The official currency is the Cuban Peso (CUP), divided into 100 centavos (cents). Notes can be of 1, 3, 5, 10, 20, 50 and 100 pesos. Coins can be of 1, 5 and 20 centavos, and there are others of 1 and 3 pesos.
The Cuban Convertible Peso (CUC) was introduced by the Cuban financial authorities to take out all foreing currencies from circulation, and offer an alternative that is in almost all senses equal to US dollars. It replaces the dollar as currency where previously dollars were quoted in places such as hotels, restaurants and so called 'dollar shops', and is the new 'tourist' currency. Some places only accept Cuban pesos and others only Pesos Convertible (usually tourist related establishments).
US Dollars were widely accepted throughout the island, but since 8 November 2004 US Dollars are no longer accepted, and a 10% commission is charged to exchange them. The national banks have since introduced the Peso Convertible (CUC) in substitution of foreign currencies, which is almost equal in value to the US Dollar. Money should only be changed at official exchange bureaux or banks to avoid scams confusing the two currencies, we will come back to this in next pages.