The Spanish peseta was the valid currency in Spain until 2002. As of 2002, the euro is the common currency. The ISO code of the Peseta was: ESP and the official abbreviation was: Pts. One euro is equivalent to 166.386 Spanish pesetas. This exchange rate was decided in 2002 and is still valid today.
Under the government of General Serrano, the peseta was introduced on October 19, 1968 and was the common currency in Spain until 2002. Gold pesetas worth 10 and 25 pesetas were in circulation until the Spanish Civil War.
Due to the high inflation rate after the end of the war, iron, aluminum or brass were used to manufacture the coins. When Franco came to power in 1939, he had the peseta minted along the lines of the Yugoslav dinar.
During the period of absolutist rule, the coins bore the likeness of the dictator. After the introduction of democracy, King Juan Carlos adorned the currency. When the rate of inflation rose again in 1975, new coins were put into circulation.
In the newer coins, for example, the silver part of the 100 peseta coin was replaced by inferior metals. From 1991 a completely new set of coins was on the market, which was retained until the introduction of the euro.
A special feature of this Spanish coin set was the 1 peseta piece made of aluminum. With a diameter of 14 millimeters, it was considered the smallest coin in the world.
With the introduction of the euro on January 1, 1999, the official exchange rate was set at 1 euro = 166.386 pts. It wasn’t until 2002 that the euro became the final means of payment. The exchange of peseta into euros is now only possible in the Spanish National Bank.
Exchange of pesetas for euro
Notes of the old currency and coins can be exchanged for euro at the Spanish central bank until December 31, 2020.
Exchange of money in Spain
As in other EU countries, the euro is currently the official currency. Foreign money can be exchanged in all bank branches. These are usually open Monday to Saturday from 8.30 a.m. to 2 p.m. In addition to the banks, exchange offices, hotels and restaurants also offer this service. However, it is advisable to swap in the banks, for example with the credit card at the machines, as the best rate is offered here.
Prices in Spain
The prices in Spain are low compared to other EU countries. A single ticket for the underground costs around one euro. The price for a breakfast with coffee is between two and four euros, depending on the location. A daily menu in a lower middle class restaurant costs between seven and ten euros.