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The peso (ISO 4217 code: CUP, sometimes called the "national peso" or in Spanish moneda nacional) is one of two official currencies in use in Cuba, the other being the convertible peso (ISO 4217 code: CUC, occasionally referred to as "dollar" in spoken language). The conversion between (CUC) and (MN) is $1(CUC)=$25(MN).Cuban state workers receive a portion of their wages in convertible pesos, the rest in national pesos. Shops selling basics, like fruit and vegetables, generally accept only the normal peso, while "dollar shops" sell the rest. The word "pesos" may refer to both non-convertible and convertible money. Cuban convertible pesos are 25 times more valuable, but this does not completely eliminate the confusion for tourists: since goods bought in national pesos have controlled prices, tourists are sometimes confused by prices perceived as "too cheap Before 1857, Spanish and Spanish colonial reales circulated in Cuba. From 1857, banknotes were issued specifically for use on Cuba. These were denominated in pesos, with 1 peso = 8 reales. From 1869, notes were also issued denominated in centavos, with 100 centavos = 1 peso. In 1881, the peso was pegged to the U.S. dollar at par. The currency continued to be issued only in paper form until 1915, when the first coins were issued.
