Coins are subject to constant renewal, and each month coins that have become deteriorated or unfit for commercial use are withdrawn from the market. In 2023, Spain withdrew more than 26,000 copies, according to the decree. ETD/647/2023 Published by the Official State Gazette (BOE).
The affected coins, which include denominations of 1, 2, 5, 10, 20 and 50 cents, as well as 1 and 2 euros, have been removed under the Coin Regulation Act. This legislation limits which specimens can continue to be in circulation and removes coins that do not comply with the authentication process.
According to applicable regulations, withdrawn coins will be those that are in poor condition with visible defects on the back or back, and coins considered counterfeit will also disappear.
Coins that are not approved by the Bank of Spain will be destroyed immediately, and on the other hand, coins that display errors and do not comply with the rules must undergo a demonetization process so that they cannot be used.
However, to ensure the authenticity of the coins, the Bank of Spain imposed an obligation to evaluate samples from the main entities offering money to the public.
What do you do with the withdrawn currencies?
This demonetization process raises questions for citizens whose currencies were affected by this renewal. However, there are different options on the table.
People who hold these currencies can hand them over to banks, as financial institutions have to accept them. Another possibility is to keep it as a souvenir and keep it at home. Many people collect them, and over time they can gain enormous value.
However, the process does not end with the withdrawal of coins. The General Directorate of Treasury and Fiscal Policy announced that it will use materials generated from demonetisation to create new models. An auction will also be held for new copies that are still not fit for commercial use. The funds generated from this procedure shall be allocated to the public treasury.
The government wants to reduce fraud and prevent possible frauds with fake money through these measures. Coins and banknotes are subject to strict control and society is becoming more aware.
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