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History of Money in Spain Essay


Gold Standard era

Spain introduced Pesata in the year 1868 after it joined the Latin Monetary Union. This came as a subdivision of peso. Peseta was a combination of silver and gold.

The coin era

The period 1869 and 1870 saw the introduction of coin denomination in Spain. The face value of the coins was 1,2,5, 10, and 50 centimos, as well as 1,2, and 5 pesetas. The coin denominations were removed in 1877 and replaced by bronze and silver. There was also the introduction of coins melted from gold with the denominations 25 and 20 pesetas. The introduction of 20 pesetas saw a stop in the production of 25 Pesetas coins. The production of coins melted from gold also ceased in the year 1904, with the production of that melted from silver ceasing in the year 1910. The issuance of coins melted from bronze disappeared in the year 1912.

Coin production reemerged in the year 1925, and during this period there was the production of cupro-nickel embodied coins of denominations 25 centimos. There was also a final issue of silver coins in the year 1926 of 50 centimos. This was followed by the introduction of a holed 25 centimos in the year 1927. There was also a reintroduction of 25 and 50 centimos in the year 1934, as well as 1 peseta. This was made by the following Spanish republic.

It has the same composition and size as the previous coins. The 50 centimos were made of copper. The coinage during republican reign had both iron and brass traces. The introduction of coinage currency proceeded even during the civil war with Nationalists and Republican forces issuing coins in 1936 with different denominations.

The coins further developed with it having Francisco Franco portrait in 1947. During the period less development was made, however, when King Juan Carlos ascended to power he introduced 100 pesetas coin embodied by cupronickel. It also saw the introduction and stoppage of other coins. 1 and 2 Pesetas made of Aluminum and 100 Pesetas made of aluminum-bronze was introduced (Flandreau and Holtfrerich 150). Also, there was the introduction of 10, 200 cupronickel Pesetas, as well as 500 aluminum- bronze pesetas together with 5 aluminum-bronze pesetas. In 1989, there was a reduction in the size and composition variation of 1 peseta coin.

Banknotes era

During the period 1874, there was the introduction of notes for denominations such as 25, 50, 100, 500, together with 1000 pesetas. Later in 1878, there was the introduction of 250 pesetas. The introduction of notes further developed into 5 and 10 notes pesetas, and more to 1 as well as 2 pesetas. There was also incoming stamp money in various denominations ranging from 5 to 60 centimos. During the period, 1978, there was the introduction of the 5000 pesetas notes. Other notes were replaced by coins from the year 1950. However, banknotes that were penultimately serialized and that were introduced in the year 1982- 1987 remained as the legal tender of Spain until its recent replacement by the euro.

In the year, 1999, pesetas were replaced by the euro. This saw the introduction of both euro coins and notes, as well, in 2002.

Work Cited

Allen, Larry (2009). The Encyclopedia of Money. Oxford: ABC-CLIO.

Copeland, S. Laurence. (2008). Exchange Rates and International Finance. United Kingdom: Prentice Hall / Financial Times.

Curtin, D. Philip. (1984). Cross-Cultural Trade in World History. UK: Cambridge University Press.

Flandreau, Marc and Holtfrerich Carl-Ludwig. (2003). International financial history in the twentieth century: system and anarchy. UK: Cambridge University Press.

Kelley, Laura. ( 2009). The Silk Road Gourmet: Western and Southern Asia. iUniverse.

Koschorke, Klaus. (2002). Transcontinental links in the history of Non-Western Christianity. Otto: Harrassowitz Verlag.

Lancaster, Carol (2007). Foreign Aid: Diplomacy, Development, Domestic Politics. USA: University of Chicago Press.

Prince, Danforth and Porter, Darwin. (2010). Frommer’s Spain. New York: John Wiley & Sons.

Harrigan, James. (2003). Handbook of International Trade. New York: John Wiley & Sons. reprint.

Johnson, E. Omotunde. (2000). Financial risks, stability, and globalization. USA: International Monetary Fund.

McKenna, Reginald. (2010). Reparations and International Debts, an Address. USA: BiblioLife.

Robert W. Kolb. (2011). Sovereign Debt: From Safety to Default. New York: John Wiley & Sons.

Siebert Horst. (2006). The World Economy: A Global Analysis. London: Routledge.

Tarp, Finn and Hjertholm, Peter. (2003). Foreign Aid and Development: Lessons Learnt and Directions For The Future. London: Routledge.

William J. Duiker and Jackson J. Spielvogel (2010). The Essential World History. UK: Cengage Learning.

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IvyPanda. 2021. "History of Money in Spain." February 13, 2021. https://ivypanda.com/essays/history-of-money-in-spain/.

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IvyPanda. (2021) 'History of Money in Spain'. 13 February.

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