Bank Offers Last Opportunity to Exchange Spain’s Old Currency – the Peseta – into euros

Image of Met Office weather map. Credit: metoffice.gov.uk

The Spanish are still hoarding millions of euros worth of pesetas, according to the Bank of Spain.

ACCORDING to the bank, Spaniards are still hoarding around 267,049 million pesetas, which is equivalent to around €1,605 million. Spain’s beloved pesetas disappeared with the arrival of the common currency in the European Union, the euro. Although the younger generations don’t have a trace of memory of it, the older generations are finding it hard to part ways with their old currency.

The Spanish have had plenty of time to exchange the old currency for the new one. When the euro began to circulate in Spain from January 1, 2002, Spaniards were given the opportunity to exchange their old currency until March 31 of the same year, while both currencies were allowed to co-exist. They were offered the opportunity again the following June 30. In fact, last March 2019, the Spanish exchanged 1,331 million pesetas in banknotes (€8 million) and 332 million pesetas in coins (€2 million).

According to the Bank of Spain, more than 18 years after the euro was put into circulation, the Spanish are still hoarding around 135,604 million pesetas in banknotes (€815 million) and 131,445 million pesetas in coins (€790 million). But this is the very last opportunity to exchange the currency. So if you are still hoarding the old pesetas – you now only have until the end of this year to exchange them for euros.

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Written by

Pepi Sappal

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