In 1994 Castro passed a law that requires any tourist who enters Cuba to convert their foreign currency to the Peso Convertible. This law was not fully implemented and most tourists and locals used and preferred the U.S. Dollars - how ironic. In 1994 Cuba issued the Peso Convertible in face values of 1, 3, 5, 10, 20, 50 and 100-peso convertible banknotes, (there are also coins), and since they weren't widely used they were kept in vaults. They carry the name of the Banco National de Cuba.


Ten years later, as a result of actions taken by the Bush Administration, all tourist since November 2004 must change all foreign currency to Peso Convertible. All the banknotes that were kept from 1994 were put in circulation and soon after, new notes were printed with minor changes. The date was 2004.