Signature Set Detail: 7f. CINCUENTA 50 PESOS 1934 - 1948 SILVER CERTS.

Set Category:

World

Owner:

EMO COLLECTION 

Set Theme:

BANCO NACIONAL DE CUBA - CERTIFICADO DE PLATA

Set Description:

Silver Certificates were the very first legal tender paper money issued by La Republica de Cuba; the first year of printing was 1934 and the last was 1949. They were first printed in 1934 by the U.S. Bureau of Engraving and Printing (BEP), Washington, DC followed by the American Bank Note Company (ABNC) in 1944.
To insure public confidence in the new currency, the Cuban Government authorized the Philadephia Mint to strike a new type of silver Pesos in 1934 (ABC type) in an amount equal to the face value of the new Silver Certificates printed by the BEP. The silver would be deposited and stored in reserve at the Mint. This process continued every year until 1939. The silver Pesos were secured in the Guarantee Fund as backing for the Silver Certificates which were payable in silver on demand. Very few ABC pesos saw actual circulation and most were sold and melted as bullion in 1951. Part of the bullion that resulted from this melt was used for the 1953 Jose Marti Centennial silver coinage.
The specifications for the issuance of the Silver Certificates were:
- The size averaged 2-5/8" x 6-1/8" or approximate the U.S. standards.
- Identical to U.S. paper, except in that it contains only red fibers, whereas the U.S. paper also contains blue fibers.
- The Paper Manufacturer was Crane and Company, Dalton, MA., and the composition was 75% linen, 25% cotton.
- The seals and serial numbers would be Red on all issues and denominations.
The entire 1934 issue was delivered in 1935, the late delivery caused by printing delays needed to create a new plate with Despaigne's signature instead of Landa's. The first 25 sheets of the 1 Peso notes were delivered uncut, while the first five sheets of the 5, 10, 20 nd 50 Pesos were delivered to be signed personally by M. Despaigne, presumably as presentation pieces.
PLATES FOR THE 1 AND 5 PESOS NOTES WERE FIRST PREPARED WITH THE SIGNATURE OF GABRIEL LANDA AS TREASURY SECRETARY. INSTRUCTIONS WERE RECEIVED FROM CUBA TO CHANGE HIS SIGNATURE TO THAT OF MANUEL DESPAIGNE, (NEWLY APPOINTED TREASURY SECRETARY) WHICH WAS DONE DURING DECEMBER, 1934 ON ALL PLATES FOR ALL DENOMINATIONS. A SMALL AMOUNT OF THE 1 AND 5 PESOS HAD BEEN PRINTED WITH THE LANDA SIGNATURE (82,224 UN PESO AND 14,400 FIVE PESOS) BUT THEY WERE DESTROYED. PROOF IMPRESSIONS EXIST IN THE SMITHSONIAN INSTITUTION WITH LANDA'S SIGNATURE. The BEP PROOFS with the "Landa" signature for the UN 1 PESO and CINCO 5 PESOS note are exceedingly rare.
In 1944 the American Bank Note Company (ABNC) also began printing Silver Certificates for the new denominations of 500 and 1,000 Pesos notes. The ABNC printed 500 PESOS Silver Certificates only in two years, 1944 and 1947, while the 1,000 PESOS notes were printed in three years, 1944, 1945 and 1947.
All issued Silver Certificates held by the Banco Nacional de Cuba were incinerated in 1949-1950 period, an action that triggered the release of the ABC Pesos from the Philadelphia Mint's Guarantee Fund and their subsequent shipment to Cuba.

Signature Set Details:

Slot Name	Slot Comment	Certification #	Note Info	Country	Grade	Photo
1936A...P73c	ISSUED NOTE S/N A025118A	8003474-035	Cuba República De Cuba 50 Pesos - Printer: U.S. BEP	Cuba	AU 55 NET
1938...P73d	ISSUED NOTE S/N A111589A	8003474-036	Cuba República De Cuba 50 Pesos - Printer: U.S. BEP	Cuba	AU 55
1943...P73e	ISSUED NOTE S/N A255365A	8003474-037	Cuba República De Cuba 50 Pesos - Printer: U.S. BEP	Cuba	XF 40 EPQ
1948...P73f	ISSUED NOTE S/N A366001A	1401253-001	Cuba República De Cuba 50 Pesos - Printer: U.S. BEP	Cuba	VF 35 EPQ

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