|
ECB: A farewell to the peseta (4700 words) |
 | The peseta was most probably chosen to be the Spanish monetary unit in 1868 on account of its similarity to the French franc due to their common origin; this paved the way for it to join the LMU. |
| As with the franc, the silver peseta weighed approximately five grams and maintained the 1:15.5 bimetallic ratio with gold: in 1870, 100-peseta gold coins weighing 32.15g and five-peseta silver coins weighing 24.86g were struck. |
| Moreover, the peseta silver standard was a fiduciary standard and not based on value of content, since the intrinsic value of the metal used in the coins was lower than their face value. |
|
Peseta - Wikipedia, the free encyclopedia (280 words) |
| The peseta is the former currency of Spain and, (along with the French Franc), of Andorra. |
| The peseta (₧) was introduced in the second half of the 19th Century when Spain was preparing to join the Latin Monetary Union. |
| Unfortunately, due to the political turbulences of the early 20th Century the monetary union fade away in the 1920s though was not till 1927 that the union came to an end officially. |
Feeds |
Contact