The euro replaced Spain’s peseta when euro banknotes and coins entered circulation in 2002.
Spain was among the countries that adopted the euro as an accounting currency in 1999, but people began using physical euro money on 1 January 2002. The fixed conversion rate was 1 euro for 166.386 Spanish pesetas.
The peseta had been Spain’s currency since 1868. Its name is linked to the Catalan word peça, meaning “piece.” Although the peseta ceased to be legal tender in 2002, Spain’s central bank accepted old notes and coins for exchange until 30 June 2021. The euro is shared by many European countries, so Spain does not issue a separate national currency today.