May 11, 2021

There are still 1,625 million euros in pesetas

There are still 1,625 million euros in pesetas


The Spaniards still conserve 270,377 million pesetas, the old currency of Spain, for the «millenials». This amount is equivalent to 1,625 million euros, an amount slightly lower than the budget of the Ministry of Justice and higher than the collection estimated by the new tax on technology, the so-called "Google rate." Despite the fact that more than 15 years have passed since the common European currency began to circulate, according to data from the Bank of Spain at the end of last year the Spaniards kept at the end of December 137,435 million pesetas in notes (826 million euros ), one million less than in October, and 132,634 million pesetas in coins (799 million euros in coins), the same figure since 2016. In fact, the number of pesetas (799 million units) has not changed since August 2016, with which it has been 28 consecutive months without registering movements, while in the case of the notes in pesetas there have been slight oscillations, although always downwards.

Thus, in the last year, since December 2017, the Spanish have exchanged 1,331 million pesetas in notes (8 million euros in notes).

The peseta stopped circulating on March 31, 2002. The Bank of Spain estimated that 45% of the coins in pesetas that were in circulation before the entry of the euro will never be forwarded to the Bank of Spain for redemption because it will remain in hands of the Spaniards as a piece of collecting, or for deterioration, loss or departure from the country in the pockets of tourists.

The issuing entity will stop changing pesetas to euros definitively on December 31, 2020, so that Spaniards still have 23 months to return the 270,377 million. Collectors wait for that date so that the revaluation of the old national currency is more remarkable than to date.

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