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.