CUBA BANKNOTE 20 Pesos, Pick FX(?) XF+ 1986(?) (Not Catalogued)



Current Price: US $ 600
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CUBA BANKNOTE

Value/Denomination: 20 Pesos  Pick: FX(?) Not in Catalog

Type: Exchange Certificate  Year: 1986(?)  Condition: XF+

Size: 135 mm x 63 mm   Series: D (EA)

Front: Brown over light brown underprint. Denomination at center over  radiant concentric center in brown. National arms over star within circle at left. Letter D within circle at right. Serials in red. Legends in spanish, english and french over upper border of note. Value over four corners of note.

Back: Different tones of brown. Denomination at center. Three void spaces for signatures. Value over four corners of note. Stamped seal "ESPACIO INUTILIZADO".

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ABOUT EXCHANGE CERTIFICATES
Exchange Certificates were issued on October 1st, 1985 (Series A and B) to be used as payment method for transactions in foreing currency freely exchanged within the Island of Cuba.
Exchange Certificates expire five years after being issued and can be only exchanged for national currency afterwards. Printed in former Czechoslovakia, these notes are divided in four types, according to the type of people who will use them:
Type A: Personal payment method for the Socialist area.
Type B: Members of Cuban community overseas in Capitalist area, during their staying in Cuba.
Type C: (in circulation since june 1st, 1987) for cubans with special conditions and foreigners with permanent residence in Cuba.
Type D: (in circulation since may 1st, 1987) for non cuban scholarship owners with temporary residence in Cuba.
This is not a free and direct exchange, but it is subdued to the control of the corresponding Central Bank, who sets the exchange rate according to the more favourable rate for the local currency. This way, two objectives are pursued: the merely recaudatory one and the control of foreigner visitors and local people with access to foreign currency.