Concept in Definition ABC

The peseta knew to be the legal tender and therefore the official form of payment in Spain until the Euro was imposed as a currency in common use among the nations that make up the European Union, among them obviously Spain.
Since 1999 when the use of the euro was officially installed and until 2002 when it was removed from circulation, the peseta, circulated and lived with the euro.
When the euro entered Spain, the conversion was equivalent to: 1 euro = 166,386 pesetas.

The history of the peseta in Spain was really long since it began to circulate around the middle of the XIX century, more precisely in the year 1868.

The Bank from Spain, which is the entity financial Official of the Spanish state, he was in charge of its issuance and of its control of course.

Although there were official mintings of the peseta before 1868, when its official use, it would be from this moment that its use is extended throughout Spain and also by its colonies.

Until approximately the 1930s, pesetas were minted in silver but later for a matter of cost reduction, it was decided to replace silver with cheaper materials such as aluminum.

As is often the case with the coins and bills of all countries, and the peseta was not the exception, for your manufacturing political personalities and some notable events in Spain were used, such is the case of the portrait of the King Juan Carlos I and the 1982 World Cup held in Spain, among others, to appear on their faces.

Although in some countries, including Spain, the euro caused economic complications, it should be noted that at the date, the euro, is the second world reserve currency after the US dollar and also the most commercialized.

Among the advantages of the elimination of the peseta, in this case, and the incorporation of the euro are: minimization of the risks of the exchange rate, increased investment across borders, elimination of costs for bank transfers between different foreign exchange, higher amplitude From the market.
While on the criticism side, it is mentioned that this change prevented the classic devaluations that nations carried out with their currencies in order to adjust to the economic conditions that they prevailed.

Beyond everything, today, the peseta is history.