Destroying money

Spain´s National Coin and Stamp Factory has just finished destroying 6.6 billion peseta coins, which of course have been replaced by the euro. Eleven large warehouses were required, each with police protection and convoys. The coins still have legal value, so it also was necessary to weigh the metallic piles before and after destruction, to make sure that no (or not much!) theft had occurred. It is estimated that over two billion euros worth of the old currency remains in the form of dormant coins. Pesetas can be exchanged for euros indefinitely.

Spain is the first country to complete the destruction of its own currency. Yet the Bank of Spain estimates that forty percent of all Spaniards still calculate in terms of the old monetary unit, especially for large transactions.

The destroyed coins will be turned into car parts, cutlery, medals, and new coins.

From El Pais, no link available.


Comments for this post are closed