A History of Cuban Pesos Banknotes
The Cuban Peso is the currency used in Cuba and has been since 1837 when it replaced the Spanish colonial Real. The notes come in five weights, ranging from 500 to 20 pesos. They have gone through a variety of iterations over the years, reflecting the changes in Cuban history and its economy. In this article, we’ll take a look at the history of Cuban Pesos banknotes and how they have changed throughout the years.
Early Years: The Gold Standard
When Cuba was under Spanish rule, it was on the gold standard, meaning that each peso had an equal value to a specific amount of gold. This meant that all transactions had to be made with exact change because coins could not be cut or divided into smaller denominations.
To make transactions easier, paper money bearing the Royal Arms of Spain became legal tender in 1837. These notes were given full backing by gold convertibility which assured their value and stability as a form of currency.
19th Century: The U.S Dollar Standard
In 1899, following the end of Spanish rule and beginning of US occupation, Cuba shifted to use American Dollars as its currency instead of pesos due to political instability in the country.
At first small amounts were issued by authorized banks but eventually larger quantities began circulating as well leading up until 1960 when Fidel Castro declared all US money illegal in Cuba prompting citizens to exchange their dollars for new ‘Cuban pesos’ at special banks set up for this purpose across major cities on the island nation!
20th Century: Introduction Of National Banknotes
This marked a new era for Cuban banknotes as it saw the introduction of national currencies rather than foreign ones being used within such territories – previously there had always been some reliance on foreign governments (e.g., USA) providing more stable economies providing local currency needs but now Cubans had complete control over what type/designs these notes took along with other elements such as color choice etc...to reflect unique cultural aspects within society itself!
In 1960, Fidel Castro introduced three series of banknotes ranging from 1 centavo (1/100th) up to 100 pesos - all featuring prominent images specific to Cuban history or culture such as figures from renowned poets/writers alongside various geographical locations also depicted too!
Other denominations were added later (up till 500 pesos) with further series additions taking place periodically over time although most remained unchanged throughout their lifespans since inception until 2008 when current polymer-based versions replaced them completely adding even greater levels security features along with improved design aesthetics geared towards modern times...
21st Century: Introduction Of Polymer Banknotes
In 2012, Cuba introduced Series 5 Polymer bank notes which featured many improvements including more intricate designs as well as increased security features due to material composition - these are made out from a special type chemical blend called polyethylene fiber making them nearly impossible duplicated or counterfeited easily thus providing better protection against fraudsters looking exploit weaknesses within system for own personal gain!
Additionally these newer pieces have seen slight alterations again based upon popular demand from locals consisting mainly around slightly brighter colors being used throughout artwork portrayed so far - this provides several advantages such aesthetic appeal which helps enhance customer experience when using products overall while also improving durability too thanks tougher properties provided by thicker plastic layers embedded underneath surface areas giving greater longevity compared older paper versions still used today but slowly getting phased out gradually no doubt…