Spain's currency: from real and peseta to euro

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Spain, which was once the greatest Empire not only in Europe, but the entire globe, has known in its history both dizzying ups and periods of deep economic depression. But for many centuries, the national currency of Spain has demonstrated amazing stability, provided by the gold of overseas colonies (mainly South American).

The beginning of Spanish rule on the seas and on land was laid by the Reconquista, which ended in 1492. It was she who proclaimed the birth of a new political force in Europe, which was destined to become the main character in the European history of the sixteenth century, when the newly minted Empire grew and strengthened due to its overseas possessions, tirelessly increasing its economic and military potential, as well as acquiring great political weight.

During this period, the currency of Spain - the real, which remained the main monetary unit of the country from the middle of the fourteenth century until 1864, was valued in the vastness of the OldThe light is just like the dollar now. The military and political power of the Spanish crown maintained the exchange rate of the real at the proper level. Throughout this long historical period, various Spanish currencies were minted. The most famous at that time was the so-called "real 8" - a coin of eight reales, which appeared at the end of the fifteenth century.

Due to its wide distribution on the American continent and even in Europe, this coin can rightfully be considered the world's first real international (convertible) currency. It is also curious that in the Iberian Peninsula, in the heart of the empire, the real coexisted peacefully with other Iberian currencies for several centuries. For example, with a gold escudo that was in circulation from 1535 to 1833, or with the Moorish Moravedi coin adopted by various Christian kingdoms of the peninsula.

In 1864, Spain's centuries-old currency, the real, was replaced by a new silver escudo. True, this currency did not last long. Already in 1868, the new currency of Spain, which joined the Latin Monetary Union, under the terms of which provided for the free circulation of European monetary units on the territory of member countries, was the peseta.

And until January 1, 2002, any resident of the country, answering the question of what currency in Spain, could safely call the peseta - with the accession of the peseta to the Spanish financial throne, the rest of the currencies were abolished. The latest series of minted metal pesetas wascoins in denominations of 1, 5, 10, 25, 50, 100, 200 and 500. As for paper banknotes, they were issued in the following denominations: 200, 500, 1000, 2000, 5000, 10000 pesetas.

The exchange rate today in Spain is not much different from the rest of the Eurozone. This is not surprising - after all, this Pyrenean state is an integral part of the European community, each member of which has the right to print the united currency for its own needs. In this case, before the serial number, you must specify your own letter, by which the banknotes are distinguished. Spain has been assigned the letter V. Euro coins are also purely individual for each state. The smallest Spanish coins are made of copper-clad steel.

The coin with a denomination of two euro cents has a special corrugation on the edge, and the rest are made of a special copper alloy containing aluminum, zinc and tin. Externally, the coins of these denominations can be distinguished by the presence of a transverse relief stripe. On large denominations of one and two euros, individual patterns are minted, and they also have a special fine corrugation.