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.

Two denominations appeared on these coins, one in "centavos" or "pesos" and another in "gramos" to represent a pre-decimal silver weight system formerly used in much of the region.

50,000 of the silver one peso coins were produced in issued into circulation, but after Trujillo was assassinated in 1961 an estimated 32,550 were recalled and melted down.

The 1963 issue also distinctively commemorated the centennial of the republic and the crowned Indian head was added to the 1 centavo, replacing the palm.

In 1976 a new coin series was introduced featuring Juan Pablo Duarte, and in 1983 another series was released featuring various other figures important to Dominican history, including the Mirabal sisters and formally dropping the outdated "gramos" denomination reference.

The Banco Nacional de Santo Domingo issued notes between 1869 and 1889 in denominations of 25 and 50 centavos, 1, 2, 5, 10, 20, 25 and 100 pesos.

When the peso oro was first introduced as a local coinage in 1937, no paper money was made and US notes continued to circulate as the U.S. dollar was officially the national currency.

Limited editions of the 500 and 2000 peso oro notes were issued for the 1992 500th anniversary of the discovery of the Americas and year 2000 millennial celebrations, respectively, but as of 2005[update] not many of these remain in circulation.

All current banknotes carry the phrase "Este billete tiene fuerza libertoria para el pago de todas las obligaciónes públicas o privadas".

Literally translated, (Spanish: This bill has the liberatory strength to be used as payment for all public or private obligations).

[3][4][5][6][7] On October 1, 2014, the Central Bank of Dominican Republic planned to issue a new family of notes with new designs and new security features.

[8][9][10] The United States dollar is used as a reserve currency by the Central Bank of the Dominican Republic.

Also, when agreed by both parties, both U.S. dollars and the euro can be used in private transactions (this applies mostly in tourism-related activities).

Nowadays the U.S. dollar is widely accepted and tourists visiting the Dominican Republic can use it as a second currency.