2. History of the Peseta The peseta – Curreny of Spain (1869-2002) Spain joined Latin Monetary Union in 1868 Political turbulence seperated the LMU Spain joined Bretton Woods System Monetary system to rebuild economies after WWII Peseta was replaced with the Euro in 2002
3. Subunits and Conversions Subdivided into 100 céntimos or 4 reales Subunits out of circulation by 1970s The peseta = 4.5 grams of silver or 0.290322 gram of gold during LMU Bretton Woods System: 60 pesetas = 1 dollar In 1967, peseta value dropped; 168 pesetas = 1 dollar
4. Current Spanish currency Spain uses Euros currently Euros were first used in Spain in 2002 This currency is used in 16 out of 27 countries in Europe The Euro is the second most traded currency in the world after the U.S dollar
5. Exchange rate In finance, exchange rates between two currencies specifies how much one currency is worth in terms of the other The current exchange rate of the Euro for a U.S. dollar is –1 Euro = 1.5092 U.S. dollars or1 U.S. Dollar = 0.6619 Euros
