This meant that a person from any of the countries of the European Union could now travel into Spain without worrying about currency exchange.
Prior to the year 2002 Pesetas was the Spain Currency.But that was a thing of the past and since 2002 it has been Euro that is the official money currency used in Spain.
However, although Euro is the official currency, there are people in Spain, specially of the older generations, who still feel comfortable to transact money in terms of the old Spain Currency,Pesetas. It is in some parts of rural Spain that prices are still mentioned in Pesetas but finally are always paid in Euro.
The exchange rate is 1 Euro=166.386 Pesetas.Pesetas, the old Spain Currency lost its legal tender status in Spain on the 1 st of March 2002 but the Pesetas notes and coins that were legal tender on the 31 st of December,2001 remains indefinitely exchangeable in any of the Central Bank branches.
Currency used in Spain which is Euro, like many of the countries of the European Union,One Euro values up to 1.3491U.S dollars. Notes with denominations of five, ten, twenty, hundred, two hundred and five hundred Euros are available in the market.
The coins in the Spain Currency of Euro start with a 1 cent piece and ends with a 2 Euro piece. On the denomination side of the Spanish (Euro) coin is the same for all European countries but the image on the face side of the coin varies according to the country of the European Union that is using the coin.