Pesetas are still being held onto

PESETA-HOARDING Spaniards have five years left to redeem the estimated €1.6 billion that they still hold in the old currency.

December 31, 2020 has been announced as the cut-off point for Spaniards to convert their old pesetas into euros. According to the Bank of Spain, €860 million worth of peseta banknotes remain unredeemed in the country, and around €804 million worth of peseta coins.

People in Spain have been changing their old currency on a regular basis since the introduction of the euro in 2002, and since January 2011 the rate has progressed at around €1 million per month.

Up until the end of June 2012, people could change pesetas for euros in any bank branch, but the cut-off for that option has passed and now the old currency can only be exchanged at the Bank of Spain, either at the headquarters in Madrid or at one of its branches around the country.