Billions of pesetas still in circulation

THE BANK of Spain claims that €1.7 billion (£1.34 billion) worth of pesetas remain in circulation. There are €864 million (£638 million) in notes and €805 million (£637 million) in coins. The Euro replaced the now redundant currency 12 years ago.

It is believed that a large portion (45%) of the unchanged currency will never be exchanged, as it has fallen into the hands of collectors, tourists or may even have been lost. The Bank of Spain has set a deadline of 2020 for any exchanges, after which the currency really will be worthless.

In 2013 the bank exchanged €15 million (£11.8 million), about 2.5 billion pesetas. Of this, €12 million (£9.49 million) was the exchange of notes and the remainder in coins. 

The introduction of the Euro 12 years ago proved a challenging time for Spain. The original value of 166 pesetas to €1 created high inflation in the first year of circulation. A 100 peseta coffee soon became €1, signifying a 66% increase in price.