() has been the name of the currency of the Dominican Republic () since 2011. Its symbol is "$", with "RD$" used when distinction from other pesos (or dollars) is required; its ISO 4217 code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. With exception of the United States dollar, it is the only currency that is legal tender in the Dominican Republic for all monetary transactions, whether public or private. Before 2011, peso oro (English: Gold peso) was the official name of the currency of the Dominican Republic. History The first Dominican peso was introduced with the country's independence from Haiti in 1844. It replaced the Haitian gourde at par and was divided into 8 reales. The Dominican Republic decimalized in 1877, subdividing the peso into 100 centavos. A second currency, the franco, was issued between 1891 and 1897 but did not replace the peso. However, in 1905, the peso was replaced by the U.S. dollar, at a rate of 5 pesos to the dollar. The peso oro was introduced in 1937 at par with the U.S. dollar, although the dollar continued to be used alongside the peso oro until 1947. Coins First peso, 1844–1905 Only one denomination of coin was issued by the Dominican Republic before decimalization. This was the real, issued in 1844 in bronze and in both 1844 and 1848 in brass. Decimalization in 1877 brought about the introduction of three new coins, the 1, and 5 centavos. centavo coins were also issued between 1882 and 1888. In 1891 Dominican Republic entered in the Latin Monetary Union and changed its currency to the franco including coins of 5 and 10 centesimos struck in bronze and 50 centesimos, 1 and 5 francos struck in silver. After the franco was abandoned, silver coins were introduced in 1897 in denominations of 10 and 20 centavos, and 1 peso. The designs of these coins were very similar to those of the franco. Older Coins Peso Oro, from 1937 Coins were introduced in 1937 in denominations of 1, 5, 10, 25 centavos and pesos with limited numbers of 1 peso coins first minted in 1939. All coins bore the national arms on the reverse while all except the 1 centavo bore a crowned allegorical Indian head on the obverse. The 1 centavo instead depicted a palm tree, the symbol of the ruling