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ARCHIVED - Spaniards still hoarding 1.61 billion euros in pesetas!
Only a year left to change 268 billion pesetas into euros
When the euro was adopted as Spain’s official currency on 1st January 2002 no limit was established for the period during which the Banco de España would continue to change pesetas into the new currency, but the clock is slowly ticking down to the end of 2020 when this service will no longer be offered, and after 18 years, according to the latest data, there are many who are clearly in no hurry to take advantage of this option.
The Banco de España reports that there are officially still 267,881 million pesetas unaccounted for, which were in circulation at the end of 2001 and have not yet been presented for conversion into euros. That equates to a massive 1,610 million euros, but there are few if any signs of people anxious to empty out their mattresses and bring their savings “up to date”.
Roughly half of the “missing” pesetas are believed to be in coins, and have probably disappeared forever, but that still leaves another 819 million euros in deteriorating peseta banknotes which must surely be of some value to their holders!
There are still people changing peseta notes at the Banco de España – other banks no longer perform this service – but only at the rate of approximately a million euros month. At that rate it would take another 134 years for all of the money to be cashed in, or 68 years for the banknotes, although the bank estimates that around 45 per cent will never be handed in due to deterioration or loss of the banknotes, their being held as collectors’ items and tourists having taken them home in the past.
However, if anyone is still concealing a peseta hoard, or believes that there is one hidden in the attic or buried in the garden, this is definitely the time to try and dig it out!
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