MY COLLECTION - ALBUM NO 7 - SOVIET UNION & EUROPE - SPAIN COINS

CHAPPIDI ABHIRATH REDDY
C/O COL GKS REDDY

Secunderabad - 500015

Spain Coins

          The peseta (/pəˈseɪtə/; Spanish: [peˈseta]; Galician: [peˈseta]; Catalan: pesseta, IPA: [pəˈsɛtə] or [peˈseta]; Basque: pezeta,IPA: [pes̻eta], Asturian: [peˈseta]) was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra (which had no national currency with legal tender).

          The peseta was subdivided into 100 céntimos or, informally, 4 reales. The last coin of any value under one peseta was a 50 centimo coin issued in 1980 to celebrate Spain's hosting of the 1982 FIFA World Cup.[1] The last 25 centimos coin (or real) was dated 1959, the ten centimos also dated 1959; both coins bore the portrait of Franco. The 1 centimo coin was last minted in 1913 and featured King Alfonso XIII.[2] The half-centimo was last minted in 1868 and featured Queen Isabel II.

          The peseta was introduced in 1869 after Spain joined the Latin Monetary Union in 1868. The Spanish Law of June 26, 1864 decreed that in preparation for joining the Latin Monetary Union (set up in 1865), the peseta became a subdivision of the peso with 1 peso duro = 5 pesetas. The peseta replaced the escudo at a rate of 5 pesetas = 1 peso duro = 2 escudos.

          The peseta was equal to 4.5 grams of silver, or 0.290322 grams of gold, the standard used by all the currencies of the Latin Monetary Union. From 1873, only the gold standardapplied.

        The political turbulence of the early twentieth century (especially during the years after the World War I) caused the monetary union to break up, although it was not until 1927 that it officially ended.

          In 1959, Spain became part of the Bretton Woods System, pegging the peseta at a value of 60 pesetas = 1 U.S. dollar. In 1967, the peseta followed the devaluation of the British pound, maintaining the exchange rate of 168 pesetas = 1 pound and establishing a new rate of 70 pesetas = 1 U.S. dollar.

      The peseta was replaced by the euro in 2002, following the establishment of the euro in 1999. The exchange rate was 1 euro = 166.386 pesetas.

Note - Some of the images of coins in my collection, have been taken from the Gallery to the extent available, to save on time & effort involved in photography & editing.