The Euro was adopted as Spain's official currency back in 2002 replacing the Peseta and since then the Bank of Spain (Banco de España) has continued to exchange the legacy currency.
However, this is all set to end on 31 December, 2020 when the bank will cease to exchange Pesetas for Euros rendering any of the old currency worthless.
The bank has warned citizens to exchange their Pesetas by the deadline or lose them forever.
A recent report published by the bank, suggests that up until November 2019, there were still over 268 Billion Pesetas or 1.610 Billion Euros that had been unredeemed.
Of the outstanding money, around half of it is believed to be in coins with the other half or approximately 819 Million Euros worth in notes.
The Peseta was first minted in Spain in 1868 and up until 1 January, 2002, remained the country's legal tender.
By April 2002 and at the end of the double circulation period in which the two currencies coexisted, over 93% of Peseta currency had been returned to the Bank of Spain.
Since January 2003, the number of exchanges has been consistently low with around one Million Euros worth of the currency exchanged at Spanish banks each year. However, the exchange service is no longer provided by the country's commercial banks and must be done solely with the Central Bank.
Once the deadline is reached, any Pesetas that have not been redeemed will in effect be pocketed by the Banco de España.
January 14, 2021