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What is a centavo?

What is a centavo? Here are some definitions.

Noun
  1. Currency unit (hundredth of a peso) in Mexico
  2. A similar subdenomination of various other currencies.
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Examples
Not one centavo of the funds appropriated had ever been expended.
At the Rancho Tejemanil, I offered a boy a centavo for bringing me a cup of cold water.
I toss her a centavo, and she allows me to kodak herself and child.
We buy several oranges for a centavo, and a centavo is worth less than half an American cent.
Out of pity he gave her a centavo, and in return she gave him an empty purse from which he could ask any sum of money he wanted.
Nation has interesting monetary system based on peso with peso being worth 100 centavos and centavo being worth nothing.

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