PMG's Featured Note of the Month: Cuba Peso

Cuba, Banco Nacional De Cuba ND (1905) 1 Peso, graded PMG 63 Choice Uncirculated. Click images to enlarge.

Country: Cuba

Catalog Number: Pick# 65 (Standard Catalog of World Paper Money)

Date: ND (1905)

Denomination: 1 Peso

Varieties: PMG has also graded Specimens and Proofs of this note.

What makes it special? On May 20, 1902, the Republic of Cuba began, as the United States granted the Caribbean island independence (while reserving the right to intervene). The Banco Nacional De Cuba, which was not a government entity, created these notes in 1, 2, 5 and 10 Peso denominations. Just as the bank began distributing the notes, the government ordered them to be withdrawn, so they are rare today.

Did you know? The 1 Peso shows Domingo Mendez Capote, leader of the short-lived Republican Party of Havana, which was in power at the time. It was dissolved after the fraudulent election of 1905, which led to unrest that ended with a new US occupation from 1906 to 1909.

Total graded by PMG: PMG has graded 9 of Pick# 65, as well as 7 Specimens (Pick# 65s) and 2 Proofs (Pick# 65p).

PMG median grade: PMG 63 Choice Uncirculated for Pick# 65 and PMG 65 Gem Uncirculated EPQ for Pick# 65s.

PMG highest graded: PMG 65 Gem Uncirculated EPQ for Pick# 65; PMG 66 Gem Uncirculated EPQ for Pick# 65s; and PMG 63 Choice Uncirculated for Pick# 65p

Sales highlights: In January 2021, an example graded PMG 63 Choice Uncirculated realized $3,960 at a Heritage Auctions sale. In May 2017, a Progressive Proof showing just the Mendez Capote vignette realized $211 at a Heritage Auctions sale.

PMG Registry: Pick# 65 is part of two sets: First Republic, 1905-1960 Issue, P65-P93, Including Varieties, Issued Notes and Banco National de Cuba, 1905 Issues, P65-P68D. EMO COLLECTION has a Peso example graded PMG 65 Gem Uncirculated EPQ for top honors in both sets. Pick# 65s is part of First Republic, 1905-1960 Issue, P65-P93, Including Varieties, Specimen, which doesn't have any competitors yet. If you have one of these notes certified, you could be the first competitor for this set!

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