Note: This currency has been replaced by the Euro.
Overview
The official currency of Spain from 1869 to 2002 was the Spanish Peseta. The Peseta was also used by Andorra. An interesting fact about the Peseta is that there was no single symbol used for it. In 2002 the Spanish Peseta was replaced by the Euro.
Economy
Spain is the fifth largest economy in Europe and the 12th largest in the world. In recent years the economy has grown rapidly due to the global real estate boom.
The main industries are tourism, textiles, beverages and food, chemicals, shipbuilding, machine tools, automobiles, metal manufacturers, and metal.
Export products are chemicals, motor vehicles, machinery, consumer goods, pharmaceuticals, electronic devices, food stuffs, and ships.
Import products are consumer goods, food stuffs, machinery, equipment, chemicals, fuels, and semi-finished goods.
The unemployment rate is estimated at 21% and GDP at 0.8%.
The export and tourism industries are experiencing steady growth.
History
In 1869, Spain discontinued the Escudo and introduced the Spanish peseta. Spain was already part of the Latin Monetary Union, which was established in 1868. The silver and gold standard laws applied.
After 1873, the silver standard dissolved and only the gold standard law applied. The Latin Monetary Union broke up in 1927.
In 1959, Spain joined the Brentwood system. The Peseta was pegged to the US Dollar at 60 Pesetas = 1 USD. However, in 1967 the Peseta began to devalue along with the British Pound, and a new rated was established of 70 Pesetas = 1 USD.
In 2002, the Euro replaced the Peseta. At that that time the exchange rate was 166.386 Pesetas = 1 Euro.
