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ARCHIVED - Valencia town reintroduces the Peseta to boost sales in local shops
1.6 billion euros’ worth of pesetas must be exchanged by the end of the year before they become worthless
It is now almost 19 years since the euro came into circulation in Spain and most of the rest of the European Union, but with just two and a half months remaining before the Banco de España stops changing old money into the newer currency the peseta is making an unexpected and nostalgic comeback in the town of Paterna, just outside the city of Valencia in the Comunidad Valenciana (Region of Valencia which encompasses Alicante Province, Castellón Province and Valencia Province).
The cut-off date after which the Banco de España will no longer convert pesetas into euros is 31st December this year, but the bank estimates that somewhere there are still around 265 billion pesetas (with a value of 1,600 million euros!) which have not been exchanged. In this context the Multipaterna local business and services association has launched a campaign in which around a dozen local shops will accept pesetas as legal currency (at the established rate of 166.386 pesetas per euro) until the middle of December.
The establishments taking part and hoping to generate extra business through the initiative include ironmongers, a lingerie boutique, opticians, IT outlets, estate agents and a florist’s, all of them accepting payment in pesetas until 15th December. However, anyone holding very old currency should bear in mind that in order to be accepted banknotes must date from after 1939, while only those coins which were still in circulation on 1st December 2002, when the euro began to circulate, are valid.