It was replaced by the euro (€) in 1999 on currency exchange boards. Euro coins and notes were introduced in January 2002, and since March 1, 2002, the peseta is no longer legal tender in Spain and Andorra. The exchange rate was 166.386 pesetas to the Euro
The name was derived from the Catalan word "peceta", meaning "little piece" (diminutive of "peça").
At the time of the changeover to the Euro, the following coins were being produced [1] (http://www.bde.es/billemone/peseta/ultemisioe.htm):
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 silverpeseta weighed approximately five grams and maintained the 1:15.5 bimetallic ratio with gold: in 1870, 100-peseta goldcoins weighing 32.15g and five-peseta silvercoins weighing 24.86g were struck.
Moreover, the pesetasilver 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.
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.
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