In today’s reflection, we are going to analyze why there is still a large circulation of pesetas in Spain, despite the fact that the euro has been circulating for more than 18 years. The last date to change pesetas to euros is December 31, 2020.
The Spaniards kept in June a total of 1,604 million euros of the old national currency without redeeming, one million less than the previous month, which is equivalent to 266,883 million pesetas, according to the latest data published by the Bank of Spain .
According to the figures of the monetary authority, and despite the fact that more than 18 years have passed since the common currency began to circulate, the Spanish kept at the end of June 135,438 million pesetas in banknotes (814 million euros) and 131,445 million pesetas in currencies (790 million euros), as reported by ElEconomista.es.
Pesetas and their value
The peseta was the legal tender in Spain and its overseas territories from its approval on October 19, 1868 until January 1, 1999, after the incursion of the euro into most of European territory.
Currently, for 1000 pesetas they give you 6 EUR. But if you have old pesetas coins they can have a high collectible value, such as:
- 1 Peseta from 1944. The price ranges between 3.19 euros and 354.76 euros depending on the state of conservation. It was made of aluminum-bronze.
- 25 pesetas (Castilla-La Mancha) 1996. The ‘five duros’ with a central hole are priced between 50 cents and 50.00 euros. They were made of nickel-brass.
- 1 Peseta 1987. It was coined on the occasion of the III National Numismatic Exhibition. Its price is around 45 euros.
- 100 pesetas 1983. The famous ’20 hard ’. Those made in 1983 are worth about 55 euros.
- 50 Pesetas 1984. The huge ‘ten duros’ coin reaches a value of 65-70 euros.
- 100 pesetas 1966. Made of silver, they cost 145 euros.
- 5 Pesetas 1975 with reverse of the 82 World Cup. The famous ‘hard of the World Cup error’. They were made on the occasion of the World Cup in Spain in 1982 and are highly valued. In some coins, on the reverse side, the year 1975 appears by mistake and costs up to 400 euros.
All peseta banknotes after 1939 are exchangeable, those issued between 1936 and 1939 will have to be analyzed by experts and the coins will only be accepted if they were in circulation on January 1, 2002, since the previous ones were replaceable until 1997.
The issuing bank estimated that 45% of the pesetas coins that were in circulation before the entry of the euro will never be delivered to the Bank of Spain for exchange because it will remain in the hands of the Spanish as a collector’s item, or because of deterioration, loss or departure from the country in the pockets of tourists.
Why do Spanish people keep pesetas if you can’t buy anything with them? Surely there will be as many answers as people consult each other. But there is no doubt that there is still confidence in certain sectors and even a kind of nostalgia for the beloved Spanish currency.
Always, but always a monetary system is based on trust. In its almost 2 decades of life, the euro has not yet taken hold, despite being one of the strongest currencies in the world.
I say goodbye until tomorrow with this proverb:
“Art is not making money, it is keeping it.”