Currency

The official currency of the Dominican Republic is the Dominican peso, which is equal to 100 centavos. It’s symbol is “RD$”, and its ISO code is “DOP”. 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. 

The Dominican Republic Central Bank, created October 9, 1947, is the sole organization in charge of issuing bills and coins in Dominican territory.

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”.

1848  Circulation of US coins
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. 

1877 – Motas y níqueles” and “clavaos coins emerge
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 

1937  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 

1997  Authorization of the issuance and circulation of bi-metallic coins
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. 

2006 – Issuance and circulation of new coins
In 2006, the Central Bank put new bills of RD$10.00 y RD$25.00, continuing the scale of one, five, ten, twenty-five and fifty.

Bills

First issuance of national bills
The first issuance of national bills, made by the American Bank Note Company, took place in 1947. Bills, with a similar design to the US dollar, were circulated in denominations of RD$1, RD$5 y RD$10.  

Second and third issuance of national bills
In 1962 the second issuance of national bills, this time in red and with a design similar to the previous issuance, took place. Later on, in 1966 is when the bill style was modernized and a distinct color was used for each denomination.    

Fourth and fifth issuance of national bills
The fourth and fifth issuance of national bills took place in 1977 and 1999, respectively. These issuances incorporated the most advanced technologies of the time and added the Caoba flower within its new designs. The fifth issuance of bills incorporated the denomination of RD$2, 000 in commemoration of the new millennium.  

Sixth issuance of national bills
In 2014, the sixth and most recent issuance of national bills in denominations of  50, 100, 200, 500, 1,000 and 2,000 pesos was carried out. This new version of bills incorporated the Rosa de Bayahíbe declared the National Flower, in place of the Caoba flower. Moreover, the bills incorporated much more rigorous security measures and their design possessed more differentiated colors in order to avoid confusion.

References:
http://www.bancentral.gov.do/billetes_monedas/
http://www.bancentral.gov.do/billetes_monedas/circulacion_billetes.html 

http://www.bancentral.gov.do/billetes_monedas/historia_billetes.html  

Photo gallery of bills in circulation:
http://www.bancentral.gov.do/billetes_monedas/circulacion_billetes_5ta.html 

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