ECONOMICS

Detailed explanation-1: -Euro banknotes and coins were introduced in Spain on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as ‘book money’. The dual circulation period, when both the Spanish peseta and the euro had legal tender status, ended on 28 February 2002.

Detailed explanation-2: -peseta, former monetary unit of Spain. The peseta ceased to be legal tender in 2002, when the euro, the monetary unit of the European Union, was adopted as the country’s sole monetary unit.

Detailed explanation-3: -The currency in Spain is the Euro. When changing money, you should always use official money exchange offices or banks, as possession and use of counterfeit money is considered a very serious crime in Spain and may lead to prosecution.

Detailed explanation-4: -The euro was introduced in Spain in 2002. Most of the countries from the European Union adopted this new currency to make it easier to travel between countries.

Detailed explanation-5: -Replacement by the euro The peseta was replaced by the euro on 1 January 1999 on currency exchange boards. Euro coins and notes were introduced in January 2002, and on 1 March 2002 the peseta lost its legal tender status in Spain, and also in Andorra.