Today, in this article we are going to talk about an important subject, Dominican Republic Currency. We are sure that you already know that the official currency is Dominican peso, but we invite you to keep reading and learn more about de history of world and Dominican Republic currency.
What is a Currency?
First of all, we must be clear about what it is and for what the coins have been used, over the years, human beings have always had needs that must be met. The most used by civilizations to cover these needs was the exchange or exchange of goods or merchandises.
Starting from this idea, was that the currency is created with the aim of facilitating the transfer or exchange of things or goods; Before the existence of the metal coin, salt, corals, wheat and some animals, especially cows, were used for the exchange of things or products that the person will need.
Coins in the world
Currently there are several types of coins in the world, among the most used are:
- The U.S. dollar
- The euro
- Swiss franc
- Pound sterling
- Colon of Costa Rica
Now for the individual to satisfy his/her need it has become necessary that in every civilization, one must have a currency, Dominican Republic is not the exception, because the nation has the need to cover primarily the needs of its people, and this it achieves this through the means of exchange established by the currency.
History of the Dominican Republic Currency
It is in the year of 1844 when Dominican Republic currency enters into national circulation, denominated the Dominican peso, which is divided in up to 100 cents being its symbol is RD $ and when we refer to the cents we use the symbol ¢.
Between the years 1891 and 1897 the Dominican Republic elaborated a second currency, which was called the franc, this was never intended to replace the Dominican peso (RD $).
When we refer to the bills and coins of Dominican pesos we must know that the first coins made in the country there are denominations that go in the following order 1, 5 and 10 RD $, these were manufactured, created and designed by the bank American Company in the year 1947.
After these banknotes and coins, it’s proceeded to create the fractioned coins ranging from 50 ¢, 25 ¢ and 10 ¢, issued by the Central Bank of the Dominican Republic. At present there are 20 RD $, 50 RD $, 100 RD $, 200 RD $, 500 RD $, 1000 RD $ and 2000 RD $ bills.
The first coin to appear was called a quarter of real, popularly called quarters. Between the years 1877 and 1888, notes and nickel (coins with a value of 5, 2 ½ and ¼ ¢) were created, then coins of 1 ¢ and ¼ ¢ were placed in circulation, and it was in 1897 that coins began to appear. Silver of 10 and 20 ¢, ½ RD $ and 1 RD $.
In 1937, gold coins with the following denominations 2, 5, 10 and 25 ¢ began to circulate in the national territory. Then this style of coins disappears for a new metal.
It should be noted that there are coins that over time have left the national circulation. At present the Dominican Republic ticket that does not circulate is the 10 peso gold bill (RD $).