Currency

The official currency of the Dominican Republic is the Dominican peso (DR$). 1 peso = 100 centavos. Bills of 1000, 500, 100, 50, 20, 10, 5 and 1 pesos are issued, as well as 1 peso coins and 50, 25, 10, 5 and 1 centavo coins.

History of currency

The step toward the use of an official currency was delayed in a country that, from the foundation of its first city, developed with all types of economic and social setbacks and overbearing foreign associations. It was after the declaration of the Independence of 1844 that the first Dominican currency appeared, in the denomination of a quarter of a real. The Scoville Manufacturing Company of the United States minted the coins; they were commonly called "cuartillos".
In 1848, the circulation of U.S. coins of 5, 10 and 25 cents was allowed, as they were the equivalent of a half real, one real and the peseta fuerte, which circulated together with bills of 1, 2 and 20 pesos.

Between 1877 and 1888, the "motas y níqueles", coins of 5, 2 ½ and ¼ centavos emerged. Around the end of the 19th century, "clavaos" appeared and were rejected by the population as their face value was less than their actual value.

Before the creation of the Banco Central and during the first U.S. intervention, monetary circulation was composed of bills and gold coins from the U.S. and other countries, of some coins left over from the previous century and tokens of Rafael L. Trujillo Molina's inauguration to power.

Creation of a national currency

On February 21, 2937, Law No. 1259 was passed. It is considered the creator of the national currency, a series of rules to regulate the minting of coins of all denominations, considering that the coins should be minted in the same conditions as U.S. coinage in terms of the detail, weight, shape, dimension and scale of units. This model was in force until 1975.

Different mintings

The first coin minting was for a value of 600,000 Dominican pesos in denominations of DR$0.01 to DR$0.50 (from 1 to 50 centavos). At the time, they did not mint peso pieces, as the U.S. bill of that denomination would continue circulating for a considerable length of time. The new coins were enthusiastically welcomed into circulation, though they quickly became scarce due to the insufficient quantity minted.

On the other hand, DR$1.00 and DR$5.00 coins were issued by the Banco Central according to the following decrees of the Executive Power:

On September 12, 1991, by Decree No. 329-90, the design and characteristics of the $DR1.00 coin were authorized for national circulation.

On October 28, 1997, by Law No. 205-97, the issuance and minting of nationally circulating bi-metallic coins for DR$5.00 were authorized; and their design and characteristics were approved by Decree 460-97.

New coin minting

•  Banco Central introduces 10 and 25 peso coins

• Press Release: Words of the Governor of the Banco Central, Licenciado Héctor Valdez Albizu, in the act of putting the new DR$10.00 and DR$25.00 currency into circulation, Salón Américo Lugo, Monday, April 10, 2006.

• New Currency photo gallery >>