Dominican peso: history, description and exchange rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The rate of the Dominican peso against the dollar, ruble or euro - this is the initial information that tourists gather when they are going to visit the island republic. Let's get acquainted with this local currency. All public and private transactions with money in the Dominican Republic are carried out in the only legal currency of the country - the peso oro, denoted by the symbol $. To distinguish it from other pesos, the symbol RD$ is used. One peso contains 100 centavos, they are denoted as ¢.

History

The very first Dominican peso was issued in 1844. Prior to this, the Haitian gourde, divided into 8 reais, was used on the island. Further, since 1877, the Dominican Republic began to adhere to the decimal metric system, and the peso was divided into 100 centavos. In the period from 1891 to 1891, a second currency, the franco, was introduced in the country, which did not replace the peso and eventually disappeared from use. In 1905, the peso was replaced by the US dollar with a currency ratio of 1 dollar=5 pesos. In 1937, the Republic introduced the peso oro, its value was equal to the face value of the US dollar. American by inertiathe currency was still in use until 1947.

Peso notes from 1844 to 1905

The basis of all money in circulation was paper payment instruments. In 1848, the very first, trial banknotes in denominations of 40 and 80 pesos were issued, a year later, in 1849, permanent banknotes were issued in denominations of 1, as well as 2 and 5 pesos. After 9 years, in 1858 - 10 and 50 pesos. In 1865, the Finance Committee issued banknotes in denominations of 50 and 200 pesos, and the Junta de Credito organization followed this with banknotes, the face value of which was 10 and 20 centavos, a year later, banknotes of 5 and 40 centavos saw the light, and also a year later - paper banknotes in 1, 2, 5 and 10 pesos.

In 1862, the Spaniards issued banknotes, the denomination of which was 50 centavos and 2, 5, 15 and 25 pesos. The last notes issued by the government were 1-peso notes in 1870.

Paper money was issued by two private banks:

1. The first of them is the Santo Domingo National Bank, a capital-based credit institution, which issued banknotes for 20 years - from 1869 to 1889, in denominations of 25 and 50 centavos, as well as 1, 2, 5, along with 10, 20, 25, 50 pesos. The same bank issued dollar bills in 1912.
2. The second bank - "Puerto Plata" - issued paper currency from 1880 to 1899, in denominations of 25 and 50 centavos, and in 1, 2, and 5, 10 and 50 pesos.

The paper age of the peso oro started in 1947

In 1937, peso oro coins appeared in everyday life, paper banknotes were issued only in 1947 by the Central Bank of the Republic. The denominations of the notes were 1, 5, 10, 20, 50, 100, 500 and 1,000 pesos oro. In 1992, changes took place - a small number of banknotes of 500 and 2000 pesos oro were issued into use. The issue of the first banknote was dedicated to the 500th anniversary of the discovery of America, and the second - in honor of the celebration of the Millennium (2000 peso oro banknote). It so happened that by 2005 there were very few of them left in circulation. In October 2007, a new 200 peso note was issued.

Coins

As for coins, the first pesos appeared in 1844. Before the transition to the traditional decimal system, only bronze coins of a quarter real denomination, issued in 1844, as well as in a brass version, issued in 1844 and in 1848, were in use. With the transition to the traditional decimal system in 1877, three new coins were issued in denominations of 1, 2½ and 5 centavos. From 1882 to 1888, coins were issued in denominations of 1¼ centavos. After the franco ceased to circulate, coins of 10 and 20 centavos, as well as ½ and 1 pesos, appeared in use, similar to the franco that had gone out of circulation.

1947 - the appearance of the Peso Oro

In 1937, the country decided to issue coins in denominations of 1, 5, 10, 25 centavos, as well as ½ pesos. Later, for convenience, in 1939year, a trial batch of coins in denominations of 1 peso was issued. The name of the currency peso oro has never been spelled this way - in full - only the peso. Since 1967, silver has been replaced by a common metal. Since 1991, coins of 5, 10 and 25 pesos have appeared in everyday life. Due to the ongoing inflation today, it is almost impossible to find coins in denominations of less than 1 peso.

US dollar as reserve currency

And here it was not without him. Since the American currency was present in the everyday life of the country from the very beginning, the Central Bank of the Dominican Republic uses it as a reserve. The euro is also allowed for private financial transactions, mainly in the field of tourism, which helped the country during a period of strong inflation that lasted from 2003 to 2004.

Below is the Dominican Peso to Euro exchange rate as of mid-June 2018.

Euro	Currency of the Dominican Republic
1.00	58

The rate of the Dominican peso against the ruble as of mid-June 2018, for convenience, 50 monetary units of the island republic were taken.

Currency of the Dominican Republic	Russian ruble
50	62.84

Historical rate ratio

Significant exchange rate fluctuations since the first issue in 1948 tends to significantly depreciate the Dominican peso against the US dollar. Minimumwas recorded in 2003, then the rate gradually leveled off. And initially, in 1948, the currencies maintained cost parity - one peso was equal to one US dollar. Here's what the ratios looked like in different years:

• 1984 - 1 USD=RD $ 3.45;
• 1993 - 1 USD=RD$ 14;
• 1998 - 1 USD=RD$ 16;
• 2002 - 1 USD=RD$ 20;
• 2003 - 1 USD=RD$ 57;
• 2004 - 1 USD=RD$ 30;
• 2005 - 1 USD=RD$ 33;
• 2006 - 1 USD=RD$ 32.

Appearance

Dominican peso bills are tasteful and interesting in design. As a rule, portraits of significant political leaders of the issuing country, architectural monuments, and cities are depicted on banknotes. The Dominican currency is no exception. Where can you see the "value" of a banknote? In digital format, the denomination is indicated in the lower left and upper right corners. In capital letters - in the lower right corner.

Overse

The obverse of the 10 RD$ bill is decorated with a portrait of Matias Ramon Mella, on the 20 peso bill in military uniform Grigorio Luperon (one of the first presidents) flaunts. The 50 RD$ banknote depicts the Cathedral of Santa Maria la Menor, located in the capital of Santo Domingo.

The 100 peso note features three portraits: Juan Pablo Duarte, as well as Francisco del Rosario Sanchez and Matias Ramon Mella. All who are depicted on banknotes are prominent political figures and heroes of the country who lived at different times. From a bill of 200 pesos, the national heroines of the Dominican Republic, the Mirabal sisters, look at us. 500 banknoteRD$ is decorated with a portrait of the Urenia couple, who have made a huge contribution to the culture of the country. Finally, the RD$ 1000 banknote shows the building of the capital's National Palace, and the largest RD$ 2000 banknote is decorated with portraits of the country's leaders - Emilio Pradoma and Jose Reyes, who were presidents at different times.

Reverse

Architectural monuments flaunt on the reverse side of paper Dominican banknotes. For example, on the 10 peso bill you can see the so-called Altar of the Fatherland, and on the 20 peso banknote the national pantheon is depicted. Both are burial places of the largest figures of the state. The banknote of 50 pesos contains an image of a fragment of the famous shrine - the Basilica of Altagracia. A 100 Dominican peso note is a fragment of the fortress wall in the capital, 200 pesos show a monument to the famous Mirabal sisters in the center of Santo Domingo, and a 500 peso note depicts the facade of the building of the Central Bank of the Dominican Republic. As for the two largest banknotes - 1000 and 2000 pesos, the first shows the National Historical Museum, and the second - the building of the national theater in Santo Domingo.

What else do the US currency and the Dominican peso have in common? The peso is also "pegged" to the US dollar by "production ties" - all banknotes of the Dominican Republic are printed in America by order of the Central Bank of the island republic.

What coins look like

Very original coins of the Dominican Republic. All of them are of the standard round shape, except for one - the only last coin of 25 pesos put into circulation: a clearly prominent octahedron is embossed on a round profile. The obverses show portraits of prominent political figures, the reverses show the coat of arms of the country with the denomination in numbers to the left of it. The name of the country is minted around the coin.

Coins are made of different materials. For example, the core of 5 RD$ is made of stainless steel in a bimetallic way, the rim is made of brass. The 10 RD$ coin is minted from brass, and the rim is made of copper-nickel alloy. But 25 RD$ is monolithic and completely made of an alloy of copper and nickel.

Where were the coins produced? All Dominican metal banknotes related to the latest series were made in factories in Slovakia.

Where to change

If you come to the Dominican Republic, you should not be embarrassed by the fact of the upcoming money exchange. If you did not have time to purchase the local currency, it does not matter: in the country in the tourist zone, both US dollars and euros can be accepted for payment. Exchange offices with a favorable rate of the Dominican peso to the ruble are located at almost every step, and the beaches are no exception. To exchange currency at a more favorable rate, you can also contact a private exchange office. Standard exchange office hours are from 8 am to 5 pm local time.

If you arrived in the Dominican Republic at night, you can exchange currency at the airport, as well as hotels or some restaurants. The exchange rate of the Dominican peso against the dollar, euro and ruble in these institutions, working around the clock,will probably not be so super-profitable, but the commission for an exchange transaction is fixed, does not depend on the amount of the exchange and usually does not exceed 5%.