20 Pesos Convertibles

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.