By Sanjay Gandhi - February 13, 2026
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PCGS PR63 DCAM 1915 Gold Cuba 20 Pesos
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Cuba is a land rich with fertile soil and
equally rich in history. An island nation
colonized by Spaniards for centuries, one
of Cuba’s native sons was José Julián
Martí Pérez. Aware that Carlos Manuel
de Céspedes wrote an 1868 manifesto
calling on all Cubans to join an uprising, a
15-year-old Martí published a newspaper
called La Patria Libre – translating to
“The Free Homeland” or “The Free
Fatherland.” Only one issue was released
on January 23, 1869, and it featured his
work called “Abdala,” a story about a
young man from Nubia who is enslaved
yet loves his country. In one part of this
writing he says, “Well, tell the tyrant that
in Nubia, There is one hero for each of
his twenty spears.” His strong feelings
of patriotism for his people’s land grew
exponentially. On October 16, 1869, at
the age of 16, José Martí was arrested and
accused of treason. His journey to seek
freedom for Cuba was just beginning.
About a decade later, on January 3, 1880,
Martí arrived in New York, and he stayed
in a house owned by Carmita Miyares
de Mantilla that welcomed Cuban exiles.
During his time he was well aligned with
the Junta Central Republicana de Cuba
founded by José Lemus. He was also in
personal contact with Máximo Gómez, Lt.
General Antonio Maceo who were both
in military service. Martí in his advocacy
for Cuba was just as important as those
fighting the war on the battlefield. He left
for Santo Domingo, Dominican Republic,
on January 31, 1895, and was killed when
he appeared on the battlefield at Dos Rios
in eastern Cuba May 19, 1895. Martí’s
teachings about freedom continued
through the people of Cuba and inspired
many worldwide.
Just as Martí’s journeys took him to the
United States, so, too, was that the case
for a man named William Barber and
his young son, Charles. They embarked
from London, England, to the United
States in the mid-19th century. William
was eventually hired by sterling silverware
firm Gorham Manufacturing Company
in Providence, Rhode Island. In 1865,
William Barber was recruited by James
B. Longacre, serving as the fourth
chief engraver at the United States
Mint in Philadelphia, to be an assistant.
Unfortunately, Longacre died on January
20, 1869, and Barber became the fifth
chief engraver of the United States Mint;
his son Charles Barber was hired as his
assistant.
This is where the story between the
Barbers, Marti, and Cuba begin
intertwining.
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PCGS PR64 1915 Silver High Relief Peso
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Coining A Cuban Legacy
William Barber’s creations included
the famed 1877 $50 Half Union gold
pattern and the silver Trade Dollar of
1873-1878 that circulated in East Asia.
After years of designing multiple patterns
and medals, William Barber died on
August 31, 1879, leaving his talented
son, Charles, to be appointed the sixth
chief engraver at the United States Mint.
Charles Barber became one of the most
well-known engravers within American
numismatics. He worked on many
projects with engraver George T. Morgan
and helmed designs for the Liberty Head
(or “Barber”) Dime, Quarter, and Half
Dollar. Barber also handled designs for
the Liberty Head Nickel, the $4 Stella,
and Hawaii’s coinage of 1883. He also
designed coinage for a multitude of
nations around the globe, including the
Republic of Cuba.
The United States military ended the
occupation of Cuba on May 20, 1902,
following the conclusion of the Spanish-
American War. Many years passed
before Cuban coinage was struck; when
it was, Cuban law dictated it hail from
the United States Mint. On December 3,
1914, Barber received a letter from a man
named Charles A. Conant that stated, in
part: “My Dear Sir, I have been recently
employed by the Government of the
Republic of Cuba to aid them in carrying
out the coinage measure which became
law on October 29th 1914.” This law was
enacted by Cuban President Mario Garcia
Menocal as part of the National Defence
Law. Further this law allowed the creation
of a national currency that was to be
struck in the United States.
Conant continues to note in the letter
that, “I shall not be able to make a definite
contract without authority from Havana,
but would be glad to confer with you if
you are interested in the subject. If you
are in New York next week, would you
be kind enough to endeavor to arrange
an appointment? If necessary, I may go
to Philadelphia but desire at least to hear
from you on the subject first. Yours truly,
Charles A. Conant.”
A reply letter by Barber dated December
4, 1914, notes: “Mr. Roberts has correctly
informed you regarding the services
of any other artist, it would be entirely
unnecessary in fact I would rather not be
hampered with the services of someone
who most probably had no experience
with coinage and the mechanical
capabilities of the same. I may mention
that we have made the dies for the coinage
for almost all of the Central and South
American countries, therefore can claim
a pretty wide experience in this line.”
Barber goes on to mention to Conant
that he should call his office to set up an
appointment. He did call, and they agreed
to meet at the Bellevue-Stratford Hotel in
Philadelphia on December 9, 1914. After
their meeting, Barber writes Conanat
to explain to him that, “The weight and
fineness being already stated the next
question to be decided is the diameter of
each coin and the relative size one coin
shall bear to the other.”
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José Martí PCGS PR66 Cameo 1915 Cuba Gold 5 Pesos
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On December 19, 1914, Leopoldo Cancio,
who was secretary of finance from Cuba,
wrote to Charles Conant, “I have decided
to accept Mr. Barber’s proposition, as
it seems to me that his familiarity with
coinage at large will give the best results.
Besides the fact that the law actually limits
and determines the motives of the designs
to appear in each coin, leaves hardly
any room for artistic conceptions. In
connection with Mr. Barber’s proposition
of three thousand ($3,000) for the
complete designs of seven coins, you
are requested to investigate and submit
to me his charges for the remaining
designs required by law.” These designs
were initially provided by Eduardo I.
Montoulieu who graduated from Harvard
University as an engineer. His role was
in the Ministry of Public Works, and he
was placed in charge of Cuban coinage
minting operations.
Cuban Coinage To The Letter
From December 14, 1914 to February
24, 1915, Barber, Conant, and Cancio had
many discussions involving design. Within
these discussions, which includes a dozen
letters, it’s interesting to note that all men
were respectful of each other’s vision.
Barber in one letter explains, “I wish to
call your attention to one or two points
in the designs, first, I have shown rays
around the stars to convey the idea of light
bursting from the star.”
In other correspondence, Montoulieu
and Cancio convey to Conant that the
cheekbone of national hero Jose Marti
on the obverse of the 5 peso gold coin is
“too prominent and the moustache is too
thick, the Adam’s apple is too prominent
and the hair requires more detail.” In late
February 1915, Eduardo I. Montoulieu
became the secretary of finance, and
he consulted further on the design
refinements for the gold 5 Peso coin.
There is much historic and cultural
symbology in the coins that these men
created together. Much of it culminates
in the Cuban flag, which Carlos Manuel
de Céspedes designed in 1868 during
the uprising known as La Demajagua.
The flag has a single star; colors of red,
white, blue; and it was the October 10
flag used for the entirety of the 10 Years’
War. Each coin reverse would bear the
phrase “PATRIA Y LIBERTAD,” which
translates into “Fatherland and Freedom.”
Additionally, the coinage bore a star, the
date of mintage, and the weight and
purity of the metal where applicable.
The obverse exhibits the Cuban coat of
arms with its royal palm tree, a key, and
a Phrygian cap. The key located in the
ocean before the sun represents Cuba. To
the right of the key is Florida, and to the
left is Mexico’s Yucatan Peninsula. Cuba
has been referred to as the “Key to the
Americas” or the “Key to the New World”
in historical references.
The final die work for the 1, 2, 5, 10,
20, and 40 centavos and the peso was
completed by jeweler Jos. K. Davidson
& Sons in Philadelphia. The bill dated
March 9, 1915, was made out to George
T. Morgan. On the same day, March
9, Barber, Montoulieu, Superintendent
of the Philadelphia Mint Adam Joyce,
and Superintendent of Coinage Robert
Clark witnessed the minting of the first
coin, which was a 1915 10 Centavos.
Production continued for the next few
weeks, with the first coins loaded on a
ship called Saratoga on April 2, 1915. The
next day, the ship sailed from New York
City and reached Havana, Cuba, on April
7, 1915.
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PCGS PR66 1915 Cuba 5 Centavos
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Cuban Coins Make Their Debut In 1915
On May 29, 1915, Director of the
Philadelphia Mint Robert Woolley signed
off a request from Montoulieu for the
creation of 1915 Cuba Proof Sets. The
letter also notes that these sets are to be
sold at the Philadelphia Mint. Discussions
between Barber and the others continued
about creating plasters for the gold 10
and 20 peso denominations, which were
not yet finalized. These conversations
went back and forth for a few months as
noted in an article by Robert Menchaca
titled “Cuban Coins,” which was
published in the October 2023 issue of
The Numismatist. The article provides
a thorough introspective from “The
Montoulieu Papers,” where Menchaca
illustrates in detail the contributions
to Cuban coinage from Eduardo I.
Montoulieu. In his article he also notes
that, “On October 12, 1915, Leopoldo
Cancio told Montoulieu that the French
and Spanish gold coins that the National
Bank had seized in Cuba would be sent
to Philadelphia to be melted and recoined
into Cuban gold coins.”
By late 1915, the gold 1, 2, 4, 5, 10, and
20 pesos were going to be struck with
Barber’s final designs. Proof coinage of
all the denominations dated 1915 was
struck, but what was produced in terms
of numbers remains a mystery. A gold
PCGS PR64CAM 1915 Cuba 20 Peso
was sold by Heritage Auctions for almost
$80,000 in 2024. Menchaca also notes
that, “A common misconception is to
treat 1915-16 Cuban coins in two distinct
time periods when they were actually
minted in a single, continuous campaign.
Montoulieu simply requested the date on
the working dies to be changed to 1916,
and minting operations resumed already
in the first week of January 1916.”
The same seven denominations that were
struck in copper-nickel and silver were
struck again bearing the date 1916. Proof
coins dated 1916 were struck as well and
are much scarcer than 1915. It is easier
to find a higher-graded 1915-dated coin
than one dated 1916, simply because the
dies were newer. Only the gold 1, 2, 5, 10,
and 20 pesos for 1916 were struck in a
proof finish, and they are all
exceptionally rare. The PCGS Set
Registry listing 1915 Cuban Year Set
Circulation Strikes is available for
collectors to consider building. The
central star design can be in a high-relief
and low-relief variety for the peso, 40
centavos, and 20 centavos denominations.
In addition, the 20 centavos has two edge
varieties known as Fine Reeding and
Coarse Reeding. A silver PCGS MS62
1915 Low Star Cuba Peso was sold by
Stack’s Bowers Galleries for $8,000 in
January 2021.
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PCGS PR65 1916 Cuba 40 Centavos
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Barber, Others Helped Marti's Legacy Live On
Charles E. Barber sadly passed away at
the age of 76 on November 16, 1917.
World War I brought a halt to production
for Barber-designed Cuban coinage until
1920; the Cuban peso took a hiatus from
1916 only to return from 1932 through
1934 and can be purchased for about
$350 in a grade of PCGS MS63. In 1932,
the 20 centavos was introduced and is a
conditional scarcity; for an example in
PCGS MS63, a collector would have to
shell out about $2,500.
The next coin struck from the Cuban
catalog is the 1938 1 Centavo made from
copper-nickel. This coin can be purchased
for $250 in PCGS MS63. World War
II put a crimp in things for collectors
expecting more coinage from the era of
Barber designs, but in 1943 the 1 centavo
and 5 centavo were struck in brass. The
coins are prone to spotting easily; once
they enter circulation, they are doomed in
terms of condition. In PCGS MS65 the
1943 one centavo can be had for about
$100 and the 1943 brass 5 centavo in
MS65 will cost about $200.
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1949 Cuba 20 Centavos, PCGS MS66
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The era of Barber designs on Cuban
coinage came to a close with the
denominations struck from 1946 through
1949. The 1 centavo and 5 centavos struck
in 1946 can be had for a reasonable price
in PCGS MS64 between $50 to $75.
The 1948 and 1949 dates for the 10 and
20 centavos can be purchased for prices
ranging from $75 to $125 in a grade
of PCGS MS64. There are two notable
varieties in the series. The first would be
the PCGS 1915 High Relief, No Periods
Silver Peso, which is missing periods after
the weight and the “G,” which stands for
grams. The second is the PCGS 1920 5
Centavos with no period after the “G.”
Both of these varieties are exceptionally
scarce, and you can expect to pay a few
thousand dollars for either of these coins
in AU grades.
Charles Barber gets most of the credit for
the designs seen on Cuba’s coins from
1915 through 1949. However, a majority
of the design elements were proposed
by Eduardo I. Montoulieu. They should
equally receive credit as Barber refined
the design elements and Montoulieu
admiringly approved of his artistry. The
language used by all the parties in their
correspondence letters is immensely
respectful, and all of it led to the creation
of Cuban coinage that eventually came to
bear the likeness of José Martí.
The first gold coins of the Republic of
Cuba carried the effigy of Martí, who
was also known as the Apostle of Cuban
Independence. If José Martí was alive
to see the proposal of gold coins minted
in his honor, he might have refused at
first – later politely thanking the Cuban
government for the honors. Perhaps
those close colleagues around him may
have reminded him that, because of his
efforts, Cuba became a free nation and his
teachings paved the way for that. Maybe
José Martí would recall one of his famous
quotes: “The first duty of a man is to
think for himself.”
Article provided by PCGS at www.pcgs.com