However, do make sure it’s actually worth it! If you have a small amount of pesetas, the shipping costs might match or even outweigh your profit.Īs with most currencies, Spanish peseta has some rarer and more unique denominations. Therefore, if you’ve got plenty of pesetas leftover from your holidays, it probably is a good idea to get rid of them and turn them into US dollars – you may actually make some good money that way. Right now, after 17 years of being obsolete, one peseta is worth $0.00679 and one US dollar equals 147 pesetas (as of ). Transactions would almost always exceed several hundreds with things as simple as a cup of coffee costing around 100 pesetas. It’s simply a tough process and it’s best to minimize the potential damage and send your cash as closely to your location as possible.ĭuring their period of circulation, pesetas were a low-value currency. Coins clang and tear envelopes, people steal, the most secure postage options are very expensive… we could spend an entire day listing the issues and then fill a mile worth of paper with the many anxieties senders have when shipping cash overseas. We’ve already covered the many precautions one needs to take when sending cash by post, and we mostly focused on shipping within the US. Of course, you can mail your old pesetas to the Spanish central bank. After that, you can only do that at a single location – the country’s central bank. After the currencies become obsolete, governments usually set a very limited period, during which citizens and currency owners can exchange their old money for the new. This is a problem that’s often experienced by foreign money owners. Therefore, if you own pesetas, you only have a little over a year and a half to get rid of it. After that period and until the end of 2020, it is only possible to exchange old pesetas in the Spanish central bank. A lot of these pesetas have also been lost.Īfter the introduction of euro in 2002, peseta holders had a six-month window to exchange their old money to the new currency. The Bank believes that 45% of that sum will never be exchanged as the money has left Spain as parts of collections or in the wallets of tourists. The Bank of Spain has said in 2014 that Spaniards are still holding on to almost €1.7 billion worth of their old pesetas in both coins and banknotes, which according to current rates, is equal to around 228 billion pesetas. At the very advent of the currency, peseta was equal to 4.5 grams of silver or 0.29 grams of gold – a standard of Latin Monetary Union, with which Spain has been aligned.Īt first, the coins were made out of gold and silver, later on, from 1934, cheaper materials such as copper, aluminium, bronze, iron or their alloys were used.ĭespite not being in use for 17 years, pesetas are still present in Spain.
Now obsolete, Spanish Pesetas have been the currency of Spain for more than 130 years, from 1868 until 2002, when it has been replaced by euro.
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