Dominican Peso

About The Dominican Peso: The Currency of the Dominican Republic

Quick Facts About the Dominican Peso Notes

Country of Origin	Dominican Republic
Symbol	$, RD$ (When used with other currencies that use “$”)
Currency Code	DOP
Nick Names
Minor units	Centavos
Denominations (Banknotes)	RD$ 50, RD$ 100, RD$ 200, RD$ 500, RD$ 1000, RD$ 2000
Motto
Identification Feature	Watermark with the three-dimensional image of Juan Pablo Duarte
Issuing Bank	Central Bank of Dominican Republic
In Circulation Since	1844

The South American country of the Dominican Republic uses its very own currency called the Dominican Peso. The country has adopted multiple currencies over the years with only a handful still being considered legal tender in 2022. All Dominican peso symbol is RD$ with the currency code being DOP. Being a Fiat currency, the Dominican Peso is a sturdy participant in the international currency market with the Dominican Peso Exchange rate being subjected to frequent changes. The Central Bank of the Dominican Republic is responsible for the storage and distribution of the Dominican Peso. The US Dollar is used as a reserve currency for the Dominican Peso with the current exchange rate of Dominican Peso to Dollar going at around 56.8 Dominican Peso for one US dollar. The “Polish Security Printing Works” is responsible for printing the Dominican Peso currency. Most modern Dominican Republic Peso is made of cotton while some older polymer-based variants are also used.

As of 2022, The Dominican Republic Peso has five types of bank notes in circulation with the denominations being 50, 100, 200, 500, 1000, and 2000 DOP respectively. The older Peso Oro (Now denominated as “Pesos Dominicanos”) is still in circulation and uses 10 and 20 Peso notes as well. Apart from notes, coins of denominations 1, 5, 10, and 25 are also in circulation. Older 1, 5, 10, 25 centavos and ½ Peso coins are discontinued but still accepted as legal tender. The minor unit of the Dominican Peso is the centavo, with one centavo being equal to around 1/100 Pesos.

History of the Dominican Peso

The Dominican Peso, bearing the Dominican peso symbol, was first introduced in the year 1844 following the country’s independence from Haiti, replacing the Haitian gourde as the standard currency and legal tender in the country. The Dominican Peso saw decimalization in 1877, subdividing the Peso into 100 Centavos. The newly formed Dominican Republic distributed its currency to traders at major ports and cities like Santo Domingo to make way for early adoption and boost its participation in currency exchange.

Following the country’s entry into the “Latin Monetary Union” in 1891, a secondary currency named “Franco” was introduced with the goal of replacing the Dominican Peso currency. That goal however was never achieved, and the Franco was soon decommissioned in 1897 after 6 years.

The Dominican Peso was briefly replaced by the USD in 1905. The USD still holds its place as legal tender in the country (Dominican Peso to Dollar: 0.018) although the Dominican Peso rate has dropped significantly.

Countries Accepting the Dominican Peso

Amount in the Dominican Peso You Should Carry for Your Trip

Owing to the low Dominican Peso price you don’t need to carry a lot of Dominican Peso to get by comfortably in the Dominican Republic, depending on your kind of stay, food choices, and travel options. Moderate accommodation with transportation and food should cost around 3000 to 5000 Dominican Peso per day. If you’re limiting your stay options to only the most luxurious hotels and restaurants, your cost can go up to 13000 Dominican Peso a day.

It is always recommended to carry Dominican Peso Forex cards. You should also keep an eye on the live Dominican Peso rate before you buy Dominican Peso or sell Dominican Peso at a Dominican Peso currency exchange centre.