The island of Hispaniola was discovered by Christopher Columbus in 1492 and became the site of the first Spanish settlement in the Americas, called Santo Domingo. The island of Hispaniola was divided between French Saint Dominique (Haiti) and Spanish Santo Domingo on September 20, 1697. Santo Domingo was a French colony from 1795 to 1808, and a Spanish colony from 1492 to 1795, 1808 to 1821 and 1861 to 1865. On December 1, 1821, the Dominican Republic gained its independence, but it was reconquered by Haitians in 1822. It became independent as the Dominican Republic on February 27, 1844, but became a province of Spain between 1861 and 1865. President Buenaventura Baez tried to have the country annexed by the United States in 1870, but the U.S. Senate refused to ratify a treaty of annexation.
A mint was established in Santo Domingo in 1542, which produced Spanish silver and copper coins.The French Colonial Livre (XFCL), Spanish Escudos (XESE) and British Pound Sterling (GBP) were used in Santo Domingo at different points in time. The Piaster Gourde (HTT) was used in the 1700s and 1800s, and was equal to a Mexican Piastre or 8 Livres Coloniales, 5 Sols. The Piastre Gourde was divisible into 4 Gourdins, and 8 Escalins (equal to a Real in theory, in reality it the Piastre Gourde was divisible into 11 Reales). The Piastre Gourde was later made divisible into 100 Centimes. The Piastre Gourde was followed on June 30, 1814 by the Silver Gourde (HTS), which was of equal value to the Piastre Gourde. Haiti also issued paper Gourdes (HTP), but these depreciated.
When the Dominican Republic gained its independence, it introduced coins based on the silver dollar in the form of the Silver Peso (DOR), divisible into 8 Reales. The first Dominican coins were issued in 1844 equal to 1/4 real. The Peso was decimalized in 1877 and made divisible into 100 Centavos. The Franco, equal in value to the silver Peso and divisible into 100 Centesimos was introduced in 1891, and it was replaced by the silver Peso, divisible into 100 Centavos in 1897 Regular issues of coins began in 1937.
On July 1, 1897, the Dominican Republic made the US Dollar (USD), equal to 5 Pesos, legal tender. The US Dollar remained legal tender until February 1, 1948. The Dominican Republic began issuing Pesos Oro (DOP) banknotes in October 1947 at par with the US Dollar. The Peso is divisible into 100 Centavos. Some banknotes were issued by the government between 1848 and 1870, and by private banks between 1869 and 1912. The Banco Central de la Republica Dominica was founded in 1947 and is the sole note-issuing authority for the Dominican Republic. |
