We can hardly calculate the amount equivalent to 273 billion pesetas. But it will surprise us to think that they are equivalent to 1,641 million euros pending to be exchanged before 2021.
The 15th anniversary of the euro, which entered into force in January 2002, has left great moments for the economy and consumption.
Although there is something that has not managed to completely erase is the importance of the old currency: pesetas.
The latest data of the Bank of Spain quantify in 1,641 million euros the money that has not yet been exchanged since the entry into circulation of the new currency.
An important amount that not only appeals to nostalgia, but also the confidence that inspire investment products against foreign exchange.
Be that as it may, December 2020 will be the deadline for pesetas in circulation to end up being exchanged for euros.
Less than four years for the final goodbye to the old currency!
More than 273,000 million pesetas
During last January were exchanged about one million euros in pesetas. A figure that hides the large amount of money not yet spent by the Bank of Spain.
Fifteen years after the entry into force of the European currency, Spaniards still keep 1,641 million euros without exchange. As much as 273.039 million of the old pesetas, according to daos of the monetary authority.
The Bank of Spain estimates that after three years, the Spaniards still keep a lot of money ‘in cash’. Both € 842 million in notes, corresponding to € 140,097 million and € 799 million in coins, equivalent to € 132,942 million.
Since its inception, on January 1, 2002, a three-month period was established in which both currencies coexisted. After March 31, 2002, and for three more months, the pesetas could be changed to euros in banks.
And from July 1 of the same year, the Spaniards were forced to change pesetas in the Bank of Spain. A service that is still maintained.
Tourist and collector
The money supervisor knows that a certain amount of money will remain unchanged.
A portion of these unpaid pesetas may still be in the hands of millions of tourists who have visited Spain before 2002.
While another series of bills and coins are already part of collections or simply remain in the hands of all kinds of people.
A small reminder of the recent economic past. Not forgetting all the money that has been lost.
Currency change until 2020
The estimates of the Bank of Spain quantify that 45% of the coins in circulation before entering into force the euro will remain in the hands of individuals, Spanish, collectors or tourists.
What does have a limit in time is the exchange service between the old national currency and the new European currency.
Next December 31, 2020, the Bank of Spain will no longer change the pesetas to euros. This leaves four years to recover a wealth of more than 1,600 million euros or to say goodbye to its value.
A heritage that could well take advantage of the good moment of real estate investment!
