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20 Pesos Convertibles

Issuer Banco Nacional de Cuba
Year 1994
Type Standard circulation banknote
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Obverse lettering BANCO NACIONAL DE CUBA
CUBA
20
VEINTE PESOS
pesos convertibles
GARANTIZADO ÍNTEGRAMENTE POR VALORES INTERNACIONALES DE LIBRE CONVERTIBILIDAD, SU CANJE POR DIVISAS PUEDE EFECTUARSE EN LOS ESTABLECIMIENTOS AUTORIZADOS Y SE CONVIERTE EN EL BANCO NACIONAL DE CUBA
PRESIDENTE DEL BANCO
AÑO 1994
Reverse description The reverse presents the Cuban coat of arms at centre, rendered in full heraldic detail with the royal palm, rising sun, key, and blue-and-white striped shield, encircled by oak and laurel branches with a Phrygian cap at the apex and a five-pointed star to the left. The header inscription REPUBLICA DE CUBA appears across the top in red, with the denomination 20 and PESOS CONVERTIBLES in the upper right. A legal tender clause in small text runs along the lower portion of the note against a light guilloche underprint.
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Comments

Cuba's peso convertible system, introduced in the early 1990s as the Soviet subsidy model collapsed, created a parallel currency intended for dollar-equivalent transactions — effectively a two-tier monetary structure that persisted until the unification of 2021. This note was part of that original convertible peso issue, printed by De La Rue in London at a time when the Cuban state had neither the hard currency reserves nor the printing infrastructure to produce credible high-denomination paper domestically.

The FX prefix in the Pick reference designates foreign exchange certificates — a category that sits awkwardly between currency and scrip. Surviving examples in circulation grades are common; unissued remainders slightly less so.

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