Monday, October 25

Long queues at the Bank of Spain in recent days to exchange pesetas for euros

Queues outside the Bank of Spain.

Queues outside the Bank of Spain.
Jose Luis Roca

The Spaniards conserved until the month of May a total of 1,584 million euros of the old national currency without exchange, a figure that is equivalent to 263,555 million pesetas, in the absence of three days before the end of the exchange period, which ends on June 30.

According to the latest data published by the Bank of Spain, and despite the fact that more than 18 years have passed since the common currency began to circulate, the Spanish still had 132,942 million pesetas in banknotes (799 million euros) and 130,613 million pesetas in coins (785 million euros).

The issuing bank estimates that 45% of the coins in pesetas that were in circulation before the entry of the euro will never be delivered to the Bank of Spain for exchange because will remain in the hands of the Spanish as a collector’s item, or due to deterioration, loss or departure from the country in the pockets of tourists.

In 2020 the Spanish exchanged some 2,329 million pesetas in banknotes (14 million euros) and 831 million pesetas in coins (5 million euros). Compared to January of this year, the number of pesetas was reduced by just one million (of banknotes).

The Spanish Government set the period of coexistence for both currencies at three months from January 1, 2002, when the euro began to circulate in the pocket of Spaniards, until March 31 of the same year, and, from then until the following June 30, he established a period for the exchange of coins and banknotes in pesetas at bank offices.

Although it was planned that the body would stop changing pesetas last December 31, 2020, extended the deadline until June 30 of this year, so that Spaniards have just a few days to exchange the currency by requesting its change at the headquarters of the organization in Madrid and at any of its branches with no quantitative limit.

With out PRIVIOUSE appointment

In addition, and in view of the expiration of the deadline to change pesetas, the Bank of Spain has decided to allow citizens to change pesetas to euros without prior appointment during this last week of June, between the 23rd and 30th.

Exchanges may be made at the headquarters of the Bank of Spain (C / Alcalá, 48) or in any of the 15 branches that the organization has throughout the national territory (A Coruña, Oviedo, Bilbao, Barcelona, ​​Valladolid, Zaragoza, Palma de Mallorca, Badajoz, Valencia, Alicante, Murcia, Seville, Malaga, Las Palmas de Gran Canaria and Santa Cruz de Tenerife).

This Friday the headquarters of the Bank of Spain registered long queues throughout the morning due to the large influx of people who came to exchange the pesetas that they still had in their homes for euros.

However, in order to speed up operations, the Bank will offer a “fast system” for the delivery of pesetas to be counted and subsequently credited to the current account indicated by the citizen requesting the change.

What can be changed

The exchange rate is one euro for each 166,386 pesetas. Aspects such as the age or condition of the peseta bills and coins will not be taken into consideration.

As a general rule, they will be changed all banknotes and coins after 1939. Where appropriate, those issued between 1936 and 1939 may also be subject to change after being analyzed by experts from the Bank of Spain. The exchange of those tickets that have an area equal to or less than 50% of the ticket will be denied.

The Bank of Spain will reimburse the authentic coins, including deteriorated ones, which are recognized as such by the machines used for that purpose and you may deny the change of those that have suffered any alteration derived from an industrial or mechanical process.

Leave a Reply

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