The official currency of the Philippines is the Philippine peso, represented by the symbol ₱ and divided into 100 centavos. The peso has a long history in the country, with its roots dating back to Spanish colonization when silver coins called "pesos de ocho" were used. Today, Philippine banknotes come in denominations of 20, 50, 100, 200, 500, and 1,000 pesos while coins come in 1, 5, 10, and 25 centavo pieces as well as 1 and 5 peso coins. The peso is also informally referred to as "piso" in everyday language. In addition to the Philippine peso, US dollars are also commonly accepted in the country.