25 Pesos

El Banco Español de la Habana was the dominant colonial banking institution in Cuba throughout the nineteenth century, operating under Spanish charter and deeply entangled with the island's plantation economy. This 25 Peso denomination was printed by the National Bank Note Company in New York — a practical arrangement common among Latin American and Caribbean issuers of the period who lacked domestic printing infrastructure capable of producing notes resistant to forgery.

The "186x" dating indicates the specific year was completed by hand or left variable across the print run, making precise issue-year attribution difficult without examining individual examples. Pick 38B likely distinguishes a signature combination or paper variant within the broader series.