Cuba was discovered by Christopher Columbus in 1492 and settled by the Spanish in the early sixteenth century. Cuba was a Spanish colony, and was part of the Spanish West Indies when Spain ceded colonial authority to the United States on January 1, 1899. The Republic of Cuba was declared on May 20, 1902. Fidel Castro ceased power from Batista on January 1, 1959
No coins were produced in Cuba while it was a Spanish colony. Instead, Spanish silver Peso coins from Santo Domingo and Mexico circulated in Cuba. In 1881, the Cuban Peso (CUP), was adopted as the unit of exchange and was linked to the US Dollar at par. The Peso was divided into 100 Centesimos until 1899 and 100 Centavos after 1899. United States Dollars (USD) were legal tender in Cuba between 1899 and June 30, 1951. The first Cuban coins were minted in 1915 and were similar in size to US coins. Cuba left the Gold Standard on November 21, 1933. On October 18, 1960, Cuba switched from the Dollar area to the Ruble area. Dollars have been allowed to circulate since 1994, and Dollar Foreign Exchange Certificates (CUX) are also used.
Under Spanish administration, banknotes were issued by El Banco Espanol de la Habana between 1857 and 1891, by El Tesoro de la Isla de Cuba between 1891 and 1896, by the Banco Espanol de la Isla de Cuba between 1896 and 1899, by the government between 1934 and 1949, and by the Banco Nacional de Cuba beginning in April 1950.
