About the currency of Cuba- Cuban Peso
The official currency of Cuba is peso and the other name given to it is “national peso”. Cuba also has a second official currency known as the convertible peso. The ISO 4217 code for Cuban peso is CUP and for the convertible peso it’s CUC. These currencies are further subdivided into 100 centavos.
A few Cuban workers get their wages in convertible pesos while the rest of them get it in national pesos. Many vendors sell food items like vegetables and fruits and accept the regular peso. The Cuban convertible peso holds 25 times more value but commodities that are purchased in national pesos are in a controlled price.
Cuba- Cuban Peso – Coins
Cupro-nickel in 1¸ 2 and 5 centavos along with 10¸ 20 and 40 silver centavos¸ 1¸ 2¸ 4¸ 10 and 20 gold peso coins came into existence in 1915. Charles E. Barber was the one to design these coins. He also designed the Barber dimes¸ quarters and the half dollars for US. Philadelphia in US was a place chosen to mint these coins. Until 1916¸ the gold coins and 2 centavos were not produced and later the production of 1 silver peso also stopped.
From 1981 and 1989¸ the National Institute of Tourism introduced the “Visitors Coinage” for tourists. Later in 1981¸ cupro-nickel 5¸ 10¸ 25 and 25 centavos and 1 peso came into existence which was followed by 1¸ 5¸ 10¸ 25 and 50 centavos in aluminium. On 15 October 2001¸ the INTUR coins got demonetized and were replaced by convertible pesos in denominations of 1¸ 5¸ 10¸ 25¸ 50 centavos and 1 peso.
Cuba- Cuban Peso – Banknotes
Banknotes in denominations of 50¸ 100¸ 300¸ 500 and 1000 pesos were introduced by the Banco Espanol de la Habana in 1857. These were followed by 25 peso notes and 5 and 10 pesos in 1867 and 1869 respectively.
Later in 1905¸ banknotes in denominations of 1¸ 2¸ 5 and 50 pesos were issued by the National Bank of Cuba. In 1949¸ the production of paper money started again by the Banco Nacional de Cuba. It introduced notes in denominations of 1¸ 5¸ 10 and 20 peso which was followed by 50¸ 100¸ 500¸ 1000 and 10¸000 peso in 1950. Those that were above 100 peso were discontinued. The banknotes that are in circulation currently are 1¸ 3¸ 5¸ 10¸ 20¸ 50 and 100 pesos.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc
Since Cuba has two currencies¸ therefore the exchange rate for Cuban peso is
1 CUP = 0.0231358 GBP
1 CUP = 0.0377358 USD
And the exchange rate for the convertible Peso is:
1 CUC = 0.662068 GBP
1 CUC = 1.08003 USD
The above rates are as of March 3¸ 2011 and are subjected to changes are per the market conditions.