The Cuban ABC Peso is one of the most enigmatic and coveted coins in the Caribbean. Minted between 1934 and 1939, this coin never officially circulated, which only adds to its mystery and value among collectors. Although it was intended to back Cuban paper money, its nickname “ABC” evokes a complex period of political turmoil, and its rarity—especially the 1937 issue—has made it a numismatic legend.
History of the “ABC” Peso
The issuance of this coin originated during a period of political transition. Following the fall of dictator Gerardo Machado in 1933, several members of the clandestine ABC group (an organization founded in 1931 to overthrow the regime) joined the new government. Lawyer Joaquín Martínez Sáenz , leader of the ABC, was appointed Secretary of the Treasury and personally oversaw the coin's design.
Despite its popular nickname, the term “ABC Peso” was not used at the time. It was introduced years later by numismatist Thomas Lismore in his 1955 work, to honor Martínez Sáenz's influence on its creation.
These coins were authorized by Decree-Law No. 93 of 1934 , with the objective of backing the “silver certificates” in circulation, at a ratio of 1:1. They remained in the vaults of the State, without officially circulating, until in 1950 it was decided to melt them down due to the rise in the price of silver since they were no longer needed as monetary backing.
Technical Specifications and Dimensions
Diameter: 38 mm
Thickness : 2.9 mm
Weight in grams : 26,7295 grams
Song characteristics : Striated
Design and representation of the currency
Obverse: The obverse of the Cuban Peso ABC features the Cuban national coat of arms in the center , composed of a field divided into three parts: in the upper section, a rising sun behind the sea and a key between two landmasses, symbolizing Cuba's strategic position in the Americas; in the lower left section, vertical bands representing the colors of the flag; and on the right, a royal palm against a mountainous landscape. The coat of arms is framed by a laurel wreath , a symbol of victory and honor. To the left of the coat of arms is the inscription in capital letters " UN PESO " (ONE PESO), and below, centered at the bottom, the name of the country: " REPUBLICA DE CUBA " (REPUBLIC OF CUBA). In the upper left of the field, the silver fineness "900 M" and the exact weight "26.7295 G" are detailed , technical data indicating its high purity and metallic precision. The design, sober and symmetrical, communicates institutional strength and patriotic patriotism.
Reverse: The reverse of the Cuban Peso ABC features the bust of a female figure facing right, representing an allegory of the Republic , with classical and serene features. The figure wears a diadem with laurel leaves , a symbol of victory, wisdom, and freedom. In the upper right is a five-pointed star radiating rays of light , a recurring symbol of national sovereignty. Just below the star, the motto “PATRIA Y LIBERTAD” ( Fatherland and Liberty) , fundamental principles of the Cuban republic, is inscribed in prominent typography. In the lower right appears the year of issue in a typographic style unique to that year. The entire design, sober and balanced, projects a strong message of national identity and republican values.
Composition of the Currency
The Cuban Peso ABC was minted with a metallic composition of 90% silver (0.900 fineness) and 10% copper , giving it remarkable quality and durability. Each coin contained approximately 24.05 grams of pure silver , increasing its intrinsic value and appeal to collectors and precious metals investors. Throughout its production, the Peso ABC maintained its purity , with no alterations to its metallic fineness. Subsequently, between 1950 and 1954 , most of these coins were melted down and sold on the international market, contributing significant resources to the Cuban state reserves.
Manufacturing Mints and Mint Marks
All ABC Peso coins were minted at the Philadelphia Mint in the United States , the institution responsible for currency production for several Latin American countries during that period. As was common practice at this mint for issues destined for Cuba, the coins do not bear a visible mint mark , which can make them difficult to identify at first glance, although their origin is fully documented in the official records of the National Bank of Cuba and other reliable historical sources.
Below is a table with relevant mintage information, including the year and the number of coins minted:
| Year | coinage | Notes |
|---|---|---|
| 1934 | 7 000 000 | |
| 1934 | Matte Proof | |
| 1935 | 12 500 000 | |
| 1936 | 16 000 000 | |
| 1937 | 11 500 000 | Very scarce (read the data "The case of 1937") |
| 1938 | 10 800 000 | |
| 1939 | 9 200 000 |
Information partially obtained from Numista
Current Numismatic Value
Over 95% were melted down . Today, their value depends on the year, state of preservation, and rarity.
The case of 1937
Popular theory holds that a bag of coins broke at the dock while being loaded onto the ship "Patria ," and several pieces escaped official control. Other legends mention maritime accidents and failed negotiations. However, recent studies (Menchaca, 2023) dismiss these stories and point to a bureaucratic error that sent all the 1937 coins to be melted down , without preserving any numismatic remnants.
This would explain the extreme scarcity that year, making them virtually impossible to find under high conditions.
Examples of auction prices
- 1 Peso “ABC” 1934, MS66: It fetched $13,200.00 USD at a 2021 auction.
- 1 Peso “ABC” 1935, MS65+: It fetched $3,840.00 USD at a 2019 auction.
The Peso ABC is not just a coin, but a symbol of a turbulent period in Cuban history. Its beauty, political history, and rarity—especially the 1937 issue—make it a centerpiece in any numismatic collection.
If you're passionate about Latin American monetary history, keep browsing our site to discover other gems like this one.
Author's note
This article is based on documentary data extracted from the study “Cuban ABC coins: destroying myths”, by Roberto Menchaca García, published in the Numismatic Magazine Hécate (2023).
Note: Some images shown in this article were obtained from Stack's Bowers, for illustrative and educational purposes.
