Cuban silver certificates (Spanish : Certificado De Plata) were banknotes issued by the Cuban government between 1934 and 1949 (and circulated from 1935 to the early 1950s). Prior and subsequent issues of Cuban banknotes were engraved and printed by nongovernmental private bank note companies in the United States, but the series from 1934 to 1949 were designed, engraved, and printed by the US government at the Bureau of Engraving and Printing (BEP). [1] [2] [3]
The first Cuban banknotes were issued in 1857 for the El Banco Español De La Habana. [4] [nb 1] Beginning in the late 1860s, Cuba contracted the National Bank Note Company (NBNC) for two issues of banknotes in 1869 [5] and 1872. [6] After absorbing NBNC, the American Bank Note Company (ABNC) engraved and printed Cuban banknotes for issues in 1889, [6] 1896, [7] 1897, [8] 1905 for the National Bank of Cuba, [9] 1944, [10] and a 1949–50 issue for the Banco Nacional De Cuba (printed until 1960). [10] Between 1905 and the introduction of BEP issued Cuban silver certificates in 1934, no banknotes were produced. [11]
The legal foundation for the issuance of Cuban silver certificates began with a Cuban law passed on 10 May 1933 that authorized the production of $6,000,000 in silver pesos [12] in order to back an equal number of silver certificates. [13] On 11 December 1933, the Cuban government had announced that it planned to issue a total of $17,000,000 in silver certificates. [14] In a letter dated 2 March 1934, Cuban Ambassador Manuel Márquez Sterling wrote to Secretary of State Cordell Hull requesting that the Bureau of Engraving and Printing (BEP) prepare silver certificates on behalf of the Republic of Cuba. [15] The coining of Cuban silver pesos began pursuant to Decree-Law No. 93 (22 March 1934) [16] and it was announced that both the coins and banknotes would be produced by the United States. [17] Treasury Secretary Henry Morgenthau Jr. gave initial authorization to the Cuban request to engage the BEP on 23 April 1934. [18] Though not exhaustive, there were several additional legal changes to Cuba's financial infrastructure. Silver certificates could be used to pay duties, taxes and other fees, without limit (Decree-Law No. 153, 19 April 1934) [16] and should be accepted in the same manner as silver coins (Decree-Law No. 176, 27 April 1934). [16] On 11 May 1934 the design process began at the Bureau of Engraving and Printing. [19]
The physical specifications for the Cuban issue were roughly the same size as US notes – printed on the same Crane & Co. 75% linen 25% cotton blend (but only containing red security fibers versus red and blue). [20] The seal and serial numbers printed in red, 12 notes per sheet, with the facsimile signatures of the Secretario de Hacienda (left) and Presidente de la República (right). [20]
Approval is required at major stages in the design of any currency. BEP procedure at the time required an approval signature on the artist's renderings and proof mock-ups. Eduardo I. Montoulieu served as an authorized delegate of the Cuban government during the design and engraving phases. [21] In 1915, Montoulieu served as a technical representative for Cuba during the minting of Cuban coins at the Philadelphia Mint. [22] His approval of the Series 1934 BEP designs can be seen on the background matte. Montoulieu would later become Cuban Treasury Secretary three times during two administrations. [23] [24] [25]
Between 1934 (when the BEP was engaged to produce the silver certificates) and 1949 (the delivery of the last series of notes) Cuba's government was fairly volatile. In the space of 15 years, Cuba had seven leaders: Carlos Mendieta, José Agripino Barnet, Miguel Mariano Gómez, Federico Laredo Brú, Fulgencio Batista, Ramón Grau, and Carlos Prío Socarrás. In the same period of time, Cuba's Ministry of the Treasury changed leadership at least 20 times. [nb 2]
Series | Secretario de Hacienda | Presidente de la República | Denominations (Peso) | Issue |
---|---|---|---|---|
1934 | (Gabriel Landa) Manuel Despaigne | Carlos Mendieta | 1,5,10,20,50 | 7,930,000 notes (received 1935) |
1936 [nb 3] | Ricardo Ponce | José Agripino Barnet | 1,5,10,20,50,100 | 2,295,000 notes (received 1936) [nb 4] |
1936A | German Wolter del Rio | Máximo Gómez | 1,5,10,20,50 | 4,325,000 notes (received 1936) [nb 5] |
1938 | Manuel Gimenez Lanier | Federico Laredo Brú | 1,5,10,20,50,100 | 19,028,000 notes (received 1938–42) |
1943 | Eduardo I. Montoulieu | Fulgencio Batista | 1,5,10,20,50,100 | 12,966,800 notes (received 1945) |
1944 | 500,1000 | ABNC issue | ||
1945 | Manuel Fernandez Supervielle | Ramón Grau | 1,5,10,20,100,500 [nb 6] | 13,230,400 notes (received 1945) |
1947 | 500,1000 | ABNC issue | ||
1948 | Isauro Valdes Moreno | Ramón Grau | 1,5,10,20,50,100 | 14,623,000 notes (received 1948) |
1949 | Antonio Prío Socarrás | Carlos Prío Socarrás | 1,5 | 6,940,000 notes (received 1949) |
On 25 June 1934, Cuban Secretary of Communications Gabriel Landa replaced outgoing Treasury Secretary Saenz. [27] Four months later (29 October 1934), Landa was replaced by Manuel Despaigne and became Secretary of National Defense. [28] He resigned his cabinet position at the end of November, three weeks before an arrest warrant was issued (15 December 1934) [43] charging him with embezzlement. [44] [nb 7] The BEP received instructions from the Cuban government to replace the Landa signature with Despaigne which was put into effect in December 1934. [45] A small number of one and five peso notes with Landa's signature had already been printed but were never issued. [45] Original art and mock-ups for both versions (part of the National Numismatic Collection, NMAH) can be seen in the tables below.
Value | Art/progress proof (v1) | Art/progress proof (v2) | Certified proof |
---|---|---|---|
1 peso | |||
5 pesos | |||
10 pesos | |||
20 pesos | |||
50 pesos |
Value | Art/Progress proofs | Certified proofs | Portrait [nb 10] |
---|---|---|---|
1 peso | José Martí Engraved by William Ford [46] | ||
5 pesos | Máximo Gómez Engraved by William Ford [46] | ||
10 pesos | Carlos Manuel de Céspedes Engraved by Sydney Smith [47] | ||
20 pesos | Antonio Maceo Grajales Engraved by Elie Loizeaux [48] | ||
50 pesos | Calixto García Engraved by Leo Kauffmann [49] | ||
100 pesos | Francisco Vicente Aguilera Engraved by William Ford [46] | ||
Federal Reserve Notes are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States.
The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
Large denominations of United States currency greater than $100 were circulated by the United States Treasury until 1969. Since then, U.S. dollar banknotes have been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100.
The Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".
The Papiermark was the German currency from 4 August 1914 when the link between the Goldmark and gold was abandoned, due to the outbreak of World War I. In particular, the Papiermark was the currency issued during the hyperinflation in Germany of 1922 and 1923.
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard. The certificates were initially redeemable for their face value of silver dollar coins and later in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency.
The Cuban peso also known as moneda nacional, is the official currency of Cuba.
The Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920.
The gulden, divided into 100 Pfennig, was the currency of the Free City of Danzig from 1923 to 1939.
The peso was the currency of El Salvador between 1877 and 1919.
The currencies of Puerto Rico closely follow the historic development of Puerto Rico. As a Province of Spain and a territory of the United States, Puerto Rico was granted the use of both foreign and provincial currencies. Following the Spanish colonization in 1508, Puerto Rico became an important port, with its own supply of gold. However, as the mineral reserves ran empty within the century, the archipelago's economy suffered. The Spanish Crown issued the Situado Mexicano, which meant that a semi-regular shipment of gold from the Viceroyalty of New Spain would be sent to the island, as a way to provide economic support. Between 1636 and 1637, Philip IV of Spain imposed a tax which had to be paid using a revenue stamp. Inspired by this, Puerto Rico began producing banknotes in 1766, becoming the first Overseas Province to print 8-real banknotes in the Spanish Empire and which in the Spanish government's approval of subsequent issues.
The daler was the currency of the Danish West Indies between 1849 and 1917, and of the United States Virgin Islands between 1917 and 1934.
Fractional currency, also referred to as shinplasters, was introduced by the United States federal government following the outbreak of the Civil War. These low-denomination banknotes of the United States dollar were in use between August 21, 1862, and February 15, 1876, and issued in denominations of 3, 5, 10, 15, 25, and 50 cents across five issuing periods. The complete type set below is part of the National Numismatic Collection, housed at the National Museum of American History, part of the Smithsonian Institution.
Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes, issued in 1862–1865. A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves.
The Treasury Note was a type of representative money issued by the United States government from 1890 until 1893 under authority of the Sherman Silver Purchase Act in denominations of $1, $2, $5, $10, $20, $50, $100 and $1,000. It was issued in two series: an 1890 series with $1, $2, $5, $10, $20, $100 and $1,000 denominations, and an 1891 series that added the $50 denomination. A $500 note was designed but never issued.
The Philippine fifty-peso note (₱50) is a denomination of Philippine currency. Philippine president and former House Speaker Sergio Osmeña is currently featured on the front side of the bill, while the Taal Lake and the giant trevally are featured on the reverse side.
US Treasury Department Specimen books, also known as BEP presentation albums, were published by the Bureau of Engraving and Printing (BEP) from the mid-1860s through the 1910s. Prepared upon request of the United States Secretary of the Treasury, albums were generally presented to Cabinet members, select Members of Congress, diplomats and visiting dignitaries. Some extant albums still in their original binding bear the name of the recipient impressed in gold lettering on the cover. While no two presentation albums have exactly the same contents, each book usually contained portraits, vignettes, and/or images of buildings. Specimen books which contain whole proof images of currency are extremely rare.
A silver certificate is a certificate of ownership that silver owners hold instead of storing the actual silver. Several countries have issued silver certificates, including Cuba, the Netherlands, and the United States. Silver certificates have also been privately issued by various mints and bullion companies. One example was the Liberty Dollar issued by NORFED from 1998 to 2009.
The United States two-dollar bill (US$2) is a current denomination of United States currency. A portrait of Thomas Jefferson, the third president of the United States (1801–1809), is featured on the obverse of the note. The reverse features an engraving of John Trumbull's painting Declaration of Independence.