Spanish Town Brings Back The Peseta

In a move aimed at boosting spending during the COVID-19 crisis, the Valencian town of Paterna is allowing people to pay for goods and services in pesetas. Merchants in the town of 70,000 inhabitants have launched a campaign to allow people to pay with pesetas in individual establishments.

Businesses that have signed up for the scheme, which will run until December 15, include computer and electric storers, opticians, florists, parcel kiosks, and many others. 

For people who cannot visit Paterna and spend their old pesetas, the Spanish government has said that they have until December 31, 2020, to exchange them for euros.

Any old banknotes or coins that people did not exchange before Spain adopted the Euro in 2002 can be exchanged for euros at the Bank of Spain headquarters in Madrid. The rate of exchange is 1 euro = 166,386 pesetas. The Bank of Spain has also told people that some commemorative coins and notes may be worth more money than their face value.

The Bank of Spain estimates that there are still around 1.61 billion pesetas unaccounted for that could be hidden away in old mattresses or desk drawers.

For more information, check out the official webpage of the Banco España HERE. 

Leave a Reply

Your email address will not be published. Required fields are marked *