THE FORBIDDEN BANKNOTES OF CUBA

As the United States begins to repair its relations with the island nation of Cuba, American collectors begin to wonder whether they will be able to freely collect the paper money Cuba has issued since the Revolution and dictatorship under Fidel Castro, and subsequently his brother, Raul.

It is still illegal for U.S. citizens to import numismatic collectibles from Cuba, including coins and paper money, but such material somehow manages to make its way to American soil.

Many notes can be obtained for a few dollars each, up to several hundred dollars each for rare notes or varieties.

Once here, the numismatic items are offered for sale at public auction, on coin show bourses and other venues. Except eBay, which imposes a ban on the sale of Cuban numismatic material.

Francis X Putrow, a past president of the Cuban Numismatic Association, said recently that just about everything between the U.S. and Cuba is status quo.

“My understanding is that there have been no changes regarding the Cuban embargo,” Putrow said. “It will take an act of Congress to officially lift the embargo. Until then, I would not expect eBay to officially change their policy of not listing Cuban coins, paper money, etc. However, a few listings can be found on eBay today.”

Another past CNA president, Emilio M. Ortiz, provided additional insights.

“Ebay has not relented in their improper and draconian blockade of Cuban numismatic material listings at their site, Ortiz said. “The material they are blocking includes currency printed by the U.S. [Bureau of Engraving and Printing] as well as banknotes printed by ABNCo [American Bank Note Company] and TdeLR [Thomas de la Rue].

“As far as the law is concerned, the embargo is still in effect and can only be revoked by an act of Congress, however legal experts have stated over and over that numismatic material is EXCLUDED, even from the Fidel Castro period (2nd. Republic) as long as it was not directly purchased from any Cuban Government entity.”

The total ban by eBay on the sale of Cuban numismatic material was imposed effective April 9, 2013.

Mark Flaa, eBay’s category manager for bullion, coins and currency, said Jan. 22, 2016, that the online auction site is still waiting to see what action, if any, Congress and the State Department will take that would allow eBay to lift its ban on Cuban numismatic items.

While the ban is imposed on the U.S. version of the eBay website, some versions — possibly hosted where no governmental bans are in place — from other countries still show listings of Cuban numismatic material. A recent check showed listings from sellers in Canada, Spain, Argentina, Croatia and the Czech Republic.

As part of the CIA’s plan to overthrow Fidel Castro’s regime during the Bay of Pigs invasion in 1961, counterfeit Series 1961 20-peso notes bearing F69 and F70 block designations were printed for invaders to have a medium of monetary exchange. The Paper Money Guaranty 63 Exceptional Paper Quality example shown sold for $305.50 on Jan. 12, 2015, in a Heritage Auctions sale.

To read the complete article, see:
Collecting the so-called ‘forbidden’ notes of the island nation of Cuba (www.coinworld.com/news/paper-money/2016/02/collecting-the-so-called-forbidden-notes-of-cuba.all.html)

To read the earlier E-Sylum articles, see:
EBAY BANS LISTINGS OF CUBAN COINS AND BANKNOTES (www.coinbooks.org/esylum_v16n17a10.html)
MORE ON EBAY'S BAN OF CUBAN COINS AND BANKNOTES (www.coinbooks.org/esylum_v16n18a11.html)

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