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Spanish Peseta

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Spanish Peseta

For other uses, see Peseta (disambiguation).
Peseta
Peseta española (Spanish)
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100 pesetas200 pesetas – Madrid European Capital of Culture – 1992
ISO 4217 code ESP
Central bank Bank of Spain
 Website www.bde.es
User(s)  Andorra
Inflation 1.4%
 Source Cámara Gipuzcoa, 1998
ERM
 Since 19 June 1989
 Fixed rate since 31 December 1998
 Replaced by €, non cash 1 January 1999
 Replaced by €, cash 1 January 2002
= 166.386 ₧
Subunit
 1/100 céntimo
because of inflation, céntimos were retired from circulation in 1983.
Symbol ₧ (rare, see article)
Nickname pela (1 ₧),
duro (5 ₧),
talego (1,000 ₧),
kilo (1,000,000 ₧)
Coins
 Freq. used 5, 25, 50, 100, 500 ₧
 Rarely used 1, 10, 200 ₧
Banknotes
 Freq. used 1,000, 2,000, 5,000 ₧
 Rarely used 10,000 ₧
Printer Fábrica Nacional de Moneda y Timbre
 Website www.fnmt.es
Mint Fábrica Nacional de Moneda y Timbre
 Website www.fnmt.es
This infobox shows the latest status before this currency was rendered obsolete.

The peseta (/pəˈstə/; Spanish: [peˈseta]; Galician: [peˈseta]; Catalan: pesseta, IPA: [pəˈsɛtə] or [peˈseta]; Basque: pezeta, IPA: [pes̻eta], Template:IPA-ast) was the currency of Spain between 1869 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).

Etymology

The name of the currency comes from pesseta, the diminutive form of the word peça, which is a Catalan word that means piece or fraction. The first non-official coins which contained the word "peseta" were made in 1808 in Barcelona.

Symbol

Traditionally, there was never a single symbol or special character for the Spanish peseta. Common abbreviations were "Pt", "Pta", "Pts" and "Ptas", and even using superior letters: "Ptas".

Common earlier Spanish models of mechanical typewriters had the expression "Pts" on a single type head (₧), as a shorthand intended to fill a single type space () in tables instead of three (Pts).

Later, Spanish models of IBM electric typewriters also included the same type in its repertoire.

When the first IBM PC was designed circa 1980, it included a "peseta symbol" ₧ in the ROM of the Monochrome Display Adapter (MDA) and Color Graphics Adapter (CGA) video output cards' hardware, with the code number 158. This original character set chart later became the MS-DOS code page 437.

Some spreadsheet software for PC under MS-DOS, as Lotus 1-2-3, employed this character as the peseta symbol in their Spanish editions.

Subsequent international MS-DOS code pages, like code page 850 and others, deprecated this character in favour of some other national characters, so the "peseta symbol" life was brief.

In order to guarantee the interchange with previous encodings (namely, the code page 437 in this case), the international standard Unicode includes this character as U+20A7 PESETA SIGN in its Currency Symbols block. Other than that, the use of the "peseta symbol" standalone is extremely rare, and has been outdated since the adoption of the euro in Spain.

Subdivision

The peseta was subdivided into 100 céntimos or, informally, 4 reales. The last coin of any value under one peseta was a 50 centimo coin issued in 1980 to celebrate Spain's hosting of the 1982 FIFA World Cup. [1] The last 25 centimos coin (or real) was dated 1959, the ten centimos also dated 1959; both coins bore the portrait of Franco. The 1 centimo coin was last minted in 1913 and featured King Alfonso XIII.[2] The half-centimo was last minted in 1868 and featured Queen Isabel II.[3]

History

The peseta was introduced in 1869 after Spain joined the Latin Monetary Union in 1868. The Spanish Law of June 26, 1864 decreed that in preparation for joining the Latin Monetary Union (set up in 1865), the peseta became a subdivision of the peso with 1 peso duro = 5 pesetas. The peseta replaced the escudo at a rate of 5 pesetas = 1 peso duro = 2 escudos.

The peseta was equal to 4.5 grams of silver, or 0.290322 grams of gold, the standard used by all the currencies of the Latin Monetary Union. From 1873, only the gold standard applied.

The political turbulence of the early twentieth century (especially during the years after the World War I) caused the monetary union to break up, although it was not until 1927 that it officially ended.

In 1959, Spain became part of the Bretton Woods System, pegging the peseta at a value of 60 pesetas = 1 U.S. dollar. In 1967, the peseta followed the devaluation of the British pound, maintaining the exchange rate of 168 pesetas = 1 pound and establishing a new rate of 70 pesetas = 1 U.S. dollar.

The peseta was replaced by the euro in 2002, following the establishment of the euro in 1999. The exchange rate was 1 euro = 166.386 pesetas.

Coins

In 1869 and 1870, coins were introduced in denominations of 1, 2, 5, 10 and 50 céntimos, and 1, 2 and 5 pesetas. The lowest four denominations were struck in copper (replaced by bronze from 1877), with the 50 céntimos, 1 and 2 pesetas struck in .835 silver and the 5 pesetas struck in .900 silver. Gold 25 pesetas coins were introduced in 1876, followed by 20 pesetas in 1878. In 1889, 20 pesetas coins were introduced, with production of the 25 pesetas ceasing. In 1897, a single issue of gold 100 pesetas was made. Production of gold coins ceased in 1904, followed by that of silver coins in 1910. The last bronze coins were issued in 1912.

Coin production resumed in 1925 with the introduction of cupro-nickel 25 céntimos. In 1926, a final issue of silver 50 céntimos was made, followed by the introduction of a holed version of the 25 céntimos in 1927.

In 1934, the Second Spanish Republic issued coins for 25 and 50 céntimos and 1 peseta. The 25 céntimos and silver 1 peseta were the same size and composition as the earlier Royal issues, whilst the 50 céntimos was struck in copper. In 1937, an iron 5 céntimos coins was introduced along with a brass 1 peseta. The last Republican issue was a holed, copper 25 céntimos in 1938.

During the Civil War, a number of local coinages were issued by both Republican and Nationalist forces. In 1936, the following pieces were issued by the Nationalists:

District Denominations
Cazalla de Sierra 10 céntimos
Arahal 50 céntimos, 1 & 2 pesetas
Lora del Rio 25 céntimos
Marchena 25 céntimos
La Puebla de Cazalla 10 & 25 céntimos

The following issues were made by Republican forces in 1937:

District Denominations
Arenys de Mar 50 céntimos, 1 peseta
Asturias and Leon 50 céntimos, 1 & 2 pesetas
Euskadi 1 & 2 pesetas
Ibi 25 céntimos, 1 peseta
L'Ametlla del Vallès 25 & 50 céntimos, 1 peseta
Menorca 5, 10 & 25 céntimos, 1 & 2½ pesetas
Nulles 5, 10, 25 & 50 céntimos, 1 peseta
Olot 10 céntimos
Santander, Palencia and Burgos 50 céntimos, 1 peseta
Segarra de Gaià (currently Santa Coloma de Queralt[4]) 1 peseta

The Nationalists issued their first national coins in 1937. These were holed, cupro-nickel 25 céntimos minted in Vienna. Following the end of the Civil War, the Nationalist government introduced aluminium 5 and 10 céntimos in 1940, followed by aluminium-bronze 1 peseta coins in 1944.

In 1947, the first 1 peseta coins bearing the portrait of Francisco Franco were issued. Nickel 5 pesetas followed in 1949. In 1949, holed cupro-nickel 50 céntimos were introduced, followed by aluminium-bronze 2½ pesetas in 1954, cupro-nickel 25 & 50 pesetas in 1958 & smaller aluminium 10 and 25 céntimos in 1959. Silver 100 pesetas were issued between 1966 and 1969, with aluminium 50 céntimos introduced in 1967.

Following the accession of King Juan Carlos, the only change to the coinage was the introduction of cupronickel 100 pesetas in 1976. However, more significant changes occurred in 1982. The 50 céntimos was discontinued, with aluminium 1 & 2 pesetas as well as aluminium-bronze 100 pesetas introduced. Cupronickel 10 pesetas were introduced in 1983. Cupronickel 200 pesetas were introduced in 1986, followed by aluminium-bronze 500 pesetas in 1987. In 1989, the size of the 1 peseta coin was significantly reduced (making it the smallest, lightest coin in Europe and perhaps the world) and aluminium-bronze 5 pesetas were introduced. Aluminium-bronze 25 pesetas and smaller 50 pesetas were introduced in 1990, along with larger 200 pesetas.

Until 19 June 2001, the following coins were minted by the Spanish Fábrica Nacional de Moneda y Timbre:

Value € equiv. Diameter Weight Composition
1 ₧ 0.006 (0.01) 14 mm 0.55 g Aluminium
5 ₧ 0.03 17.5 mm 3 g Aluminium bronze
10 ₧ 0.06 18.5 mm 4 g Cupronickel
25 ₧ 0.15 19.5 mm 4.25 g Aluminium bronze
50 ₧ 0.30 20.5 mm 5.60 g Cupronickel
100 ₧ 0.60 24.5 mm 9.25 g Aluminium bronze
200 ₧ 1.20 25.5 mm 10.5 g Cupronickel
500 ₧ 3.01 28 mm 12 gr Aluminium bronze

The 50 pesetas coins issued between 1990 and 2000 were the first that featured the Spanish flower shape.

Spanish flower
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The dates of some Spanish coins can be found on small six-point stars on either the obverse or reverse. The larger date that appears outside the stars is the design date.

Banknotes

In 1874, the Banco de España introduced notes for 25, 50, 100, 500 and 1,000 pesetas. Except for the 250 pesetas notes only issued in 1878, the denominations produced by the Banco de España did not change until the Civil War, when both the Republicans and Nationalists issued Banco de España notes.

In 1936, the Republicans issued 5 and 10 pesetas notes. The Ministry of Finance (Ministerio de Hacienda) introduced notes for 50 céntimos, 1 and 2 pesetas in 1938, as well as issuing stamp money (consisting of postage or revenue stamps affixed to cardboard disks) in denominations of 5, 10, 15, 20, 25, 30, 40, 45, 50 and 60 céntimos.

The first Nationalist Banco de España issues were made in 1936, in denominations of 5, 10, 25, 50, 100, 500 and 1,000 pesetas. 1 and 2 pesetas notes were added in 1937. From the mid-1940s, denominations issued were 1, 5, 25, 50, 100, 500 and 1,000 pesetas. The 1, 5, 25 and 50 pesetas were all replaced by coins by the late 1950s.


In 1978, 5,000 pesetas notes were introduced. The 100 pesetas note was replaced by a coin in 1982, with 1,000 pesetas notes introduced in 1983, 200 pesetas in 1984 and 10,000 pesetas in 1987. The 200 and 500 pesetas notes were replaced by coins in 1986 and 1987.

The penultimate series of banknotes was introduced between 1982 and 1987 and remained legal tender until the introduction of the euro.

Value € equiv. Dimensions Colour Portrait
200 ₧ 1.20 120 × 65 mm Orange Leopoldo Alas
500 ₧ 3.01 129 × 70 mm Dark blue Rosalía de Castro
1 000 ₧ 6.01 138 × 75 mm Green Benito Pérez Galdós
2 000 ₧ 12.02 147 × 80 mm Red Juan Ramón Jiménez
5 000 ₧ 30.05 156 × 85 mm Brown Juan Carlos I of Spain
10 000 ₧ 60.10 165 × 85 mm Gray Juan Carlos I of Spain and Felipe, Prince of Asturias

The last banknotes series (1992) was:

Value € equiv. Dimensions Colour Portrait
1 000 ₧ 6.01 130 × 65 mm Green Hernán Cortés and Francisco Pizarro
2 000 ₧ 12.02 138 × 68 mm Red José Celestino Mutis
5 000 ₧ 30.05 146 × 71 mm Brown Christopher Columbus
10 000 ₧ 60.10 154 × 74 mm Gray Juan Carlos I of Spain and Jorge Juan y Santacilia

Andorran peseta

The Andorran peseta (ADP) (pesseta in Catalan) was pegged at 1:1 to the Spanish peseta. Following the outbreak of the Spanish Civil War on 17 July 1936, the Consell General de les Valls d'Andorra issued Decree No. 112 of 19 December 1936, authorizing the issuance of paper money backed by Spanish banknotes.[5]

Replacement by the euro

The peseta was replaced by the euro (€) in 1999 on currency exchange boards. Euro coins and notes were introduced in January 2002, and on 1 March 2002 the peseta lost its legal tender status in Spain, and also in Andorra. The conversion rate was 1 euro = 166.386 ESP. Prices in many Andorran supermarkets and other retail establishments are still shown dual-priced in euros and pesetas or in euros and French francs.

Peseta notes and coins that were legal tender on 31 December 2001 remain exchangeable indefinitely at any branch of the central bank. According to that entity, pesetas to a value estimated at 1.7 billion euros were never converted to euro.[6]

Huge amounts of pesetas of dubious provenance are believed to have helped to fuel a cash-based money laundering real estate boom just prior to, and after, the conversion to the euro. Mafia and criminal holdings of billions of pesetas were poured into massive real estate projects in Spain and elsewhere; the real estate could then be legally sold to obtain euros.

See also

Notes

  1. ^ 1999 by law (on financial markets and business transactions only), two currency units used (the Spanish peseta still had legal tender on all banknotes, coins and personal bank accounts) until 2002.

References

Bibliography

External links

  • Overview of the peseta from the BBC
  • Banco de España: last peseta issues
Preceded by
Spanish escudo
Spanish currency
1868–1999/20021
Succeeded by
Euro
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