Cuban peso encourage hard currency to enter the economy. The US dollar became the currency used to purchase some non-essential goods and services, such as cosmetics, and even staple kinds of food and drink. In 1994, the convertible peso was introduced at a par with the dollar. On November 8, 2004, the Cuban government withdrew the US dollar from circulation, citing the need to retaliate against further US sanctions. In 1897 and 1898, pesos were issued by revolutionary forces promoting independence. In 1915, cupro-nickel 1, 2 and 5 centavos, silver 10, 20 and 40 centavos and 1 peso, and gold 1, 2,
Gold standard can be removed. Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam, many refugees carried their wealth to the West in gold after the national currency became worthless. Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie. A US silver certificate, for example, could be redeemed for an actual piece of silver. Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries