The euro in Spain
Spain joined the European Union (EU) in 1986. It was one of the first countries to adopt the euro (having previously used the Spanish peseta), in the first wave of 1999. The fixed conversion rate was €1 to 166.386 ESP (Spanish Peseta).
From 1999 to 2002, Spain was in a ‘transitional’ status – meaning that both the peseta and the euro were legal currency. January 2002 saw euro notes and coins being introduced. In February 2002 the peseta stopped being legal currency.
The Banco de España continues to exchange pesetas for euros, and will continue doing so indefinitely.
See our full guide to the Euro.