Pesetas refers to the former currency of Spain, which was officially called the Spanish Peseta (in Spanish: Peseta Española). It served as the legal tender in Spain from 1868 to 2002, before the country transitioned to the euro as its official currency. The peseta was subdivided into 100 centimos, similar to the decimal system used in many other currencies.
The peseta's origins can be traced back to the Spanish real, which was in circulation since the 14th century. In 1868, the peseta was introduced as a replacement for the real, bearing its own distinctive design and symbol, represented by the letter "Pta". Throughout its existence, the peseta underwent numerous changes in design and denominations.
Like most currencies, the peseta had both banknotes and coins, featuring various Spanish historical figures, monarchs, and landmarks. Its exchange rate against other currencies fluctuated over time, and it had various official exchange rates against the US dollar.
With the introduction of the euro in 1999, the peseta began its phase-out period, where it circulated alongside the euro until 2002. After this date, the peseta ceased to be legal tender, and its use was discontinued. However, the Bank of Spain still allows for the exchange of pesetas into euros for a limited time.
The peseta remains a significant part of Spain's economic history and cultural heritage, serving as a reminder of the country's financial journey and transition into the European Union.
