in 1953, silver 25 and 50 centavos commemorative coins were also issued. These were the last silver coins issued for circulation. The last US produced coin was the 1961 five centavo piece.
In 1962, cupro-nickel 20 and 40 centavos were introduced, followed, in 1963, by aluminium 1 and 5 centavos. In 1969, aluminium 20 centavos were introduced, followed by aluminium 2 centavos and brass 1 peso in 1983. Cupro-nickel 3 peso coins were introduced in 1990, with brass-plated-steel 1 peso and nickel-clad-steel 3 peso coins following in 1992. 40 centavo coins were withdrawn from circulation around July 2004 and are no longer accepted as payment. In 2017, the Banco Central de Cuba introduced bi-metallic 5 pesos coin (the difference is the denomination and composition (with a cupronickel ring and a brass center plug). Coins currently in common circulation are 5 and 20 centavos and 1, 3 and 5 pesos; 1 and 2 centavo coins are rarely seen (due to their tiny value) but are still valid.
Between 1988 and 1989, the National Institute of Tourism (Instituto Nacional de Turismo, “INTUR”) issued “Visitors’ Coinage” for use by tourists. In 1981, cupro-nickel 5, 10, 25 and 50 centavos and 1 peso were introduced, followed in 1988 by aluminium 1, 5, 10, 25 and 50 centavos. The INTUR coins were demonetized on October 15, 2001 and were replaced by convertible pesos (CUC).
The convertible peso was also divided into 100 centavos. In 1994, coins were introduced in denominations of 5, 10, 25, and 50 centavos and 1 peso in nickel-plated steel. The rare bimetallic 5-peso coin was introduced in 1999, followed by the 1-centavo coin in 2000. These CUC coins co-circulated with CUP coins, with both types of coin distinguishable by differences in their color (mostly nickel-plated steel for CUCs, versus aluminum or brass for CUPs) as well as the octagonal shape visible in the outer round rim of all CUC coins.
CUC Banknotes
Under the Spanish Administration, the Banco Español de la Habana introduced Cuba’s first issue of banknotes 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, 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.
In 1905, the National Bank of Cuba (Banco Nacional de Cuba) issued notes for 1, 2, 5 and 50 pesos. However, the 1905 banknotes were not issued (source: Pick’s catalog) In 1934, the Government introduced silver certificates (certificados de plata) in denominations of 1, 5, 10, 20 and 50 pesos, followed by 100 pesos in 1936 and 500 and 1000 pesos in 1944.
During the latter half of 1933, Cuba passed a series of laws to enact the production of Silver certificates (Certificado De Plata). Cuban silver certificates were designed, engraved, and printed by the US Treasury’s Bureau of Engraving and Printing from 1934 to 1949 and circulated in Cuba between 1935 and the early 1950s. The eight series of notes were dated 1934, 1936, 1936A, 1938, 1943, 1945, 1948, and 1949 and ranged from one peso to 100 pesos. A Cuban representative was on-site in Washington DC to consult and approve designs.
In 1949, the Banco Nacional de Cuba resumed paper money production, introducing notes in denominations of 1, 5, 10 and 20 pesos that year, followed by notes in denominations of 50, 100, 500, 1000 and 10,000 pesos in 1950. Denominations above 100 pesos were not continued.
In January 1961, after introduction of the socialist planned economy, all previous bank notes were demonetized, with new banknotes, printed in Czechoslovakia, placed into circulation. Three-peso notes were added in 1983.
In 1997, the functions of Banco Nacional as a central bank, including issuing notes and coins, were transferred to a newly created entity, the Central Bank of Cuba.
The 1961 bank notes were demonetized on May 1, 2002. 200-, 500-, and 1000-peso notes were (re-)introduced in 2015. Banknotes currently in circulation are 1, 3, 5, 10, 20, 50, 100, 200, 500, and 1000 pesos. This banknote series is the only valid currency after the 2021 monetary unification when the convertible peso was retired.
In 1985, the Banco Nacional de Cuba issued foreign exchange certificates in denominations of 1, 3, 5, 10, 20, 50 and 100 pesos (not equivalent to the CUP). After 1994 these were replaced by the CUC or the convertible peso.
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 despite the huge 25:1 ratio in their values, they were distinguishable by the fact that CUC notes featured monuments, while CUP notes featured portraits.