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Spain and the euro

Spain joined the European Union in 1986 and was in the first-wave countries to adopt the euro on 1 January 1999.

Spain at a glance

Surface area: 505 370 km2
Population: 45 853 045 (Eurostat 2009)
Joined the European Union: 1 January 1986
Currency: Euro since 1 January 1999 (formerly Spanish peseta, ESP)

Euro information

Status: Euro-area member since 1 January 1999

Fixed conversion rate: €1 = 166.386 ESP

Adoption of the euro: The euro banknotes and coins were introduced in Spain on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Spanish peseta and the euro had legal tender status – ended on 28 February 2002.

Exchange of former national currency: The Banco de España (national central bank of Spain) continues to exchange peseta notes and coins for an unlimited period.

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