5 Pesos Merchant Navy of Cuba

Cuba's Merchant Navy series was part of a broader hard-currency export program the Castro government ran through the 1980s, selling commemorative silver to foreign collectors and dealers to generate convertible currency the domestic economy couldn't produce through trade. The coins were never intended for internal circulation and were largely distributed through European numismatic houses, particularly in Spain.

The dual JMA references suggest at least two distinct varieties — likely differing in finish or packaging configuration rather than die design — a distinction that matters more to registry collectors than the difference in scarcity typically warrants.