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The official currency of Spain since 2002 is the Euro. The basic and most prevalent unit of Spanish currency before the Euro was the Peseta . The first Peseta coins were minted in 1869, and the last were minted in 2011.
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.
This infobox shows the latest status before this currency was rendered obsolete. The peseta ( / p ə ˈ s eɪ t ə / , Spanish: [peˈseta] ) [ a ] was the currency of Spain between 1868 and 2002. Along with the French franc , it was also a de facto currency used in Andorra (which had no national currency with legal tender ).
All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2]
Together with the other founding euro members, it adopted the new physical currency on January 1, 2002. On that date Spain terminated its historic peseta currency and replaced it with the euro, which has become its national currency shared the rest of the Eurozone.
The Bank of Spain (Spanish: Banco de España, pronounced [ˈbaŋko ðe esˈpaɲa]) is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998, issuing the Spanish peseta. Since 2014, it has also been Spain's national competent authority within European Banking Supervision. [3]
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.
In 2010, Spain updated their national sides in order to comply with the European commission recommendations. In the €1 and €2 coins, the same portrait of king Juan Carlos I was used, but the year position was placed in the inner part of the coin. Moreover, the twelve star ring no longer contained chiselled sections. [1]