The Peseta

A dictionary of Spanish history and culture

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The peseta was the currency of Spain between 1869 and 2002. It was introduced as a national currency after Spain joined the Latin Monetary Union in 1868, though the first pesetas coins were struck in Barcelona during the Napolionic Wars. The currency was originally subdivided into 100 céntimos or, termed informally as 4 reales, but these subunits were completely out of circulation by the 1970s.

The name peseta may come from the Catalan word “peceta”, meaning “little piece”. The standard feminine diminutive in Catalan is “-eta” and “peça” is piece.

Peseta notes and coins that were legal tender on December 31, 2001, remain exchangeable indefinitely at any branch of the central bank at the exchange rate set forever at 1 euro = 166.386 pesetas.

Note the peseta was also legal currency in Andorra, jointly with the Franc.

My favourites. A pair of 25 peseta coins.

A group of three 500 peseta coins. You could have a very good night out with this stash when I arrived in Spain in 1988.