Banknotes and coins

Banknotes and coins Contents

On 1 January 2002, the euro went into circulation, replacing Spanish banknotes and coins. The Governing Council of the European Central Bank (ECB) decides on the volume of euro banknote production each year and approves the maximum volume of coins each country can issue. Putting banknotes and coins into circulation is the responsibility of the different national central banks.

Since the arrival of the euro, the face value and number of banknotes in circulation has increased continuously, among other reasons because cash, as a means of payment, has some unique characteristics:

  • It is the most widely usable and fastest payment instrument for retail transactions and it is the most important contingency payment instrument.
  • For small transactions, its cost is lower than that of electronic means of payment.
  • It is available to all and enables people to make payments when they have no bank account, have limited access to a bank account or cannot use electronic means of payment.
  • It enables people to control their spending better.
  • It is safe from fraud and difficult to forge.
  • It keeps its value.

This section provides you with information on the euro banknotes and coins, as well as information of interest on the peseta.

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