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5 Pesos Convertibles

Issuer Banco Central de Cuba
Year 2006-2017
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Size 149 × 70 mm
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Reverse description The reverse centres on an oval intaglio vignette illustrating the Protesta de Baraguá of 1878, in which Antonio Maceo and a group of armed Cuban independence fighters are gathered in a field encampment, rendered in fine engraved linework in green on a pink and yellow geometric guilloche underprint. A guilloche band of interwoven wave patterns runs along the top edge, and numeral "5" corner pieces with star ornaments appear at lower left and upper right, with "PESOS CONVERTIBLES" inscribed to the right.
Reverse lettering 5 PESOS CONVERTIBLES PROTESTA DE BARAGUA
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Cuba's dual currency system, introduced in the 1990s as a response to the collapse of Soviet subsidies, created two parallel peso series circulating simultaneously — the CUP for ordinary Cubans and the CUC (Peso Convertible) for tourist transactions and hard-currency commerce. This note belongs to the CUC series, which was nominally pegged one-to-one with the US dollar throughout its existence. The peg was administrative fiction backed by no external reserves, enforced entirely by state decree.

The entire CUC series was permanently withdrawn in January 2021 when the dual currency system was abolished — a long-delayed unification that immediately triggered severe inflation in the domestic economy.

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