In a move blending historical recognition with economic necessity, Cuba has introduced two new high-denomination bank notes — firsts of their kind in more ways that one — as the island continues to struggle through a prolonged financial crisis.

Cuba’s central bank released the new 2,000- and 5,000-Cuban-peso notes (valued at roughly $4 and $10 respectively in U.S. funds), after previewing them on the government website Cubadebate. The release marks a symbolic milestone: they are the first notes of Cuba to feature women.

The 2,000-peso note, rendered in violet and pink tones, bears a portrait of Mariana Grajales — a key figure in Cuba’s independence struggle and the mother of several national heroes. The 5,000-peso note, designed in blue, features Celia Sánchez, a guerrilla fighter and close collaborator of former President Fidel Castro. Both women are celebrated icons of Cuban patriotism, and their appearance on currency signals a broader cultural acknowledgment of their legacies.

The practical rationale behind the new notes is equally pressing. The highest denomination in circulation until now had been the 1,000-peso note, but years of rising inflation have forced many Cubans to carry around more bills than can fit in their wallets. According to Cubadebate, the new denominations will help facilitate cash transactions, reduce costs of cash logistics, and improve operational efficiency during the current period of inflation.

The economic backdrop is stark. Annual inflation closed last year at 14%, according to official figures, while over the past five years, it peaked at 77% in 2021 — a surge that, combined with severe contractions in GDP, profoundly impacts daily life.

Cuba’s deepening crisis stems from a combination of the COVID-19 pandemic, a 2021 financial reform that triggered rapid price increases, and a rise in U.S. sanctions aimed at pressuring the government to reform its politics and economy. Despite government efforts to encourage digital payments and bank deposits, cash remains deeply embedded in Cuban daily life — making the new notes not just a tribute to heroic women, but a practical lifeline for millions.

The Banco Central de Cuba released annotated infographic sheets for both new denominations. Referencing those images, we provide a translation of the labeled security and design features.

Translating the infographic

Both diagrams are headed “The Cuban peso — new bank note denomination” followed by the respective value.

On the front of each note, labeled features include: Marca de agua (the watermark) — a portrait of the featured patriot embedded in the paper; Sigla BCC formada por el microtexto (BCC initials as microtext) — the abbreviation for Banco Central de Cuba, in tiny repeating text; Elementos para personas débiles visuales (elements for the visually impaired) — tactile markings in the upper right corner providing denomination identification by touch; Flor Nacional “La Mariposa” con efecto de movimiento (National Flower “The Butterfly” with motion effect) — Cuba’s national flower has a rainbow shimmer when tilted; Hilo de seguridad con efecto de movimiento (security thread with motion effect) — a vertical thread displays BCC and the denomination number; and Elemento de alto relieve (high-relief element) — raised ink printing provides tactile authentication.

On the reverse, labeled features include: La serie contará de tres letras (the series consists of three letters); La numeración aparecerá en reverso (the serial number appears on the reverse); Microtextos (microtexts); En el reverso contará con logotipo del Banco y año de impresión (the reverse includes the Bank logo and year of printing); and Inclusión de fibras teñidas difuminadas en el papel (inclusion of tinted diffused fibers in the paper).

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