3 Pesos Convertibles

Cuba's convertible peso series was introduced in 1994 as part of a dual-currency system designed to capture foreign exchange revenue while ring-fencing hard currency from the ordinary peso economy. The CUC-denominated notes — of which this is one — circulated legally only in tourist shops, hotels, and state-run hard-currency outlets, effectively creating a two-tier monetary system that persisted until 2021.

Thomas De La Rue's involvement here is unremarkable for the period; they printed much of the Cuban convertible series. The watermark is the sole listed security feature, which places this firmly at the lower end of the production specification for the issue.