Peseta

The Spanish peseta ( ESP ) is the old principal monetary unit of the Kingdom of Spain, of 1868 on 2002, date to which it lost its legal tender to be replaced by the Euro. The peseta was divided into 100 Centime S.

Convertion rate

1 Euro = 166,386 ESP

History of the peseta

The peseta was brought into service in 1868 at the dismissal of Isabelle II. Until 1868, several workshops of currencies were in service (Seville, Segovia, Barcelona, Madrid,…). The provisional government decided to close them and concentrate all the production in the workshop of the currency of Madrid; the Real Put of Moneda. The first parts were struck in 1869 while the first banknotes were brought into service on July 1st 1874.

The peseta had already circulated in Catalogne during the Guerre of Independence and, although one does not know with certainty his etymological origin, it is probable that it derives from the Catalan word " peça" (part). Its transformation into national currency occurred after the reform of 1848 - which had established the " Real " like basic unit of the system - the peseta being worth four reales. Finally, the decree of the October 19th 1868 establishes the peseta like Spanish monetary unit. The reason of this choice was equivalence with the Franc French, unit monetary of the Latin Monetary Union recently created, to which Spain wished to adhere. Consequently, the peseta was imposed gradually. The increasing distribution of banknotes as from 1874, date of the concession of the monopoly of emission at the Bank of Spain, contributed to it in a determining way

The December 31st 2001, the peseta ceased having course, and was replaced by the Euro, with the foreign exchange rate of 166,386 pesetas for one EURO. In conversion, there is a round-off with two decimals. The currency continued to circulate in coexistence with the euro until the February 28th 2002. Until the June 30th of this same year, the pesetas could be changed in all the banks and savings banks of the country. Since this date, the exchange is only possible at the Bank of Spain. Generally, one mentally employs the approximate convertion rate of 166,6 pesetas by EURO (6 EURO for 1000 pesetas). This approximation only involves an error of 0,17%.

Spanish banknotes

The series of tickets of 1992

In 1992, the Bank of Spain (Banco of España) emitted its last series of tickets before the appearance of the Euro. This one was created in co-operation with Bundesdruckerei, German office in charge of the impression of the tickets, was carried out by the graphic artist Reinhold Gerstetter and was printed by Fábrica Nacional de Moneda there Timbre. The objective of the Bank value of España, by emitting this new series was to reinforce safety through microimprimés texts and codified impressions, only visible with the magnifying glass.
This series of tickets combined Spanish and American artistic elements, in order to commemorate into 1992 the 500 years of discovered America by Christophe Colomb.

  • the ticket of 1000 pesetas represented the conquistadors Hernan the Cortes and Francisco Pizarro.
  • the ticket of 2000 pesetas represented Celestino Mutis.
  • the ticket of 5000 pesetas represented Christophe Colomb and the catholic Kings.
  • the ticket of 10000 pesetas represented King Juan Carlos I and Jorge Juan.

(source Banks of Spain)

Internal and external bonds

  • the bank of Spain: http://www.bde.es/billemone/peseta/ultemisio.htm

  • the Spanish currency: http://www.fnmt.es/en/html/ho-ho.asp

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