The Cuban Convertible Peso (CUC) was introduced in 1994 during Cuba’s “Special Period” (after the Soviet collapse) as a hard, dollar-pegged currency to capture foreign exchange from tourism, remittances, and limited market activity, replacing the widespread informal use of the U.S. dollar (which itself was legalized in 1993).

Officially valued at roughly 1 CUC ≈ 1 USD, it circulated alongside the Cuban Peso (CUP), creating a dual-currency system: CUC was used in state-run “dollar stores,” hotels, and higher-end goods, while CUP paid salaries and covered basic domestic transactions, typically at an exchange rate around 24 CUP = 1 CUC for the public.

This system effectively segmented the economy—those with access to CUC (tourism workers, remittance recipients) had far greater purchasing power than those paid only in CUP. The government gradually phased it out to simplify the system and reduce distortions, formally ending the CUC in January 2021 leaving the CUP as the sole legal tender.

The CUC circulated as both banknotes and coins. There were two designs of the CUC banknotes. We carry the second series from Pick catalog numbers P-FX46 through P-FX52, issued between 2006 and 2017 and in use through 2021. The notes are now demonetized, meaning they cannot be used as legal tender or exchanged for regular pesos (CUP). Their value is determined by supply and demand by avid collectors.