5 Pesos Convertibles

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The entire CUC series was permanently withdrawn in January 2021 when the dual currency system was abolished — a long-delayed unification that immediately triggered severe inflation in the domestic economy.