If you keep coins in a jar at home or carry them in your pocket, beware! Since February of this year, several euro coins have been withdrawn from circulation by the Bank of Spain.
Do you know what it is and why? Here we explain it to you.
Euro currencies affected by withdrawal
Coins that are no longer accepted as a means of payment in Spain are 1, 2, 5, 10, 20 and 50 cent coins minted before 1999, 1 euro coins minted before 2002 and 2 euro coins minted before 2004.
These coins are no longer valid due to a Bank of Spain regulation that seeks to prevent fraud and ensure the quality of money in circulation.
Why were these coins retired?
The main reason behind this decision is to combat counterfeiting. Older coins are more susceptible to counterfeiting and show greater wear, making them more difficult to verify and use securely in transactions.
The Coinage Regulation Act stipulates periodic reviews to withdraw from circulation those coins that do not meet standards of quality and authenticity.
What do you do if you have these coins?
If you find any of these coins in your possession, don’t worry. You can take them to any bank where they are obligated to accept them and exchange them for new coins.
For many people, especially seniors, this can be a challenge as they tend to rely on cash for everyday transactions.
However, it is part of a broader effort to modernize and secure Spain’s monetary system. In addition, the measure encourages the use of safer and more efficient payment methods, such as debit and credit cards, and electronic transactions.
The withdrawal of these currencies can be seen as a step towards reducing cash in the economy, in line with the global trend towards digitizing payments. However, it is not about eliminating physical cash completely, but rather about ensuring that the money in circulation is safe and of high quality.
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