Catalog
5 Pesos Convertibles
| Issuer | Banco Nacional de Cuba |
|---|---|
| Year | 1994 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Log in to see details |
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| Engraver(s) | Log in to see details |
| In circulation to | Log in to see details |
| Reference(s) | P#FX39 |
| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | The coat of arms of the Republic of Cuba occupies the centre of the note, flanked by a five-pointed star to the left. The country name arcs across the top margin, with the face value numeral at upper right and lower left corners. Denomination text is placed within the lower portion of the design. |
| Reverse lettering | REPUBLICA DE CUBA 5 PESOS CONVERTIBLES 5 ESTE BILLETE TIENE CURSO LEGAL Y FUERZA LIBERATORIA ILIMITADA DE ACUERDO CON LA LEY PARA EL PAGO DE TODA OBLIGACION EN MONEDA LIBREMENTE CONVERTIBLE Y CONTRAIDA O A CUMPLIR EN EL TERRITORIO NACIONAL Y CONSTITUYE UNA OBLIGACIÓN DEL ESTADO CUBANO (Translation: Republic of Cuba 5 Pesos Convertibles 5 This note is legal tender and of unlimited liberating force according to the law for the payment of all obligations in freely convertible currency, contracted or to be fulfilled in the national territory, and constitutes an obligation of the Cuban State.) |
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| Comments |
Cuba's "convertible peso" system was formalized in the early 1990s as the Soviet subsidies collapsed and the government needed a mechanism to capture hard currency circulating on the black market. These notes were pegged to the US dollar and usable only in the dollar-store network — the tiendas de recaudación de divisas — effectively creating a two-tier monetary system that ran parallel to the regular peso economy for over two decades.
Thomas De La Rue's involvement is notable given the US embargo's reach; Cuba routinely sourced printing from European firms throughout this period. The watermark security is minimal by De La Rue's own standards, reflecting a short-anticipated lifespan for the series.