Dominican peso
| Dominican peso | |
|---|---|
| peso dominicano (Spanish) | |
| ISO 4217 | |
| Code | DOP |
| Denominations | |
| Subunit | |
| 1/100 | centavo |
| Symbol | $ or RD$ |
| Banknotes | $50, $100, $200, $500, $1000, $2000 |
| Coins | $1, $5, $10, $25 |
| Demographics | |
| User(s) |
 Dominican Republic
|
| Issuance | |
| Central bank | Central Bank of the Dominican Republic |
| Website | www |
| Valuation | |
| Inflation | 1.4% |
| Source | The World Factbook, 2009 est. |
The Dominican peso is the currency of the Dominican Republic (Spanish: República Dominicana). Its symbol is "$", with "RD$" used when distinction from other pesos (or dollars) is required; its ISO 4217 code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. It is the only currency that is legal tender in the Dominican Republic for all monetary transactions, whether public or private.
The first Dominican peso was introduced with the country's independence from Haiti in 1844. It replaced the Haitian gourde at par and was divided into 8 reales. The Dominican Republic decimalized in 1877, subdividing the peso into 100 centavos. A second currency, the franco, was issued between 1891 and 1897 but did not replace the peso. However, in 1905, the peso was replaced by the U.S. dollar, at a rate of 5 pesos to the dollar. The peso oro was introduced in 1937 at par with the U.S. dollar, although the dollar continued to be used alongside the peso oro until 1947..
Only one denomination of coin was issued by the Dominican Republic before decimalization. This was the ¼ real, issued in 1844 in bronze and in both 1844 and 1848 in brass. Decimalization in 1877 brought about the introduction of three new coins, the 1, 2½ and 5 centavos. 1¼ centavo coins were also issued between 1882 and 1888. In 1891 Dominican Republic entered in the Latin monetary union and changed its currency to the franco including coins of 5 and 10 centesimos struck in bronze and 50 centesimos, 1 and 5 francos struck in silver. After the franco was abandoned, silver coins were introduced in 1897 in denominations of 10 and 20 centavos, ½ and 1 peso. The designs of these coins were very similar to those of the franco.
OLDER COINS
1877 One Centavo
1891 One Franco
1891 Ten Centesimos
1877 2.5 Centavos
1877 Five Centavos
1891 25 Five Francos
1848 Cuarto de Real
Coins were introduced in 1937 in denominations of 1, 5, 10, 25 centavos and ½ pesos with limited numbers of 1 peso coins first minted in 1939. All coins bore the national arms on the reverse while all except the 1 centavo bore a crowned allegorical Indian head on the obverse. The 1 centavo instead depicted a palm tree, the symbol of the ruling Dominican Party. The coins were all of identical weights, diameter, and composition to U.S. coins of the era. Two denominations appeared on these coins, one in "centavos" or "pesos" and another in "gramos" to represent a pre-decimal silver weight system formerly used in much of the region. A two coin set of 1955 commemorative coins were minted for the 25th anniversary of Rafael Trujillo's reign. These consisted of a gold 30 peso (33,000 minted) and a silver one peso, both showing him in profile. 50,000 of the silver one peso coins were produced in issued into circulation, but after Trujillo was assassinated in 1961 an estimated 32,550 were recalled and melted down. In 1963 the silver content in the 10, 25, 50, and 1 peso coins was reduced from .900 pure to .650 pure. The 1963 issue also distinctively commemorated the centennial of the republic and the crowned Indian head was added to the 1 centavo, replacing the palm.
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