Press room

Banknotes and coins

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

  The Banco de España will change pesetas into euros for an unlimited period, and there is no charge.

  You can find more information at 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.

  More information about exchanging coins for euros

• Does the Banco de España carry out foreign exchange?

  In general, no, 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 since that date 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 how many banknotes and coins to produce 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 authorises 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 put a particular banknote into circulation, particularly since 2003, when production started to be decentralised 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, as the notes could be put into circulation or "recirculated" by the 12 central banks regardless of the country that originally produced them.

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

  Making copies of all or part of a euro banknote is authorised in the following cases:

  • copies printed on only one side, as long as their length and breadth is more than 125% or less than 75% of the length and breadth set for each note in Article 1 of the European Central Bank Decision ECB/2003/4, of 20 March 2003;
  • copies printed on both sides, as long as their length and breadth is more than 200% or less than 50% of the length and breadth set in Article 1 of the European Central Bank Decision ECB/2003/4 for each banknote;
  • copies 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;
  • copies of one side 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;
  • copies 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 copies available electronically via the Internet, via cable, wireless or other means, giving the public access to them whenever and wherever they choose, as long as any electronic copy in the banknote's original size is not in excess of 72 dpi (dots per inch) and bears the word SPECIMEN diagonally across the copy in Arial or similar font, covering at least 75% of the length of the copy and at least 15% of its width. The word SPECIMEN must be in an opaque colour that contrasts with the dominant colour of the copied banknote.

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

  In terms of coins, previous authorisation must be requested from the Directorate General of the Treasury and Financial Policy before making copies of any coin.

• 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 pulped and made into pressed paper cylinders called briquettes, which are later buried in controlled landfill sites.

  The 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 propellors of boats, for example.

• Is there a maximum limit to 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 limit of 50 coins per payment 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 in payment?

  Section two of Article 3 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. This means that 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, in line with Article 7 of the Civil Code, it must be noted that these rights must be exercised in line with the requirements of good faith, meaning that euro banknotes must be used relative to the actual cost of the service that is being paid for, but the use of certain denominations for making a payment may never be simply rejected out of hand.

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

  Euro banknotes incorporate an extensive range of very advanced security features, which give them the same level of protection, or greater protection, against counterfeiting than the old national banknotes. The security features mean it is possible to check the banknotes' authenticity quickly and easily so that any person, without having to look very hard, can distinguish fake notes from genuine ones.

  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 to analyse counterfeit notes, and all the 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 both technological developments in printing and copy, and 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 the higher denomination banknotes have different security features from 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 stripe and the iridescent stripe are used in lower denomination notes.

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

• How can you recognise fake euro notes?

  The motto for checking whether a banknote is genuine is: "Touch, look and turn". 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 the public, experts and machines that accept banknotes.

  The European Central Bank and the 12 national central banks carried out an information campaign focusing on these security features, so that everybody would be able to recognise 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 any banknotes and coins they have received that "are obviously counterfeited or that they have good reason to believe to be fake" without delay, 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 one million euros.

  If a member of the public has a banknote they suspect to be fake, they can check its validity 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 anything, 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 minted their own coins with their corresponding national head?

  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 head. These coins, like those of the 12 countries of the Monetary Union, are valid throughout the entire euro area.

  You can find more information at the following link: Euro coins of each country .

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

  Renewing the design of the euro banknotes is an option that will have to be discussed when a new issue is being prepared, but there is still no fixed date for this.

  In terms of coins, national governments can change the design of the heads on the 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 present his or her DNI (national identity card) if paying with a 100 euro banknote or higher denominations?

  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.

• Frequently asked questions from ECB website