Dominican Republic (Republica Dominica) is a country that shares the island of Hispaniola with Haiti.
It occupies two-thirds of the eastern portion of the island and is bordered by the Atlantic Ocean to the north and the Caribbean Sea to the south.
Its capital is Santo Domingo. Dominican Republic has the seventh largest economy in Latin America and the largest economy in the Caribbean and Central American region. Mining plays a big role in the economy because the largest gold mine in Latin America, the Pueblo Viejo mine, is located in Dominican Republic.
Agriculture also plays a big role in both domestic and export markets. Other large sectors of the economy include tourism, manufacturing, energy, real estate, infrastructure, and telecommunications. Like many former Spanish colonies, the Dominican Republic uses its own version of the peso as its currency.
The peso dominicano is divided into 100 centavos. The peso dominicano replaced the peso oro in 2011. The Banco Central de la Republicana Dominicana (Central Bank of the Dominican Republic) is the only institution authorized to issue banknotes and coins within the territory. Early peso oro notes had similar designs to the US dollar and were printed by the American Bank Note Company (ABNC). The obverse side featured historically prominent figures while the reverse side featured the national emblem, the head of Enriquillo wearing Libertad, and the denomination.
These notes only had randomly scattered colored planchettes as their security feature. In 1959, Waterlow & Sons, Limited (W&S) took over banknote printing but retained the ABNC note design. In 1967, all W&S and ANBC-printed notes were withdrawn. After the death of President Rafael Leonidas Trujillo Molina in 1961, the economy of the country became unstable. Silver coins were hoarded, and the State Councel ordered the printing of “paper coins” to deter hoarders.
These paper coins were printed in the country. They also had US dollar designs but instead of people, these fractional notes featured buildings. Three years later, the Central Bank authorized the printing of new notes with increased security features, smaller designs, more colors, and modern designs. These notes were printed by Thomas De La Rue & Co. Ltd. However, these notes were introduced in 1966 due to increased political instability and US intervention.
In 1977, the Central Bank issued new banknotes. These notes did not have the US dollar design. Smaller denominations continued to feature prominent figures in the republic’s history, but larger denominations featured landmarks instead. The backs of the notes showcased the different economic sectors of the Dominican Republic.
The mahogany flower, the national flower of the Dominican Republic, was also featured on all the notes. Upgraded security features included intaglio printing, watermarks, embedded fibers, and solid security threads.
In 1992, a commemorative series of notes were issued. These notes commemorated the Quincentennial of the Discovery and the Evangelization of the Americas.
The first note of the series was a 500 peso note. This 500 peso note was the only note designed entirely by Dominicans and featured Christopher Columbus. Other notes retained their designs but had the commemorative overprint.
In 2000, a new family of peso oro notes were introduced. The front design of the notes honoured more historical figures, with some notes having two or more people, the mahogany flower, and the bank seal. The reverse design featured cultural and historical landmarks. In 2011, the peso oro was replaced with the peso dominicano.
The first family of peso dominicano notes retained the design of the preceding peso oro notes. Six years later, the Central Bank updated the design with the new bank logo and enhanced security features.