Extremely Rare Cuba Executive Order Sheets– 20 & 100 Pesos 1869 Offered in January 2023 NYINC Auction

Highlights from our upcoming January 2023 NYINC sale include lots 30425 and 30426. Lot 30425 is a sheet of six 1869 20 Pesos in VF 30 Net; lot 30426 is a sheet of four 100 Pesos in VF 25.

Orden Ejecutiva Sobre El Papel Moneda

These pieces of history are sure to stun buyers of Cuban paper money. The Ten Years’ War lasted from 1868 to 1878 and was the first of three wars Cuba fought against the Spanish for independence. Carlos Manuel de Céspedes, a sugar mill owner, and his followers (Cuban-born planters and natives) declared independence from Spain, revolting against colonial rule. In April 1869, Cespedes would be elected as the first president of the Republic in Arms. He was later deposed in 1873 due to internal strife within the revolution, and he was killed by the Spanish in 1874 after being captured (the Republic in Arms refused to let him flee to the United States). The war was long and bloody. The Spanish committed many atrocities against the Cubans, such as summarily executing military age males, executing neutral merchant sailors carrying arms for the revolutionaries, razing cities that did not immediately surrender, and putting civilians into concentration camps.

The revolutionaries initially had the upper hand against the Spanish in combat (such as employing machete charges), but the resources and supplies the Spanish provided their troops and supporters turned the tide against the rebels. The insurgency began to fade after years of fighting and internal political strife. After the third president Tomás Estrada Palma was captured, the Spanish and the revolutionaries began peace negotiations and ended the war on May 28, 1878.

The sheets offered in our January sale are signed by the first president of the Republic in Arms, Carlos Manuel de Céspedes. They have also been signed by the Secretario de Hacienda Eligio Izaguirre and Secretario del Interior Eduardo Agramonte. A special fact about the sheets is that Cuba never issued a 20 and 100 Pesos for the 1869 series. These denominations are not listed in the SCWPM as having existed and are sure to turn a few heads. These sheets will most certainly enter a top tier collection, to be cherished for years to come; we would be surprised to see them back on the market anytime soon.

The top portion of the 20 Pesos is pen numbered “190”, and the serial number is “231”, containing plates G through L. All are penned dated June 19, 1869, and are hand signed. PMG comments “Tape Repair, Toned.”

The top portion of the 100 Pesos is pen numbered “166”, and the serial number is “9876”, containing plates E through H. All are penned dated June 23, 1869, and are hand signed. PMG comments “Toned”.

Part of the inscription above the notes, on both sheets reads:

“Executive Order Pertaining To Paper Money

C. Carlos Manuel Cespedes President of the Republic of Cuba

Making use of the powers and authority that I exercise and of the ratification granted by the House of Representatives on June 15 of the current year, taking into consideration that it is of high importance to the cause of Independence and Freedom of the Nation, House of Commerce and the needs of the State in General.”

We are currently taking consignments for our spring 2023 Hong Kong and Maastricht sales, along with future Collectors Choice Online Auctions. To consign your U.S. paper money and world paper money to a future sale, contact a consignment specialist at 800-458-4646 or visit For more information on viewing lots or for assistance in registering to bid, email your inquiry to: [email protected]​.

Join our mailing list

Don't miss an auction!

Subscribe to our newsletter.


Contact Us

West Coast Office • (800) 458-4646

Midwest Office • (800) 817-2646

East Coast Office • (800) 566-2580

[email protected]

Hong Kong, China Office • +852 2117 1191

[email protected]

Follow Us

Subscribe to
Our Newsletter

We are sorry, an unexpected error occurred!
Please enter a valid email address

I'm Interested In...

Thank You!

Thank you for subscribing to the Stack's Bowers Galleries e-newsletter.