The Central Bank of Cuba published the first installment of a historical review of Cuban currency circulation before the Revolution. The article recounts an unsuccessful 1904 attempt by the so called National Bank of Cuba to issue banknotes, the 1907 currency strike led by tobacco workers seeking payment in US currency, and the creation in 1914 of what it describes as Cuba's first proper monetary system, which initially comprised only metallic coins and no banknotes. The review explains that the 1914 system was based on gold and silver units, with gold coins carrying unlimited legal tender status and silver coins and subdivisions subject to acceptance limits. Gold coinage was unlimited, while silver coinage was capped at 12,000,000 pesos. It also notes that US paper dollars were accepted with unlimited legal tender force in Cuba, and that gold coins were later demonetized by Decree Law of 22 May 1934 while an ideal gold value standard remained in place. The article is presented as Part 1 and states that the historical review will continue.
Central Bank of Cuba2026-07-22
Central Bank of Cuba publishes first historical review of pre-Revolution currency circulation and the 1914 monetary system
The Central Bank of Cuba issued the first part of a historical review of currency circulation before the Revolution. It focuses on the failed 1904 private banknote issuance, the 1907 currency strike, and Cuba's 1914 monetary system based on metallic coins under gold and silver standards. The piece also notes later demonetization of gold coins in 1934 and says the series will continue.