Imminent changeover to the Euro

The main objective of the 2nd National Plan of the Transition to the Euro:changeover from pesetas to euros, is to establish the basic criteria for the physical institution of notes and coins in pesetas, for notes and coins in euros, which will start circulating as legal tender from 1st January 2002.
Following the Recommendations of the EU Council of the Ministries of Economy and Finance dated 8th November 1999, the double circulation period during which time both pesetas and euros will be used, is reduced from six to two months (from 1st January to 28th February 2002). Therefore, only during this time will it be possible to make and receive cash payments in either currency.
From 1st September 2001, notes and coins will start to be distributed in phases, in order to ensure the availability of euros from the date this currency comes into force.
The peseta will cease to be legal tender from 1st March 2002, but will be exchanged free-of-charge by credit entities and the Bank of Spain.