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Cuba Money

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Cuba Money

Various kinds of money have been in circulation in Cuba and this at different periods. From the year 1550 to 1914, coins from Spain were used as Cuba was a Spanish colony. The ‘fuerte’, ‘colunario’ or ‘sevillano’ Spanish coins were used on the Cuban market it could be exchanged but with a premium while the local money was the ‘sencillo’.

In the years 1895 to 1898, in order to finance the War of Independence, paper money was issued by the Banco Espanol. However with the economical situation prevailing, this money lost its value by half by the year 1898.
Under American occupation the US$ was used in Cuba in eastern Cuba whereas in the other provinces Spanish gold and silver coins, US $ and French gold were used in trade. On October 29 1914, the first Cuban money was produced. It has the same particularities as the US$. The Cuban dollar never became the sole monetary unit in Cuba, it was used alongside with the US$ due perhaps to the proximity of the American coast and the long historical, economical and political dependency of Cuba towards America. However it took along three years to remove the Spanish monies from the Cuban market and they were completely out of the hands of the Cubans by the year 1917.

It is only on August 4 1961 with the promulgation of the Law 963 that a new currency came on the Cuban market that is the Cuban dollar or Cuban pesos, two years after the revolution of 1959 brought about by the Castro Brothers.

Today the Cuban money is known as the Peso and the peso Convertible or Cuban dollar. The peso is used to deal with minor expenses fore example like buying second hand objects on the road, to buy drinks or foods or even to pay public transports where as the Cuban convertible pesos is used in businesses. In difficult times in Cuba where Cuban money had no value, people used the US$ to secure their capital bringing the demonetization of the Cuban money.





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