Dominican peso
Encyclopedia
The Dominican peso, also called peso oro ("gold peso") is the currency of the Dominican Republic
. Its symbol is "$
", with "RD$" used when distinction from other peso
s (or dollar
s) 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 which is legal tender
for all monetary transactions, whether public or private, in the Dominican Republic.
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.
, coins below 1 peso are now rarely found.
Two private banks issued paper money. The Banco Nacional de Santo Domingo issued notes between 1869 and 1889 in denominations of 25 and 50 centavos, 1, 2, 5, 10, 20, 25 and 100 pesos. The Banco de la Compañia de Crédito de Puerto Plata issued notes from the 1880s until 1899 in denominations of 25 and 50 centavos, 1, 2, 5, 10 and 50 pesos. Note that the Banco Nacional de Santo Domingo also issued notes in 1912 denominated in dollars (called pesos in the Spanish text).
Banknotes currently in circulation are 50, 100, 200, 500, 1000 and 2000 pesos oros. The 10 and 20 peso denomination bills have been replaced with 10 and 25 coins respectively. In 2010, a new 20 pesos oro polymer banknote was released. Limited editions of the 500 and 2000 peso oro notes were issued for the 1992 500th anniversary of the discovery of the Americas and year 2000 millennial celebrations, respectively, but not many of these remain in circulation.
All banknotes carry the phrase "Este billete tiene fuerza libertoria para el pago de todas las obligaciónes públicas o privadas". Literally translated, .
In 2011, the Banco Central de la República Dominicana has announced that all banknotes dated 2011 will be denominated in pesos dominicanos instead of pesos oro
is used as a reserve currency
by the Central Bank of the Dominican Republic. Also, when convened by both parties, both U.S. dollars and the euro can be used in private transactions (this applies mostly in tourism-related activities). This was most true during the drastic inflationary period of 2003–2004.
.
The exchange rate for U.S. dollar vs. Dominican peso over the last few decades is as follows:
In 2003 the peso dramatically plummeted; a single US dollar was worth almost RD$57.00.
Since 2004 the peso has reached a more stable rate of RD$35–36 pesos to 1 U.S. dollar. As of January 2010, there were some RD$50.44 pesos to the euro
, or around RD$36.10 pesos to the U.S. dollar.
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
. Its symbol is "$
Dollar sign
The dollar or peso sign is a symbol primarily used to indicate the various peso and dollar units of currency around the world.- Origin :...
", with "RD$" used when distinction from other peso
Peso
The word peso was the name of a coin that originated in Spain and became of immense importance internationally...
s (or dollar
Dollar
The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...
s) is required; its ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. It is the only currency which is legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
for all monetary transactions, whether public or private, in the Dominican Republic.
History
The first Dominican peso was introduced with the country's independence from HaitiDominican War of Independence
The Dominican Independence War gave the Dominican Republic independence from Haiti in 1844. Before the war, the whole island of Hispaniola had been under Haitian rule for 22 years when Haiti occupied the newly independent state of Haití Español in 1822....
in 1844. It replaced the Haitian gourde
Haitian gourde
- Banknotes :In 1875, banknotes were issued by the "National Bank of Haiti" in denominations of 25 centimes, 1 and 5 piastres . Following this, banknotes were issued in denominations ranging from 10 centimes to 5 gourdes by the various Haitian governments until 1916, when the "National Bank of the...
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
Dominican franco
The franco was a currency introduced in the Dominican Republic in 1891, as the Dominican Republic Government, then headed by president Ulises Heureaux intended to join the Latin Monetary Union. It was subdivided into 100 centesimos. Five denominations of coins were issued, 5, 10 and 50 centesimos,...
, 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.
First peso, 1844–1905
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.Peso Oro, from 1937
Coins were introduced in 1937 in denominations of 1, 5, 10, 25 centavos and ½ pesos with small numbers of 1 peso coins first minted in 1939. The full name of the currency has never appeared on coins, only "peso". Base metal replaced silver in the higher denominations in 1967. Since 1991, coins of denominations of 5, 10 and 25 pesos have been introduced. However, due to chronic inflationChronic inflation
Chronic inflation occurs when a country experiences high inflation for a prolonged period of time due to undue expansion or increase of the money supply...
, coins below 1 peso are now rarely found.
First peso, 1844–1905
Paper money made up the bulk of circulating currency for the first peso. Provisional issues of 40 and 80 pesos were produced in 1848, followed by regular government notes for 1, 2 and 5 pesos in 1849, and 10 and 50 peso notes in 1858. The Comision de Hacienda issued 50 and 200 pesos in 1865, whilst the Junta de Credito introduced notes for 10 and 20 centavos that year, followed by 5 and 40 centavos in 1866 and 1, 2, 5 and 10 pesos in 1867. In 1862, the Spanish issued notes for ½, 2, 5, 15 and 25 pesos in the name of the Intendencia de Santo Domingo. The last government notes were 1 peso notes issued in 1870.Two private banks issued paper money. The Banco Nacional de Santo Domingo issued notes between 1869 and 1889 in denominations of 25 and 50 centavos, 1, 2, 5, 10, 20, 25 and 100 pesos. The Banco de la Compañia de Crédito de Puerto Plata issued notes from the 1880s until 1899 in denominations of 25 and 50 centavos, 1, 2, 5, 10 and 50 pesos. Note that the Banco Nacional de Santo Domingo also issued notes in 1912 denominated in dollars (called pesos in the Spanish text).
Peso Oro, 1947-2011
When the peso oro was introduced in 1937, no paper money was made and US notes continued to circulate. Only in 1947 were the first peso oro notes issued by the Central Bank in denominations of 1, 5, 10, 20, 50, 100, 500 and 1000 pesos oros. In 1961, low value notes were issued in denominations of 10, 25 and 50 centavos. 2000 peso oro notes were introduced in 2000.Banknotes currently in circulation are 50, 100, 200, 500, 1000 and 2000 pesos oros. The 10 and 20 peso denomination bills have been replaced with 10 and 25 coins respectively. In 2010, a new 20 pesos oro polymer banknote was released. Limited editions of the 500 and 2000 peso oro notes were issued for the 1992 500th anniversary of the discovery of the Americas and year 2000 millennial celebrations, respectively, but not many of these remain in circulation.
All banknotes carry the phrase "Este billete tiene fuerza libertoria para el pago de todas las obligaciónes públicas o privadas". Literally translated, .
In 2011, the Banco Central de la República Dominicana has announced that all banknotes dated 2011 will be denominated in pesos dominicanos instead of pesos oro
Bills in circulation
| Bills in circulation | ||||
|---|---|---|---|---|
| Image | |Value | | Description | ||
| Front | Reverse | Front | Reverse | |
| 20 Pesos Oro (Polymer version) | Gregorio Luperón Gregorio Luperón Gregorio Luperón , is best known for being a Dominican military and state leader who was the main leader in the restoration of the Dominican Republic after the Spanish annexation in 1863.... |
National Pantheon National Pantheon of the Dominican Republic The National Pantheon was built from 1714-1746 by the Spaniard Geronimo Quezada y Garçon and was originally a Jesuit church. The structure was constructed in the neoclassic-renaissance style... |
||
| 50 Pesos Oro | Catedral de Santa María de la Encarnación de Santo Domingo | Basílica de Nuestra Señora de la Altagracia | ||
| 100 Pesos Oro | Francisco del Rosario Sánchez Francisco del Rosario Sánchez Francisco Del Rosario Sánchez was a politician and founding father of the Dominican Republic. He is considered by Dominicans as the second leader of the 1844 Dominican War of Independence, after Juan Pablo Duarte and before Ramón Matías Mella. The Order of Merit of Duarte, Sanchez and Mella is... , Juan Pablo Duarte Juan Pablo Duarte Juan Pablo Duarte y Díez is one of the Founding Fathers of the Dominican Republic. He was a visionary and liberal thinker who along with Francisco del Rosario Sánchez and Matías Ramón Mella is widely considered the architect of the Dominican Republic and its independence from Haitian rule in 1844... y Matías Ramón Mella |
Puerta del Conde Puerta del Conde La Puerta del Conde is the site in Santo Domingo, Dominican Republic where Francisco del Rosario Sanchez, one of the Dominican Founding Fathers, proclaimed Dominican independence and raised the first Dominican Flag, on February 27, 1844.... |
||
| 200 Pesos Oro | Hermanas Mirabal | Monumento a las Hermanas Mirabal | ||
| 500 Pesos Oro | Salomé Ureña Salomé Ureña Salomé Ureña de Henríquez better known as Salomé Ureña, was a revered poet and pedagogist of the Dominican Republic. Born in Santo Domingo in 1850, she was one of the central figures of lyrical poetry of the 19th century and an innovator of the feminine education in her country.-Biography:Ureña... y Pedro Henríquez Ureña Pedro Henríquez Ureña Pedro Henríquez Ureña was a Dominican intellectual, essayist, philosopher, humanist, philologist and literary critic.-Early works:Pedro Henríquez Ureña was born in Santo Domingo, the third of four siblings... |
Banco Central de la República Dominicana Banco Central de la República Dominicana The Central Bank of the Dominican Republic was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system.-Establishment and Objectives:... |
||
| 1,000 Pesos Oro | Palacio Nacional National Palace (Dominican Republic) The National Palace is a building in Santo Domingo, that houses the offices of the Executive Branch of the Dominican Republic... |
Alcázar de Colón Alcázar de Colón The Alcázar de Colón, or Columbus Alcazar, located in Santo Domingo, Dominican Republic, is the oldest Viceregal residence in America, and forms part of the Colonial Zone of Santo Domingo World Heritage Site... |
||
| 2,000 Pesos Oro | Emilio Prud'Homme Emilio Prud'Homme Emilio Prud'Homme was a Dominican lawyer. Prud'Homme was the author and composer of the Dominican National Anthem. He is also attributed with helping establish a national identity, for what was at the time a nascent republic.... & José Rufino Reyes Siancas (composers of the national anthem) |
Teatro Nacional Teatro Nacional (Santo Domingo) The Teatro Nacional is part of the Plaza de la Cultura complex, located in Santo Domingo, Dominican Republic. The theatre is the center piece of the complex and is surrounded by several museums and cultural institutions... |
||
Bills no longer in circulation
| Bills no longer in circulation | ||||
|---|---|---|---|---|
| Image | |Value | | Description | ||
| Front | Reverse | Front | Reverse | |
| 10 Pesos Oro | Ramón Matías Mella Ramón Matías Mella Matías Ramón Mella, born 25 February 1816, is regarded as a national hero in the Dominican Republic. The Order of Merit of Duarte, Sanchez and Mella is partially named in his honor.... |
Altar de la Patria Altar de la Patria El Altar de la Patria, or The Altar of the Fatherland, is a white marble mausoleum in Santo Domingo, Dominican Republic that houses the remains of the founding fathers of the Dominican Republic: Juan Pablo Duarte, Francisco del Rosario Sánchez, and Ramón Matías Mella, collectively known as Los... |
||
| 20 Pesos Oro (Paper version) | Gregorio Luperón Gregorio Luperón Gregorio Luperón , is best known for being a Dominican military and state leader who was the main leader in the restoration of the Dominican Republic after the Spanish annexation in 1863.... |
Panteón Nacional Panteón Nacional The Panthéon is a building in the northern edge of the old town of Caracas, Venezuela. It was originally built as a church, but is now used as a famous burial place... |
||
Relation with the U.S. dollar
The United States dollarUnited States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
is used as a reserve currency
Reserve currency
A reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves...
by the Central Bank of the Dominican Republic. Also, when convened by both parties, both U.S. dollars and the euro can be used in private transactions (this applies mostly in tourism-related activities). This was most true during the drastic inflationary period of 2003–2004.
Historical exchange rates
Historically, since the first monetary emission in 1948, the peso was worth about the same as a United States dollarUnited States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
.
The exchange rate for U.S. dollar vs. Dominican peso over the last few decades is as follows:
- 1984 $US 1 to RD$ 1.45
- 1993 $US 1 to RD$ 5.00
- 1998 $US 1 to RD$ 8.00
- 2002 $US 1 to RD$ 20.00
- 2003 $US 1 to RD$ 57.00
- 2004 $US 1 to RD$ 35.00
- 2006 $US 1 to RD$ 32.00
- 2007 $US 1 to RD$ 35.29
- 2008 $US 1 to RD$ 34.90
- 2009 $US 1 to RD$ 36.00
In 2003 the peso dramatically plummeted; a single US dollar was worth almost RD$57.00.
Since 2004 the peso has reached a more stable rate of RD$35–36 pesos to 1 U.S. dollar. As of January 2010, there were some RD$50.44 pesos to the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, or around RD$36.10 pesos to the U.S. dollar.
See also
- Central banks and currencies of the CaribbeanCentral banks and currencies of the CaribbeanThis is a list of the central banks and currencies of the Caribbean.There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar , the United States dollar and the euro ....
- Economy of the Dominican RepublicEconomy of the Dominican RepublicThe Dominican Republic has the second largest economyin the Caribbean. It is an upper middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism....
- Santo Domingo realSanto Domingo realThe real was the currency of Santo Domingo until 1822. Some coins were struck locally which circulated alongside other Spanish colonial coins...