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.
In 1915, cupro-nickel 1, 2 and 5 centavos, silver 10, 20 and 40 centavos and 1 peso, and gold 1, 2, 4, 10 and 20 peso coins were introduced. These coins were designed by Charles E. Barber, who also designed the Barber dimes, quarters, half dollars for the US. The coins were minted at the US mint at Philadelphia.