Press room

Banknotes and coins Banknotes and coins

• What is the limit for cash payments?

  As of 19 November 2012, cash payments are no longer permitted in transactions in which one of the parties is acting as a business or as a professional, for amounts equal to or greater than €2,500 or its equivalent in foreign currency.

  When the payer is an individual who can prove that their tax residence is not in Spain and is neither a business nor a professional, the said amount will be set at €15,000 or its equivalent in foreign currency.

  For the purposes of calculating the amounts indicated in the previous section, the figures of all the possible installments of transactions or payments for the delivery of goods or services will be added up.

  The following are understood as cash payments:

  • National or foreign banknotes and coins.
  • Banker's cheques payable to the bearer, denominated in any currency.
  • Any other physical medium, including electronic media, designed to be used as a means of paying the bearer.

  This limitation is not applicable to payments or deposits with credit institutions.

• Until what date can pesetas be exchanged for euros at the Banco de España?

  The Banco de España will change pesetas into euros until 31 December 2020, free of charge.

  For more information, please visit the following link: Changing pesetas to euros

• Is it possible to change all peseta banknotes and coins?

  As a general rule, all peseta notes issued since 1939 may be changed. Those issued between 1936 and 1939 must be examined by experts from the Banco de España to determine their exchange value.

  In terms of coins, only the most recently minted ones, which came into circulation in 1997, and the 2,000-peseta commemorative coins, may be exchanged.

  Peseta coins that have been altered through an industrial or mechanical process will not be exchanged.

  Further information on exchanging coins for euros

• Does the Banco de España exchange foreign currency?

  The Banco de España does not exchange foreign currency for euros. The agreement between the central banks of the euro area regarding changing the old banknotes of each country only covered the period until 31 March 2002, and until the dates stated in each amendment. Since then, these currencies can only be changed in their respective countries of origin.

  Links to other European Union central banks

• How is a decision made on the number of banknotes and coins to be produced in Spain?

  Since the introduction of the single currency, the Governing Council of the European Central Bank has had the power to decide how many euro banknotes are to be issued each year. The national central banks of the euro area are responsible for putting these banknotes into circulation.

  The ECB also has the exclusive right to approve the total value of the coins issued. Use of coins varies significantly between the different countries of the euro area, meaning that each country must calculate the number of coins required and justify this figure to the ECB, which authorizes the appropriate amount to be issued.

• Is it possible to identify a euro banknote made in Spain?

  Each country in the euro area that manufactures euro banknotes - with the exception of Luxembourg - is assigned a letter that precedes the numbering on the euro banknote it produces (which in Spain's case is V). However, the presence of this letter is not proof of which central bank placed the note in circulation, especially since 2003, when production started to be decentralized and done on a "pool" basis. Since then, each national central bank has been responsible for producing only one or two denominations, which are later distributed among the other central banks.

  The redistribution of "stocks" for logistical reasons and the movement of banknotes around the euro area by tourists make the letter even less significant, since the notes can be put into circulation or "recirculated" by the 17 central banks regardless of the country that originally produced them.

• What are the rules on the reproduction of euro banknotes and coins?

  The reproduction of all or part of a euro banknote is authorized in the following cases:

  • one-sided reproductions, as long as their length and breadth is equal to or greater than 125% or equal to or less than 75% of the length and breadth set for each note in Article 1 of the European Central Bank Decision ECB/2013/10 of 19 April 2013;
  • two-sided reproductions, as long as their length and breadth is equal to or greater than 200% or equal to or less than 50% of the length and breadth set in Article 1 of the European Central Bank Decision ECB/2013/10 for each banknote;
  • reproductions of individual elements in the design of a euro banknote, as long as these are not represented against a background similar to that of a banknote;
  • one-sided reproductions of part of the obverse or reverse of the euro banknote, as long as this is less than one-third of the obverse or reverse of the original banknote; 
  • reproductions made using a material that is obviously not paper, that can be easily distinguished by sight from the material that banknotes are made from; 
  • intangible reproductions available electronically via the Internet, via cable, wireless or other means, which the public may access whenever and wherever they choose, as long as such electronic reproductions in the banknote's 100% size do not exceed 72 dpi (dots per inch) and bear the word SPECIMEN diagonally across the copy. This should be written in Arial or a similar font and should cover at least 75% of the length of the copy and at least 15% of its width, in an opaque colour that contrasts with the dominant colour of the copied banknote.

  A request must be addressed to the Banco de España, and its authorization granted, in order for euro banknotes, coins or images thereof to be used for advertising purposes.

  In general terms, any copies that could be mistaken by the public for authentic euro banknotes are considered unlawful.

  With regard to the reproduction of coins, previous authorization must be requested from the Directorate General of the Treasury and Financial Policy.

• What happens to banknotes and coins that are withdrawn from circulation?

  Banknotes cannot be recycled due to the dyes used to manufacture them. For this reason, once they are withdrawn from circulation they are shredded and made into pressed paper cylinders called briquettes, which are later buried in controlled landfill sites.

  Coins can be recovered for industrial purposes, depending upon the metal alloys they are made from. In the case of the old pesetas, the Casa de la Moneda (national mint) held a public tender, awarding several companies the rights to the metals used in the coins. Once melted down, the one peseta coins are used to produce beer barrels, among other things; the other "white" coins - 10, 50 and 200 pesetas - are used to make cooling pipes; while the "gold" ones - 5, 25, 100 and 500 pesetas - are used to manufacture the propellers of boats, for example.

• Is there a maximum limit on the number of coins that may be accepted in a payment?

  Yes, EU regulations and the Ministerial Order on the minting of Spanish euro coins set the maximum number of coins that a person is obliged to accept in an individual payment at 50. This does not apply to public body cash desks, which are obliged to accept coins without any limit.

• Can a commercial establishment refuse to accept a 100, 200 or 500 euro banknote as payment?

  Article 3, section two of Law 46/1998 of 17 December 1998 on the introduction of the euro, states that euro banknotes and coins shall be the only legal tender in the country. Giving a currency the status of legal tender means that payment of any debt with the physical representation of this currency, in other words, banknotes and coins, cannot be rejected.

  As a result, there is no limitation or legal restriction on the use of euro banknotes. Therefore, prior restriction of the use of certain high-denomination banknotes does not appear to be compatible with the concept of legal tender that the euro has been granted.

  Nevertheless, pursuant to Article 7 of the Civil Code, it should be noted that these rights must be exercised in line with the requirements of good faith, meaning that euro banknotes should be used relative to the actual cost of the service that is being paid for; however, under no circumstances may the use of certain denominations for making payments simply be rejected out of hand.

• Do euro banknotes have the same level of security as the old national banknotes?

  Euro banknotes incorporate an extensive range of highly advanced security features, which confer on them the same level of protection, or greater protection, against counterfeiting than those contained in the old national banknotes. Such security features make it possible to check the banknotes' authenticity quickly and easily, allowing any person to distinguish fake notes from genuine ones in a relatively effortless manner.

  Security features of euro banknotes.

• What measures have been adopted to prevent and combat the counterfeiting of euro banknotes?

  The ECB has created a database to store information about possible counterfeiting, as well as a centre for the analysis of counterfeit notes; all bodies involved in the battle against counterfeiting have access to this information. The ECB works in close collaboration with the European Police Office (Europol), which has been given the mandate to combat the counterfeiting of money, and particularly of the euro, with Interpol and with the European Commission.

  The ECB carefully monitors technological developments in printing and copying, as well as any counterfeit notes detected, which are analysed by the central banks of the euro area and the ECB's Counterfeit Analysis Centre. The aim of carrying out this research into the euro is to safeguard its integrity as a world currency.

• Why do higher denomination banknotes have different security features to lower denomination ones?

  Banknotes of different denominations usually include different security features in order to raise the overall level of protection against counterfeiting. The same practice was adopted for euro banknotes. The hologram and colour-changing dye are used in the notes of higher denominations (€50 and above), and the holographic and iridescent stripes are used in lower denomination notes.

   Security features of €50, €100, €200 and €500 banknotes  (227 KB).

• How can fake euro banknotes be recognized?

  When verifying whether a banknote is genuine, the "Touch, look and turn" motto applies. Euro banknotes have a set of incorporated security features that are very hard to reproduce. Distinguishing between false and genuine euro banknotes should be simple for both the general public and experts, and machines that accept banknotes.

  The European Central Bank and the different national central banks carry out information campaigns focusing on security features, so that everyone is able to recognize genuine banknotes.

  Advice for checking security features in euro banknotes.

• What should you do if you find a fake banknote?

  Credit institutions, bureaux de change and other bodies involved in handling and handing out banknotes and coins to the public are legally obliged to withdraw, without delay, any banknotes and coins they have received that "are obviously counterfeited or that they have good reason to believe to be fake" and to hand them over to the Banco de España. Failure to comply with this obligation is a serious administrative offence and could incur a fine of between €30,000 and €1 million.

  When a member of the public has a banknote they suspect to be fake, they can verify its authenticity at any credit institution, take it directly to any branch of the Banco de España, or send it to:

  Centro Nacional de Análisis (National Analysis Centre)
  Departamento de Emisión y Caja (Cash and Issue Department)
  Banco de España
  Alcalá, 522
  28027 - Madrid

  If you wish to send any items, please visit the following link.

• Does the Banco de España provide numismatic services? Is it possible to buy uncirculated euros manufactured in Spain and collections from other countries in the euro area?

  The Banco de España does not sell uncirculated euro coins manufactured in Spain, nor full collections from other countries in the euro area, to collectors.

• Which countries outside the euro area have adopted the euro and have minted their own coins with their corresponding national side?

  By virtue of agreements signed with the EU, Monaco, San Marino and the Vatican have adopted the euro as their monetary unit and have minted their own euro coins with a representative national side. These coins, like those of the 17 countries of the Monetary Union, are valid throughout the euro area.

  For further information, please visit the following link: Euro coins of all countries.

• Is there any plan to change the design of euro banknotes to take into account other countries joining the EMU? What about the coins? Can national governments change the national sides of their countries' coins as and when they choose?

  The European Central Bank has announced the staggered launch, over a number of years, of a second series of euro banknotes, which will begin with the entry into circulation of the €5 banknote in May 2013. The new banknotes will retain the "eras and styles" design and the predominant colours of the first series, but will have a watermark and hologram showing a portrait of Europa, the character from Greek mythology after whom our continent was named. The Europa series banknotes will incorporate new and improved security features.

  Banknotes from the first series will circulate in parallel with the new ones, but will be gradually withdrawn from circulation, and will eventually cease to be legal tender.

  For more information on the new series of banknotes, please visit the following link: www.nuevos-billetes-en-euros.eu

  National governments can change the design of the national sides of coins once these have been in circulation for four years, in other words, they have been able to do so since 2006.

• Are credit institutions obliged to change high-denomination euro banknotes?

  There is no legal regulation in Spain that requires credit institutions to change high-denomination euro banknotes for others of lower denominations for members of the public. As a result, such exchange operations shall be subject to the terms of the contracts that these credit institutions agree with their clients.

• Can a commercial establishment demand that a customer show his or her DNI (National Identity Card) when paying with a €100 banknote or higher?

  The use of banknotes is not subject to any kind of legal limitation or restriction, which means that imposing conditions on the use of certain denominations by asking people to show their DNI is not compatible with the concept of a currency being legal tender, as is the case of the euro.

• Information on euro banknotes and coins published on the website of the European Central Bank.