It was the year 1999, the economic power of the countries in Europe had been growing for the last decades.
It was about time that the governments made an agreement so that these countries were not just geographically close to each other, but also close in the sense of being able to reach each other easily.
So in the 1st of January of 1999 Spain and another 11 countries embraced a new common coin, the Euro. This transition had a big impact on people’s lives, as it meant for them to change the habit of using the Peseta, which had been around for 134 years.
The first step the Spanish Government took in order to change from Pesetas to Euros was to stablish a proportion, 1 euro was exactly 166,386 Pesetas. They tried to make it easier for the Spanish population to get used to the new coins by approving the “Plan Regional de Transición al Euro”.
Finally, we can mention two more important dates for this transition. The 1st of September 2001 the distribution of coins and bills to large financial companies began, and in the 1st of December of the same year began the distribution to the commercial section of the economy.
See you in another post!