Banco Bilbao Vizcaya Argentaria S A : Today’s number is about… pesetas

As reported by Europa Press, Spaniards spent one million euros in pesetas in February, but still have €1.64 billion of the former national currency in their possession, or 272.87 billion pesetas, according to Bank of Spain data.

Although 14 years have passed since the new currency entered into circulation, the monetary authority's figures indicate that Spaniards still had €841 million (139.93 billion pesetas) in bills at the end of February - one million less than the previous month - and €799 million in coins (132.94 billion pesetas), the same figure from August 2016.

The Spanish government established a three month period in which both currencies could be used - from January 1, 2002 when the euro started to circulate until March 31, 2002. After this time period until June 30th, it set a period to exchange peseta bills and coins in bank branches. Starting July 1, 2002, Spaniards had to go to the Bank of Spain to exchange any pesetas they still had in their possession.

Starting in 2020 it will no longer be possible to exchange pesetas

The issuing bank estimated that 45% of the pesetas that were in circulation before the euro will never be exchanged at the Bank of Spain because Spaniards will keep them as a collection piece, or due to wear, loss, or because they left the country with tourists.

The Bank of Spain will no longer exchange pesetas for euros after December 31, 2020. Spaniards have four more years to return the 272.87 billion of the former currency to obtain the €1.65 billion they are worth today.