If you have had the opportunity to visit the Dominican Republic, you have surely tried tostones, danced merengue, or paid for purchases with the official currency – the Dominican peso (DOP). This Caribbean nation on the island of Hispaniola has a long and rich history. This is also reflected in its national currency. In today’s blog, we will present facts and interesting information about the Dominican means of payment.
Denominations of the Dominican Currency
The Dominican peso is issued by the Central Bank of the Dominican Republic. It is available in coins with denominations of 1, 5, 10, and 25. The peso is also available in banknotes with denominations of 50, 100, 200, 500, 1,000, and 2,000.
Like the US dollar, the Dominican peso is divided into 100 cents, or centavos. While exchange rates between currencies change daily, the Dominican peso exchange rate tends to favor foreign currency.
Current Peso Exchange Rates as of December 15, 2022
- 1 PLN = 12.50 DOP
- 1 EURO = 58.66 DOP
- 1 USD = 55.22 DOP
Always remember to check the exchange rate! Simply search on Google to quickly check current rates.
1. Peso Is the Best Way to Pay in the Dominican Republic
Many hotels and other tourist destinations list their prices in US dollars. They gladly accept foreign currency. However, we recommend exchanging money for pesos beforehand and using them locally. Prices in dollars are usually inflated, so you will often get a better deal if you pay in pesos.
Exchange money before traveling to the Dominican Republic. You can also do this on-site by visiting a local bank.
2. The Dominican Republic Once Used Dollars
When the Dominican Republic gained independence in 1844, it initially issued the peso. It then added a second currency – the franco. In 1904, the Dominican Republic began using the US dollar at a rate of 5 pesos to 1 USD.
In 1937, the Dominican Republic introduced the peso oro, which literally means “gold weight.” For the next 10 years, it was the Dominican Republic’s currency alongside the US dollar. Initially, the peso oro was based on the gold standard. It was later pegged to the US dollar instead.
Since 1963, the Dominican peso has been a fiat currency, like most currencies in the modern world.
The currency name was changed to peso dominicano instead of peso oro. It uses the same symbol as the US dollar, with the addition of the country’s initials: RD$.
3. Banknotes Feature Important Figures and Historic Buildings
The 1,000 Dominican Peso Note Features the Alcázar de Colón
Both his first and second settlements were attacked and completely burned down. The current capital of the Dominican Republic, Santo Domingo, is the third settlement that survived. Columbus’s son, Diego, built a residence there that is currently one of the most important landmarks of the old city. It appears on the 1,000 peso banknote.
In its heyday, it served as the residence for the governor of Hispaniola. Today, it functions as a museum. It houses a collection of late medieval and Renaissance art, including many famous tapestries. The Alcázar is part of the Ciudad Colonial, which has been inscribed on the UNESCO World Heritage List.
The 50 Peso Banknote Features the Oldest Cathedral in the Americas
This is the Basilica of Santa María la Menor, which was built between 1514 and 1541. It is the first and oldest Christian church in the Western Hemisphere. It is also one of the few examples of Gothic architecture in the so-called New World. Like the Alcázar de Colón, the Basilica is located in the Ciudad Colonial.
The 100 Peso Note Features the Founding Fathers
After the Dominican Republic gained independence from Spain in 1822, it almost immediately came under Haitian control. The people longed for the independence of the Dominican Republic. They therefore founded a secret society called La Trinitaria to overthrow Haitian rule. Among the leaders of La Trinitaria were Juan Pablo Duarte, Ramón Matías Mella Castillo, and Francisco del Rosario Sánchez. They were called the “founding fathers.”
These three men secretly worked to undermine Haitian rule. They ultimately succeeded in 1844, when the Dominican Republic gained independence. Two of them were later exiled when Spain regained control of the Dominican Republic. The nation ultimately regained independence from Spain in 1865.
Today, Dominicans honor these three revolutionaries with the highest honors. They consider them the founding fathers of the republic. They are buried together in the Altar de la Patria, or Altar of the Homeland.
The 200 Peso Banknote Honors Resistance Fighters
From 1930 to 1961, the Dominican Republic was ruled by dictator Rafael Trujillo. He was notorious for persecuting anyone who dared to criticize his regime.
Four sisters – Patria, Minerva, María Teresa, and Dedé Mirabal – dared to oppose Trujillo. They distributed pamphlets criticizing Trujillo’s leadership and gathered weapons for an uprising against him. After the sisters were murdered by the authorities, they became symbols of the resistance movement. Today, the sisters appear on the obverse of the 200 Dominican peso banknote. On the reverse is a monument in their honor.
4. The Dominican Peso Is the Foundation of the Country’s Growing Economy
Did you know that the Dominican Republic has one of the highest GDP growth rates in the Caribbean? The country has a vibrant tourism economy. It also exports goods such as cigars, bananas, cocoa, coffee, rum, and gold. The Dominican Republic primarily trades with the United States. Through the creation of free trade zones, it derives many benefits from them.
Jędrzej Pacak
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