Silver certificate (Cuba)

File:CUB-69b-República de Cuba-one silver peso (1936).jpg

The legal foundation for the issuance of Cuban silver certificates began with a Cuban law passed on 10 May 1933 that authorized the production of $6,000,000 in silver pesos{{cite news |author= |title= Chase Gets Award for Cuba's Silver|page=2 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 20 May 1933}} in order to back an equal number of silver certificates.{{cite news |author= |title= Cuba Plans to Coin $6,000,000 in Silver|page=2 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 9 May 1933}} On 11 December 1933, the Cuban government had announced that it planned to issue a total of $17,000,000 in silver certificates.{{cite news |author= |title= Cuba is Planning Currency Increase|page=2 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 12 December 1933}}

In a letter dated 2 March 1934, Cuban Ambassador Manuel Márquez Sterling wrote to Secretary of State Cordell Hull requesting that the Bureau of Engraving and Printing (BEP) prepare silver certificates on behalf of the Republic of Cuba.Shafer, 2001, p. 300. The coining of Cuban silver pesos began pursuant to Decree-Law No. 93 (22 March 1934){{cite journal |year=1934 |title= Cuban Currency Legislation|journal= Federal Reserve Bulletin|volume= 20|issue= 7|pages= 468–71 |publisher= Federal Reserve Board|url= https://fraser.stlouisfed.org/title/62/item/20651 }} and it was announced that both the coins and banknotes would be produced by the United States.{{cite news |last= Phillips |first=J.D. |date=24 March 1934 |title= $10,000,000 Silver Ordered by Cuba|page=6 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)}} Treasury Secretary Henry Morgenthau Jr. gave initial authorization to the Cuban request to engage the BEP on 23 April 1934.Shafer, 2001, p. 301. Though not exhaustive, there were several additional legal changes to Cuba's financial infrastructure. Silver certificates could be used to pay duties, taxes and other fees, without limit (Decree-Law No. 153, 19 April 1934) and should be accepted in the same manner as silver coins (Decree-Law No. 176, 27 April 1934). On 11 May 1934 the design process began at the Bureau of Engraving and Printing.Shafer, 2001, p. 302.

The physical specifications for the Cuban issue were roughly the same size as US notes – printed on the same Crane & Co. 75% linen 25% cotton blend (but only containing red security fibers versus red and blue).Shafer, 2001, p. 303. The seal and serial numbers printed in red, 12 notes per sheet, with the facsimile signatures of the Secretario de Hacienda (left) and Presidente de la República (right).

{{CSS image crop|Image = US-BEP-República de Cuba (progress proof) 10 silver pesos, 1934(1) (CUB-71a).jpg|bSize = 1000|cWidth = 275|cHeight = 100|oTop = 520|oLeft = 540|location=right|Description = Approval signature of Eduardo I. Montoulieu on a BEP artist proof}}

Approval is required at major stages in the design of any currency. BEP procedure at the time required an approval signature on the artist's renderings and proof mock-ups. Eduardo I. Montoulieu served as an authorized delegate of the Cuban government during the design and engraving phases.{{cite news |author= |title= Cuba Will Purchase $10,000,000 in Silver|page=13 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 13 November 1934}} In 1915, Montoulieu served as a technical representative for Cuba during the minting of Cuban coins at the Philadelphia Mint.{{cite book |last1=Alfonso|first1=Manuel F.| year=1915 |title= Cuba Before the World: A Comprehensive and Descriptive Account of the Republic of Cuba From the Earliest Times to the Present Day|page= [https://archive.org/details/gri_33125012636383/page/n155 152] |publisher= The Souvenir Guide of Cuba Co.|url= https://archive.org/details/gri_33125012636383 }} His approval of the Series 1934 BEP designs can be seen on the background matte. Montoulieu would later become Cuban Treasury Secretary three times during two administrations.{{cite news |author= |title= Quits Cuban Cabinet Post|page=16 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 11 March 1937}}{{cite news |author= |title= Cuban Treasury Head Resigns |page=23 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 19 May 1940}}{{cite news |author= |title= Gets Treasury Post in Cuba |page=5 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 7 May 1943}}

Between 1934 (when the BEP was engaged to produce the silver certificates) and 1949 (the delivery of the last series of notes) Cuba's government was fairly volatile. In the space of 15 years, Cuba had seven leaders: Carlos Mendieta, José Agripino Barnet, Miguel Mariano Gómez, Federico Laredo Brú, Fulgencio Batista, Ramón Grau, and Carlos Prío Socarrás. In the same period of time, Cuba's Ministry of the Treasury changed leadership at least 20 times.{{#tag:ref |In chronological order from 1934 to 1949: Joaquin Martinez Saenz,{{cite news |author= |title= ABC Leader Takes High Cuban Office |page=8 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 22 January 1934 }} Dr. Gabriel Landa,{{cite news |author= |title= Cabinet Resigns in Cuban Crisis |page=11 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 26 June 1934}} Manuel Despaigne (third non-consecutive appointment),{{cite news |author= |title= Cuban Cabinet Changed |page=7 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 30 October 1934}} Ricardo Ponce,Riera Hernandez, 1968, p. 155. Dr. German Wolter del Rio,{{cite news |author= |title= Cuban Official Resigns|page=9 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 9 October 1936}} Dr. Manuel Dorta Duque,{{cite news |author= |title= Duque Named to Cuban Post |page=2 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 10 October 1936 }} Eduardo I. Montoulieu (first appointment), Dr. Manuel Gimenez Lanier,{{cite news |author= |title= Shifts in Cuban Cabinet |page=15 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 24 March 1937}} Amadeo Lopez Castro,{{cite news |author= |title= Cabinet is Appointed by Cuban President |page=5 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 11 August 1938}} Dr. Oscar Garcia Montes,{{cite news |author= |title= Two Get Cuban Cabinet Posts|page=11 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 6 October 1938}} Dr. Joaquin Ochotorena,{{cite news |author= |title= 4 Members Resign From Cuban Cabinet|page=6 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 27 May 1939}} Eduardo I. Montoulieu (second non-consecutive appointment), Andres Domingo y Morales del Castillo,{{cite news |author= |title= Batista's Cabinet Announced in Cuba|page=8 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 9 October 1940}} Dr. Oscar Garcia Montes (second non-consecutive appointment),{{cite news |author= |title= Cuba's New Cabinet Takes Oath of Office|page=3 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 18 July 1941}} Jose Miguel Irisarri, Eduardo I. Montoulieu (third non-consecutive appointment), Dr. Mario Diaz Cruz,{{cite news |author= |title= Cuba Switches 2 Ministers|page=5 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 12 August 1944}} Dr. Manuel F. Supervielle,{{cite news |author= |title= Dr. Grau Assumes Cuban Presidency|page=13 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 11 October 1944}} Jorge Ruiz Cerda,{{cite news |author= |title= Cuba Names Treasury Minister|page=10 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 27 June 1947}} Isauro Valdes Moreno, and Antonio Prío Socarrás.{{cite news |author= |title= Cuban Cabinet Aide Quits|page=20 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 4 January 1950}}| group="nb"}}

On 25 June 1934, Cuban Secretary of Communications Gabriel Landa replaced outgoing Treasury Secretary Saenz. Four months later (29 October 1934), Landa was replaced by Manuel Despaigne and became Secretary of National Defense. He resigned his cabinet position at the end of November, three weeks before an arrest warrant was issued (15 December 1934){{cite news |author= |title= Batista Bids Foes Attempt No Rising |page=35 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 16 December 1934}} charging him with embezzlement.{{cite news |author= |title= Cuban Strike is Laid to Political Fights|page=3 |newspaper= The New York Times |via= ProQuest Historical Newspapers: The New York Times (1851–2010)|date= 14 March 1935}}{{#tag:ref |According to the New York Times report, "it is problematical whether the charge can be pressed since the money alleged to have been misappropriated was taken from secret funds legally granted to the Secretary of the Treasury by a Presidential decree and for which no accounting was required.| group="nb"}} The BEP received instructions from the Cuban government to replace the Landa signature with Despaigne which was put into effect in December 1934.Shafer, 2001, p. 304. A small number of one and five peso notes with Landa's signature had already been printed but were never issued. Original art and mock-ups for both versions (part of the National Numismatic Collection, NMAH) can be seen in the tables below.

• Cuban peso

{{Portal bar|Money|Numismatics|Cuba}}

{{Reflist|group="nb"}}

{{Reflist}}

• {{cite book|last1=Cuhaj|first1=George S.|year=2010|title=Paper Money General Issues 1368–1960|publisher=Krause Publications|url=https://books.google.com/books?id=BuNA39dnuHsC|edition=13|isbn=978-1-4402-1293-2}}{{Dead link|date=March 2024 |bot=InternetArchiveBot |fix-attempted=yes }}

• {{cite book |last1=Hessler |first1=Gene |year=1993 |title=The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art |publisher= BNR Press |isbn=0-931960-36-3}}
• {{cite book |last1=Riera Hernandez |first1=Mario |year=1968 |title=Cuba Libre 1895–1958 Resumen Historico |publisher=Colonial Press of Miami |url=http://cubarepublicana.org/dobook.php?folder=cubalibre |language=es |access-date=2014-10-11 |archive-date=2016-03-08 |archive-url=https://web.archive.org/web/20160308074249/http://www.cubarepublicana.org/dobook.php?folder=cubalibre |url-status=dead }}
• {{cite journal |last1=Shafer|first1=Neil |year=2001 |title=1934–1949 Silver Certificates of Cuba Made by the U.S. BEP |journal=Paper Money |volume=40 |issue=5 |pages=298–307 |publisher=Society of Paper Money Collectors}}

• {{Cite web|last1=Schwulst|first1=Earl B. |last2=Welles|first2=Sumner|year=1935 | title =A Project to Establish a Cuban Monetary System and to Stabilize the Cuban Currency| publisher = Federal Reserve Archive | url = https://fraser.stlouisfed.org/archival/1343/item/465618}}

Category:Economy of Cuba

Category:Currencies of the Caribbean

Category:Government of Cuba

Category:Banknotes of Cuba

Category:Cuba–United States relations