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The peseta, previously not a monetary unit but a colloquial name for the coin worth 1 ⁄ 5 of a peso, was formally introduced as a currency unit in 1868, at a time when Spain considered joining the Latin Monetary Union (LMU). [10] Spain eventually decided not to formally join the LMU, although it did achieve alignment with the bloc. [11]
This is a list of currency of Spain. The official currency of Spain since 2002 is the Euro. ... (1865–1869), Gold escudo (1535/1537–1849), Spanish real ...
The second escudo was the currency of Spain between 1864 and 1869. It was subdivided into 100 céntimos de escudo. The escudo replaced the real at a rate of 10 reales = 1 escudo. It was itself replaced by the peseta, at a rate of 2 + 1 ⁄ 2 pesetas = 1 escudo, when Spain joined the Latin Monetary Union. The later silver escudo was worth one ...
Coins were minted in both Spain and Latin America from the 16th to 19th centuries in silver 1 ⁄ 2, 1, 2, 4 and 8 reales nacionales and in gold 1 ⁄ 2, 1, 2, 4 and 8 escudos. The silver 8-real coin was known as the Spanish dollar (as the coin was minted to the specifications of the thaler of the Holy Roman Empire and Habsburg monarchy ), peso ...
Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin (or duro ) was slightly smaller and lighter but was also of high purity (90%) silver.
When the peseta became the national currency in 1869, only the Royal Mint in Madrid was in operation. In 1893 the Mint ( Casa de la Moneda ) and the Stamp Factory ( Fábrica del Sello ), which so far had been two different establishments sharing a building in Plaza de Colón , merged to create the Fábrica Nacional de Moneda y Timbre .
Gold escudos (worth 16 reales) were also issued. The coins circulated throughout Spain's colonies and beyond, with the eight-real piece, known in English as the Spanish dollar, becoming an international standard and spawning, among other currencies, the United States dollar. A reform in 1737 set the silver real at two and half billon reales ...
The Bank of Spain holds 9.1 million troy ounces of gold (around 283 tons) (2019), [4] which are stored in its own vaults and in various institutions in London and New York. [5] [6] According to IMF data, Spain ranks 20th among the 40 largest gold reserves in the world (as of July 2015). [7] [8] [9]