Dominican peso facts for kids

Quick facts for kids Dominican peso
2000 Dominican peso banknote
ISO 4217 Code	DOP
User(s)	Dominican Republic
Inflation	1.4%
Source	The World Factbook, 2009 est.
Subunit
1⁄100	centavo
Symbol	$ or RD$
Coins
Freq. used	1, 5, 10, 25 pesos dominicanos
Banknotes
Freq. used	50, 100, 200, 500, 1000, 2000 pesos dominicanos
Printer	Polish Security Printing Works [pl]

The Peso dominicano (which means Dominican peso in English) is the money used in the Dominican Republic. It has been the official currency since 2010. You'll often see its symbol as "$". If you need to tell it apart from other pesos or dollars, people use "RD$". The special code for the Dominican peso is "DOP".

Each peso is split into 100 centavos (which are like cents). You might see the ¢ symbol for centavos. The Dominican peso is the main money used for almost all payments in the Dominican Republic. The only other money accepted is the United States dollar. Before 2010, the currency was officially called peso oro (meaning "Gold peso").

The Story of Dominican Money

How the Peso Began

The first Dominican peso was created in 1844. This happened when the Dominican Republic became independent from Haiti. It took the place of the Haitian gourde, with one peso being worth one gourde. Back then, each peso was divided into 8 reales.

In 1877, the Dominican Republic changed its money system. They started dividing the peso into 100 centavos, just like many other countries. For a short time, between 1891 and 1897, another type of money called the franco was also used. However, it didn't completely replace the peso.

When the US Dollar Was Used

In 1905, the U.S. dollar took over from the peso. One U.S. dollar was worth 5 pesos. Then, in 1937, the peso oro was introduced. It was worth the same as the U.S. dollar. Even so, the U.S. dollar continued to be used alongside the peso oro until 1947.

Coins of the Dominican Republic

Early Coins (1844–1905)

Before the money system changed to 100 centavos, only one coin was made. This was the 1⁄4 real coin, made in 1844. After the change in 1877, new coins came out. These included 1, 2+1⁄2, and 5 centavos. Smaller 1⁄4 centavo coins were also made between 1882 and 1888.

In 1891, the Dominican Republic joined a group of countries called the Latin Monetary Union. They briefly used the franco currency. This included bronze coins of 5 and 10 centesimos. There were also silver coins of 50 centesimos, 1, and 5 francos. After the franco was no longer used, new silver coins were made in 1897. These were for 10 and 20 centavos, 1⁄2 peso, and 1 peso.

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

Peso Oro Coins (from 1937)

New coins were introduced in 1937. These were for 1, 5, 10, 25 centavos, and 1⁄2 peso. A few 1 peso coins were also made starting in 1939. Most coins had the country's coat of arms on one side. On the other side, they showed a crowned head, except for the 1 centavo coin. The 1 centavo coin showed a palm tree, which was a symbol of the ruling Dominican Party. These coins were made to be similar in size and metal to U.S. coins of that time.

In 1963, the amount of silver in the 10, 25, 50 centavos, and 1 peso coins was reduced. After 1963, the Peso Oro became a "fiat currency." This means its value comes from government trust, not from precious metals. Cheaper metals replaced silver in the higher value coins. New coins were made in 1976 with Juan Pablo Duarte on them. Later, in 1983, another series of coins featured other important figures from Dominican history, like the Mirabal sisters.

Today, coins below 1 peso are not often seen because of inflation (when money buys less). RECENT COINS

• 1 Peso
• 5 Pesos
• 10 pesos
• 25 Pesos

Dominican Banknotes

One peso bank note (1849) from the first regular government issue.

Early Paper Money (1848–1905)

In the early days, paper money was the main type of currency. The government first printed notes for 1, 2, and 5 pesos in 1849. Later, 10 and 50 peso notes came out in 1858. Other groups also printed money, like the Comisión de Hacienda and the Junta de Crédito.

Two private banks also printed their own paper money. The Banco Nacional de Santo Domingo issued notes between 1869 and 1889. These notes came in values from 25 centavos up to 100 pesos. Another bank, the Banco de la Compañía de Crédito de Puerto Plata, printed notes from the 1880s until 1899.

Peso Oro Banknotes (1947-2011)

When the peso oro was first created in 1937, there were no paper notes for it. U.S. dollar notes were still used. It wasn't until 1947 that the Central Bank of the Dominican Republic started printing peso oro notes. These notes were for 1, 5, 10, 20, 50, 500, and 1000 oros. The higher values (500 and 1000) were not used very often.

Even though U.S. notes were always accepted, they were slowly taken out of circulation. After 1961, the capital city's name on the banknotes changed from Ciudad Trujillo back to Santo Domingo.

Today, you'll find banknotes in values of 50, 100, 200, 500, 1000, and 2000 pesos oros. The 10 and 20 peso paper notes were replaced by 10 and 25 peso coins in 2005. In 2010, a new 20 pesos oro note was released. This one was made from plastic, which makes it more durable.

All current banknotes have a special phrase on them. It says: "Este billete tiene fuerza libertoria para el pago de todas las obligaciónes públicas o privadas". This means: "This bill has the power to be used for all public or private payments."

Changes in 2010 and 2011

On July 1, 2010, the Central Bank of Dominican Republic released the 20-peso oro banknote made of polymer. It looked similar to the old paper version.

In 2011, the Central Bank announced a big change. All banknotes printed from 2011 onwards would be called "Pesos Dominicanos" instead of "Pesos Oro." This change was made because of a rule in the Constitution of the Dominican Republic from 2010.

New Designs in 2014

On October 1, 2014, the Central Bank of Dominican Republic planned to release a new series of banknotes. These new notes would have fresh designs and improved security features to prevent fake money.

The Peso and the U.S. Dollar

The United States dollar is very important to the Dominican Republic's money system. The Central Bank of the Dominican Republic keeps U.S. dollars as a "reserve currency." This means they hold a lot of dollars to help keep their own money stable.

Also, if both people agree, U.S. dollars and the euro can be used for private payments. This happens a lot in places where tourists visit. This was especially true during a time of high inflation in 2003–2004. Today, the U.S. dollar is widely accepted, and tourists can easily use it as a second currency.

How the Peso's Value Has Changed

Since 1948, when the first Dominican money was printed, the peso was worth about the same as a United States dollar. However, over the years, its value has changed.

Here's how many Dominican pesos you would get for one U.S. dollar in different years:

• 1984: US$1 bought about RD$1.45
• 1993: US$1 bought about RD$5
• 1998: US$1 bought about RD$8
• 2002: US$1 bought about RD$20
• 2003: US$1 bought about RD$37.5
• 2004: US$1 bought about RD$46.7
• 2006: US$1 bought about RD$32
• 2007: US$1 bought about RD$35.29
• 2008: US$1 bought about RD$34.93
• 2009: US$1 bought about RD$36
• 2012: US$1 bought about RD$40.5
• 2013: US$1 bought about RD$40.4
• 2016: US$1 bought about RD$45

In 2004, the peso's value dropped a lot. One U.S. dollar was worth almost RD$60. In August 2020, it briefly reached around RD$59 again. As of early 2023, one U.S. dollar buys around 56.30 pesos. By April 2024, one U.S. dollar was worth about 59.24 pesos.

See Also

• Central banks and currencies of the Caribbean
• Cuban peso
• Economy of the Dominican Republic
• Santo Domingo real