02 September, 2014

By VIVA Team

The peseta vanished from circulation in Spain in 2002

You say peseta, I say… euro. If you are a recent British expat to Spain, or have only ever visited the country since the turn of the millennium then the chances are you will never have even seen one. But a recent survey by the Bank of Spain has revealed that there is more than €1.67 billion worth of pesetas lying idly across Spain…

The country’s grand old currency went out of circulation on January 1, 2002 but Spaniards are sitting on more than $2 billion worth of it – stashed in cupboards, lost down the back of sofas, or tucked neatly into collector albums or – for those perennial eurosceptics – waiting in piggy banks for the moment the euro finally pops its clogs.

Spanish authorities have said that Spaniards can exchange old pesetas for euros until 2020, so if you do have any of the old cash tucked away somewhere, it might be a good idea to head to your nearest bank in the morning.

Spain adopted the euro in 1999, alongside 12 other Eurozone members. The two currencies were circulated side-by-side until 2002, by which time the peseta was officially retired. However, removing a currency from circulation is an arduous and lengthy task, as evidenced by reports from Spanish national daily ABC that revealed more than €15 million worth of pesetas were exchanged for euros in 2013.

That the country still has more than €1.6 billion hanging around is quite surprising, particularly given the economic hardships many Spaniards have had to face over the past five years.

However, the Bank of Spain estimates that nearly half that amount – 45 per cent – will never be exchanged, and will be consigned forever to collectors’ albums, landfill or simply be lost.

The current exchange rate is 166 pesetas to one euro, which equates to 277.6 billion pesetas left jangling in the wind. So, if you’ve been living in Spain for longer than 15 years and still remember the old currency, perhaps it would be wise to peer down the back of your sofa.

After all, if your sofa is more than 15 years old, then you could really do with the cash for an upgrade…