Spanish peseta

Spanish peseta

peseta española Template:Es icon pesseta espanyola Template:Ca icon
500 × 3 pesetas 200 pesetas - Madrid European Capital of Culture - 1992
ISO 4217
Code	ESP
Unit
Symbol	₧ (rare, see article)‎
Denominations
Subunit
1/100	céntimo because of inflation, céntimos were no longer in use.
Banknotes
Freq. used	1000, 2000, 5000, 10 000 ₧
Rarely used	200, 500 ₧
Coins
Freq. used	1, 5, 25, 100, 500 ₧
Rarely used	10, 50, 200 ₧
Demographics
User(s)	Spain, Andorra
Issuance
Central bank	Banco de España
Website	www.bde.es
Printer	Fábrica Nacional de Moneda y Timbre
Website	www.fnmt.es
Mint	Fábrica Nacional de Moneda y Timbre
Website	www.fnmt.es
Valuation
Inflation	1.4%
Source	Camara Gipuzkoa, 1998
Pegged by	Andorran peseta (ADP)
EU Exchange Rate Mechanism (ERM)
Since	19 June 1989
Fixed rate since	31 December 1998
Replaced by euro, non cash	1 January 1999
Replaced by euro, cash	1 January 2002
1 € =	166.386 ₧

The peseta (ISO 4217 code: ESP, standard abbreviation: Pta., Pts., or Ptas., symbol: ₧ (rare) was the currency of Spain between 1869 and 2002. Along with the French franc it was also the currency of Andorra. It was subdivided into 100 céntimos or, informally, 4 reales.

Etymology

The name is believed to be derived from the Catalan word "peceta", meaning "little piece", i.e., the diminutive of "peça", "-eta" being the usual feminine diminutive in Catalan which does not exist in Spanish. (The Spanish word for "piece" is "pieza" and the feminine diminutive is "-ita", thus "little piece" in Spanish is "piececita".) However it is also likely that the name is the diminutive of "peso", an already-existing currency whose name derives from a unit of weight. This is consistent with other currencies, such as the British pound. Peseta is also the term used in Puerto Rico for a U.S. quarter.

History

The peseta was introduced in 1869 after Spain joined the Latin Monetary Union in 1868. The peseta replaced the escudo at a rate of 2½ pesetas = 1 escudo. The peseta was equal to 4.5 grams of silver or 0.290322 grams of gold, the standard used by all the currencies of the Latin Monetary Union. From 1873, only the gold standard applied. The political turbulence of the early 20th century caused the monetary union to break up, although it was not until 1927 that the union came to an official end.

In 1959, Spain became part of the Bretton Woods System, pegging the peseta at a value of 60 pesetas = 1 U.S. dollar. In 1967, the peseta followed the devaluation of the British pound, maintaining the exchange rate of 168 pesetas = 1 pound and establishing a new rate of 70 pesetas = 1 U.S. dollar.

The peseta was replaced by the euro in 2002, following the establishment of the euro in 1999. The exchange rate was 1 euro = 166.386 pesetas.

Coins

In 1869 and 1870, coins were introduced in denominations of 1, 2, 5, 10 and 50 céntimos, 1, 2 and 5 pesetas. The lowest four denominations were struck in copper (replaced by bronze from 1877), with the 50 céntimos, 1 and 2 pesetas struck in .835 silver and the 5 pesetas struck in .900 silver. Gold 25 pesetas coins were introduced in 1876, followed by 20 pesetas in 1878. In 1889, 20 pesetas coins were introduced, with production of the 25 pesetas ceasing. In 1897, a single issue of gold 100 pesetas was made. Production of gold coins ceased in 1904, followed by that of silver coins in 1910. The last bronze coins were issued in 1912.

Coin production resumed in 1925 with the introduction of cupro-nickel 25 céntimos. In 1926, a final issue of silver 50 céntimos was made, followed by the introduction of a holed version of the 25 céntimos in 1927.

In 1934, the Second Spanish Republic issued coins for 25 and 50 céntimos and 1 peseta. The 25 céntimos and silver 1 peseta were the same size and composition as the earlier Royal issues, whilst the 50 céntimos was struck in copper. In 1937, an iron 5 céntimos coins was introduced along with a brass 1 peseta. The last Republican issue was a holed, copper 25 céntimos in 1938.

During the Civil War, a number of local coinages were issued by both Republican and Nationalist forces. In 1936, the following pieces were issued by the Nationalists:

District	Denominations
Cazalla de Sierra	10 céntimos
Arahal	50 céntimos, 1, 2 pesetas
Lora del Rio	25 céntimos
Marchena	25 céntimos
La Puebla de Cazalla	10, 25 céntimos

The following issues were made by Republican forces in 1937:

District	Denominations
Arenys de Mar	50 céntimos, 1 peseta
Asturias and Leon	50 céntimos, 1, 2 pesetas
Euzkadi	1, 2 pesetas
Ibi	25 céntimos, 1 peseta
L'Ametlla del Valles	25, 50 céntimos, 1 peseta
Menorca	5, 10, 25 céntimos, 1, 2½ pesetas
Nulles	5, 10, 25, 50 céntimos, 1 peseta
Olot	10 céntimos
Santander, Palencia and Burgos	50 céntimos, 1 peseta
Segarra de Gaia	1 peseta

The Nationalists issued their first national coins in 1937. These were holed, cupro-nickel 25 céntimos minted in Vienna. Following the end of the Civil War, the Nationalist government introduced aluminium 5 and 10 céntimos in 1940, followed by aluminium-bronze 1 peseta coins in 1944.

In 1948, the first 1 peseta coins bearing the portrait of Francisco Franco were issued. Nickel 5 pesetas followed in 1949. In 1951, holed, cupro-nickel 50 céntimos were introduced, followed by aluminium-bronze 2½ pesetas in 1954, cupro-nickel 25 and 50 pesetas in 1958 and smaller aluminium 10 céntimos in 1959. Silver 100 pesetas were issued between 1966 and 1969, with aluminium 50 céntimos introduced in 1967.

1 peseta 1998
File:1peseta1998front.jpgFile:1peseta1998back.jpg
King Juan Carlos I	Coat of arms

Following the accession of King Juan Carlos, the only change to the coinage was the introduction of cupro-nickel 100 pesetas in 1976. However, more significant changes occurred in 1982. The 50 céntimos was discontinued, with aluminium 1 and 2 pesetas and aluminium-bronze 100 pesetas introduced. Cupro-nickel 10 pesetas were introduced in 1983. Cupro-nickel 200 pesetas were introduced in 1986, followed by aluminium-cupro-nickel 500 pesetas in 1987. In 1989, the size of the 1 peseta coin was significantly reduced and aluminium bronze 5 pesetas were introduced. Nickel-bronze 25 pesetas and smaller 50 pesetas were introduced in 1990, along with larger 200 pesetas.

Until 19 June 2001, the following coins were minted by the Spanish Fábrica Nacional de Moneda y Timbre:

Value	€ equiv.	Diameter	Weight	Composition
1 ₧	0.006 (0.01)	14 mm	0.55 g	Aluminium
5 ₧	0.03	17.5 mm	3 g	Aluminium bronze
10 ₧	0.06	18.5 mm	3 g	Cupronickel
25 ₧	0.15	19.5 mm	4.25 g	Aluminium bronze
50 ₧	0.30	20.5 mm	5.60 g	Cupronickel
100 ₧	0.60	24.5 mm	9.25 g	Aluminium bronze
200 ₧	1.20	25.5 mm	10.5 g	Cupronickel
500 ₧	3.01	28 mm	12 gr	Aluminium bronze

The 5 pesetas was referred to colloquially as the "duro" ("peso" in Galician). The 50 pesetas coins issued between 1990 and 2000 were the first that featured the Spanish flower shape.

Spanish flower

Banknotes

File:Spain-70.jpg

1000 peseta note

In 1874, the Banco de España introduced notes for 25, 50, 100, 500 and 1000 pesetas. Except for the 250 pesetas notes only issued in 1878, the denominations produced by the Banco de España did not change until the Civil War, when both the Republicans and Nationalists issued Banco de España notes.

In 1936, the Republicans issued 5 and 10 pesetas notes. The Ministry of Finance (Ministerio de Hacienda) introduced notes for 50 céntimos, 1 and 2 pesetas in 1938, as well as issuing stamp money (consisting of postage or revenue stamps affixed to cardboard disks) in denominations of 5, 10, 15, 20, 25, 30, 40, 45, 50 and 60 céntimos.

The first Nationalist Banco de España issues were made in 1936, in denominations of 5, 10, 25, 50, 100, 500 and 1000 pesetas. 1 and 2 pesetas notes were added in 1937. From the mid 1940s, denominations issued were 1, 5, 25, 50, 100, 500 and 1000 pesetas. The 1, 5, 25 and 50 pesetas were all replaced by coins by the late 1950s.

In 1978, 5000 pesetas notes were introduced. The 100 pesetas note was replaced by a coin in 1982, with 2000 pesetas notes introduced in 1983, 200 pesetas in 1984 and 10,000 pesetas in 1987. The 200 and 500 pesetas notes were replaced by coins in 1986 and 1987.

The penultimate series of banknotes was introduced between 1982 and 1987 and remained legal tender until the introduction of the euro.

Value	€ equiv.	Dimensions	Colour	Portrait
200 ₧	1.20	120 × 65 mm	Orange	Leopoldo Alas
500 ₧	3.01	129 × 70 mm	Dark blue	Rosalía de Castro
1000 ₧	6.01	138 × 75 mm	Green	Benito Pérez Galdós
2000 ₧	12.02	147 × 80 mm	Red	Juan Ramón Jiménez
5000 ₧	30.05	156 × 85 mm	Brown	Juan Carlos I of Spain
10 000 ₧	60.10	165 × 85 mm	Gray	Juan Carlos I of Spain and Felipe, Prince of Asturias

The last banknotes series (1992) was:

Value	€ equiv.	Dimensions	Colour	Portrait
1000 ₧	6.01	130 × 65 mm	Green	Hernán Cortés and Francisco Pizarro
2000 ₧	12.02	138 × 68 mm	Red	José Celestino Mutis
5000 ₧	30.05	146 × 71 mm	Brown	Christopher Columbus
10 000 ₧	60.10	154 × 74 mm	Gray	Juan Carlos I of Spain and Jorge Juan de Ulloa

The 1000 ₧ note was colloquially known as a "talego".

"Andorran" peseta

The Andorran peseta (ADP) was a 1:1 peg to the Spanish peseta. As Andorra used coins and banknotes from Spain, there was no separate Andorran peseta, and they were convertible into normal pesetas.

After the euro

The peseta was replaced by the euro (€) in 1999 on currency exchange boards. Euro coins and notes were introduced in January 2002, and in March 1, 2002, the peseta lost its legal tender status in Spain (also in Andorra). The exchange rate was 1 euro = 166.386 ESP

Peseta notes and coins that were legal tender on December 31, 2001, remain exchangeable indefinitely at any branch of the central bank.

Trivia

The video game Resident Evil 4 is set in an unnamed, Spanish-speaking region in Europe where the currency is the peseta, even though the game takes place in 2004 and the peseta had become obsolete by then. The game takes place in an increibly isolated region, however, with no electicity or running water, so the villagers might have simply not adopted the new currency system.

See also

• Latin Monetary Union (1865-1927)
• Spanish-American War (1898)
• First World War (1914-1918/1919)
• Spanish Civil War (1936-1939)
• Latin Union (Since 1954)
• European Union (Since 1957)
• Euro (From 1999/2002)
• Spanish euro coins
• Commemorative coins of Spain
• Economy of Spain

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

• Overview of the peseta from the BBC
• Spanish Peseta currency calculator
• Banco de España: last peseta issues

1. ^ 1999 by law, 2002 de facto.