Peseta

The peseta was the currency of Spain from 1869 to 2002, and it was also used in various Spanish territories and colonies during different periods. It was decimalized, with 1 peseta equal to 100 céntimos, and it circulated in both coins and banknotes. The symbol ₧ and the abbreviations Pta or Pts were used in accounting, and its ISO code was ESP.

The name peseta derives from peso, a term used for units of weight and value, reflecting its origins in the late-19th-century monetary reform that established a modern Spanish decimal currency. The peseta replaced older currencies such as the real as part of a broad modernization effort and remained Spain’s standard unit through significant political and social changes, including the monarchy, republic, and dictatorship, up to the democratic era. The Bank of Spain issued multiple series of coins and banknotes featuring national symbols, monarchs, and regional designs.

Throughout its history, the peseta also circulated in Spain’s overseas or adjacent territories at various times, notably in areas such as Andorra and parts of North Africa under Spanish influence. With the introduction of the euro, the peseta ceased to be legal tender. The transition culminated on 28 February 2002 for cash payments, following the fixed exchange rate of 1 euro = 166.386 pesetas. After the switch, pesetas remained exchangeable at the Bank of Spain for a limited period, and the euro became Spain’s sole currency for everyday transactions.