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Some 1.6 billion euros of old pesetas still not handed in and time is running out

Some 1.6 billion euros of old pesetas still not handed in and time is running out
  • Notes and coins of the former Spanish currency can only be swapped to euros before the end of 2020

The Spanish peseta may have been consigned to history in 2002 with the introduction of the euro, but a regular report that monitors the old notes and coins from the Banco de España says that in July people still had 268.5 billion pesetas (1.66 billion euros) in kitchen drawers and down the back of sofas, or much of it may have been lost forever.

Last year only 10 million euros worth was handed in to the central bank to be swapped into euros, mostly notes, and a tiny amount compared to what is missing.

Experts say that factors behind the missing money may include coins and notes that went home with tourists as souvenirs and collectors. The official deadline to swap at a branch of the Banco de España is December 2020.