Before the euro became Spain’s official currency, the peseta was the heart of Spanish commerce for over 130 years. Established as the fundamental unit of the Spanish monetary system on October 19, 1868, by a Government Decree, the peseta served as the everyday currency throughout Spain, weaving itself into the nation’s economic and cultural fabric. For anyone interested in Spanish Money Before Euro, understanding the peseta is essential.
The Birth and Evolution of the Peseta
The first peseta coins emerged in 1869 from the Madrid mint, which later evolved into the prestigious Royal Mint of Spain (Fábrica Nacional de Moneda y Timbre – Real Casa de la Moneda, or FNMT-RCM). The initial design of this newly established currency featured a matronly figure inspired by Roman coinage from the era of Hadrian, reflecting a connection to Spain’s rich historical past. From these inaugural coins to the final pesetas minted in 2001, the currency underwent numerous transformations. Peseta coins varied significantly in value, size, metallic composition, and the designs adorning their faces, mirroring the changing times and evolving artistic sensibilities of Spain.
The introduction of peseta banknotes followed shortly after the coins, with the first banknotes printed on July 1, 1874. This pivotal moment coincided with the Banco de España being granted the exclusive privilege to produce banknotes, centralizing the nation’s paper currency production.
Spaniards conducted their daily financial lives – buying, selling, earning, and paying – using over 50 distinct series of peseta banknotes. Interestingly, the Royal Mint of Spain itself began issuing banknotes on October 21, 1940. Prior to this, banknote production was entrusted to the workshops of the Banco de España and various foreign companies, highlighting the evolving landscape of Spanish monetary administration.
Both peseta banknotes and coins served as tangible chronicles of Spain’s shifting political regimes, philosophical trends, and societal fashions. They stand today as historical artifacts, offering a glimpse into Spain’s rich and dynamic past. For those eager to delve deeper into this history, resources like “La historia de la peseta” (Spanish) provide comprehensive information.
Saying Goodbye to the Peseta: The Euro Transition
On January 1, 2002, a new chapter began as euro banknotes and coins were introduced into circulation in Spain. For a transitional period, the euro and peseta coexisted until February 28, 2002. After this date, the euro definitively became Spain’s sole legal tender, marking the end of the peseta era as daily currency.
To facilitate a smooth transition for the public, a period was established for exchanging pesetas for euros. Initially, until June 30, 2002, pesetas could be exchanged at both the Banco de España and credit institutions. Following this date, the exchange service was exclusively available at the Banco de España. The final deadline for exchanging spanish money before euro, the peseta, was set for June 30, 2021, officially closing the book on this long-serving currency.
