20 Pesos Convertibles

The "pesos convertibles" system was a two-currency arrangement unique to post-Soviet Cuba, introduced in 1994 partly to absorb dollars circulating outside state control after the Soviet subsidies collapsed. The CUC was pegged at parity with the US dollar and reserved largely for tourist-facing transactions, while ordinary Cubans received salaries in regular pesos — a deliberate stratification that created a persistent parallel economy for over two decades.

This series was eventually demonetized in January 2021 when the Cuban government abolished the dual-currency system entirely. Notes from the 2006–2008 printings had limited circulation life before that unwinding began.