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Dominican Republic / 4 Products

The Dominican Republic is one of the two countries on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean Sea. It occupies the eastern side of Hispaniola, sharing its border with Haiti. It is also bordered by the Atlantic Ocean to the north. 

The Dominican Republic uses the peso dominicano (Dominican peso) as its official currency since 2010. Each peso is divided into 100 centavos.

Prior to the adoption of the peso dominicano, the Dominican Republic used the peso oro (gold peso). The first Dominican peso was introduced in 1844, replacing the Haitian gourde at par. It adopted the decimalization of the peso in 1877. A second currency, the franco, was issued parallel to the peso between 1891 and 1897. The peso was replaced by the US dollar in 1905 at a rate of 5 pesos to a dollar. 

The peso oro was introduced in 1937 at par with the US dollar. The US dollar was used alongside the peso oro until 1947. 

Prior to decimalization, there was only one denomination that was issued as a coin—the ¼ real. Decimalization introduced the 1 centavo, 2 ½ centavos, 5 centavos, and ¼ centavo. 

In 1891, the Dominican Republic entered the Latin Monetary Union and introduced the franco. Bronze centesimo coins and silver franco coins were struck. After the franco was abandoned in 1897, silver coins that came in denominations of 10 centavos, 20 centavos, ½ peso, and 1 peso were introduced. These coins had similar designs to franco coins. 

Coins were redesigned in 1937, bearing the national coat of arms and a crowned allegorical Indian head. The denominations were 1 centavo, 5 centavos, 10 centavos, 25 centavos, and ½ peso. The 1-peso coin was introduced 2 years later. All the coins had identical weights, diameters, and compositions to US coins of that time.

After 1963, the peso oro became a fiat currency. Base metals replaced silver, with the 10 centavos, 25 centavos, and ½ peso coins being made with cupronickel. 

In 1976, a new coin series was introduced. These coins featured important figures in Dominican history, including the Mirabal sisters and Juan Pablo Duarte. In 1989, the coin composition was changed from copper-nickel to nickel-plated steel. 

In 1991, a standard circulation 1-peso coin was reintroduced. It is composed of copper-zinc. Six years later, the bimetallic 5-peso coin was introduced. In 2005, the bimetallic 10-peso coin and the copper-nickel 25-peso coin were introduced. Due to inflation, coins that bear denominations below 1-peso are rarely found.

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