The Guatemalan quetzal was pegged first to the French franc and the gold standard before switching to the U.S. dollar (against which it is now pegged). Quetzal coins are minted in 1, 5, 10, 25 and 50 centavos (subunits) and 1 quetzal denominations; banknotes are printed in 1, 5, 10, 20, 50 and 100 quetzal denominations. The national Bank of Guatemala has administered the quetzal currency since 1946.