The gourde () or goud () is the currency of Haiti. Its ISO 4217 code is HTG and it is divided into 100 centimes (French) or santim (Creole). The word "gourde" is a French cognate for the Spanish term "gordo", from the "pesos gordos" (also known in English as "hard" pieces of eight, and in French as "piastres fortes espagnoles") in which colonial-era contracts within the Spanish sphere of influence were often denominated. First gourde, 1813-1870 The first gourde was introduced in 1813 and replaced the livre at a rate of G 1 = 8 livres and 5 sous. Coins The first issues of coins were silver pieces of 6, 12, and 25 centimes. In 1827, 50c and 100c coins were introduced, followed by 1c and 2c in 1828. In 1846 and 1850, c coins were issued as well as 6c coins. In 1863, bronze coins, produced by the Heaton mint of Birmingham, were issued. These were in denominations of 5c, 10c and 20c and were the last coins of the first gourde. Banknotes The governments of Haiti issued paper money in denominations of G 1, G 2, G 5, G 10, G 20, G 25, G 50, G 100, G 500, and G 1,000. Second gourde, 1870-1872 In 1870 the gourde was revalued at a rate of ten to one. Only banknotes were issued for this second gourde, with the government issuing notes of G 10 and G 25. Third gourde, 1872- In 1872, the gourde was again revalued, this time at a rate of three hundred to one. In the early years of this third gourde, only banknotes were being issued and the name piastre was sometimes used instead of gourde, especially on a banknote issue dated 1875. In 1881, the gourde was linked to the French franc at F 5 = G 1 and coin production recommenced. The peg to the franc did not last, however. In 1912, the gourde was pegged to the US dollar at a value of G 5 to US$1 - although this peg was also abandoned in 1989, and the currency now floats. Due to the old link, G 5 is often referred to as a "Haitian dollar" and 5c is called a "Haitian penny". Indeed, in many places, prices are given not in gourdes, but rather in "Haitian dollars", which must be multiplied by five to convert to gourdes. Coins The