Time Period: 1480-1772

Timeline

13.06.1497
Royal Decree [Pragmática de Medina del Campo], reformed the currency system with three base coins; effective immediately (?):
- Maravedí at 408 pieces to the Castilian mark billon
- Silver: Real at 67 pieces to the Castilian mark silver 11¹⁄₆ deniers
- Excelente at 65⅓ pieces to the Castilian mark gold (23¾ carats)
- Value ratio: Real = 34 Maravedí, Excelente = 375 Maravedí.
??.??.1537
Decision of the Imperial Council [Petición 104 des Cortes, Valladolid], redefines the gold coinage; effective immediately (?):
- Escudo at 68 pieces to the Castilian mark gold 22 carats
- Value ratio: Escudo = 350 Maravedí
14.10.1686
Royal Decree [Pragmática de Madrid], reformed the currency system; effective immediately (?):
- Introduction of the "New" Real (de la plata nueva) as accounting unit at 10 "New" Real = 8 Real
- Maravedí at 204 pieces to the Castilian mark billon and 74 pieces to the Castilian mark pure copper
- Real (de la plata vieja) at 67 pieces to the Castilian mark silver 11¹⁄₆ deniers
- Escudo at 68 pieces to the Castilian mark gold 22 carats
- Value ratio: Real (de la plata vieja) = 42½ Maravedí, Real (de la plata nueva) = 34 Maravedí, Escudo = 646 Maravedí.
1700-1772
Further reforms of the coinage:
18.09.1728: Revision of the value ratio: Real (de plata) = 80 Maravedí, Real (de vellón) = 34 Maravedí ("de la plata vieja" became "de plata", "de la plata nueva" became "de vellón")
- 16.07.1730: Weight reduction of the silver coins to 67 Real (de plata) to the Castilian mark silver 11 deniers
- 16.05.1737: Revision of the value ratio: Real (de plata) = 85 Maravedi, Real (de vellón) = 34 Maravedí

Time Period: 1772-1864

Currency: Spanish Real

Transition
-
Sub-units
Real (de vellón) / 34 Maravedí (1772-1848)
Real / 100 Cents (1848-1864)
ISO4217
none

Timeline

29.05.1772
Royal Decree [Pragmática de Aranjuez], reformed the currency system; effective immediately:
- Maravedí at 74 pieces to the Castilian mark copper
- Real (de plata) at 68 pieces to the Castilian mark silver 10⁵⁄₆ deniers
- Escudo at 68 pieces to the Castilian mark gold 21⁵⁄₈ carats
- Value ratio: Real (de plata) = 85 Maravedi, Real (de vellón) = 34 Maravedí, Escudo = 16 Real (de plata) = 40 Real (de vellón).
??.??.1772
Start of coinage exchange:
- ??.??.1772: Start of issuance of the reformed coinage
- 30.05.1778: Demonetization of the pre-reform coinage (originally on 30.05.1776), but could not be implemented
21.03.1786
Weight reduction of the gold coins to 68 Escudos to the Castilian mark gold 21 carats
05.09.1808
Rating of French coins (during the Napoleonic rule):
20 French Francs (AU) = 75 Spanish Reals (de vellón)
5 French Francs (AG) = 18¾ Spanish Reals (de vellón)
04.05.1821
Ordinance on the unification of the Spanish coinage:
- Abolition of the "Real de plata", all denominations expressed in "Real" (the "de vellón" suppressed)
- Abolition of regional accounting systems (e.g. in Catalonia); effective immediately
20.08.1824
Demonetization of the pre-1772/1786 coinage and exchange as bullion at 3'040-3070 Reals per Castilian mark fine gold und 181-182½ Reals per Castilian mark fine silver
15.04.1848
Royal decree on the adjustment of the gold and silver coinage; effective immediately:
- 31.05.1847: First decree with coin weights in metric units (Doblón of 100 Reals at 8.645 grams gold 0.900 and Duro of 20 Reals at 25 grams silver 0.900), could not be implemented as the gold-to-silver ratio of 14.459 was too low
- 07.01.1851: Ordinance on the suspension of the gold coinage; effective immediately
03.02.1854: Royal decree on the lowering of the gold-to-silver ratio; effective immediately

Valuation Regimes

1772-1864
Metallic currency based on circulating gold and silver coins. Base weight was the Castilian mark / 8 Onzas / 8 Octavos / 72 Granos at 230.047 grams.

Rate Arrangements

29.05.1772
Metallic
Real: 190.52mg AU fine & 3'054.13mg AG fine
68 Escudos of 16 Reals (de plata) to the Castilian mark gold 21⁵⁄₈ carats and 68 Reals (de plata) to the Castilian mark silver 10⁵⁄₆ deniers => AU : AG = 16.031
21.03.1786
Metallic
Real: 185.01mg AU fine & 3'054.13mg AG fine
68 Escudos of 16 Reals (de plata) to the Castilian mark gold 21 carats and 68 Reals (de plata) to the Castilian mark silver 10⁵⁄₆ deniers => AU : AG = 16.508
04.05.1821
Metallic
Real: 74.00mg AU fine & 1'221.65mg AG fine
68 Escudos of 40 Reals to the Castilian mark gold 21 carats and 170 Reals to the Castilian mark silver 10⁵⁄₆ deniers => AU : AG = 16.508
15.04.1848
Metallic
Real: 75.03mg AU fine & 1'183.10mg AG fine
Doblón of 100 Reals at 167 Castilian grains gold 0.900 and 175 Reals to the Castilian mark silver 0.900 => AU : AG = 15.771
03.02.1854
Metallic
Real: 75.48mg AU fine & 1'168.20mg AG fine
Doblón of 100 Reals at 168 Castilian grains gold 0.900 and Duro of 20 Reals at 520 Castilian grains silver 0.900 => AU : AG = 15.476

Time Period: 1864-1869

Currency: Spanish Escudo

Transition
1 : 10
Sub-units
Escudo / 100 Cents
ISO4217
none

Timeline

26.06.1864
Royal decree on the introduction of the new currency unit (with weights expressed in metric units); effective immediately
??.??.1864
Start of coinage exchange:
- ??.??.1864: Start of issuance of the reformed coinage
- The previous coinage was not withdrawn.

Valuation Regimes

1864-1869
Metallic currency based on circulating gold and silver coins.

Rate Arrangements

26.06.1864
Metallic
Real: 754.83mg AU fine & 11'682.00mg AG fine
Doblón of 10 Escudos at 8.387 grams gold 0.900 and Escudo at 12.980 grams silver 0.900 => AU : AG = 15.476

Time Period: 1869-1998

Currency: Spanish Peseta

Transition
5 : 2
Sub-units
Peseta / 100 Cents
ISO4217
ESP

Timeline

19.10.1868
Royal decree on the adoption of the bimetallic standard of the Latin Monetary Union; effective immediately
05.02.1869
Start of currency exchange:
05.02.1869: Start of issuance of the new banknotes and coins
- 31.12.1875: Demonetization of the former currency (the original date of 31.12.1870 could not be kept)
26.07.1908
Law for the demonetization of the silver 5 peseta piece
13.11.1936
The nationalist rebel government in Burgos starts issuing distinct paper money and coins.

Valuation Regimes

1869-1883
Metallic currency based on circulating gold and silver coins, convertibility was suspended on ??.??.1883
1883-1937
Variable rate
1937-1948
Fixed rate against US Dollar
1948-1959
Nominally fixed rate against US Dollar with a multiple (fragmented) exchange rate structure, created by an ordinance of the Ministry of Industry and Trade of 03.12.1948.
1959-1974
Fixed rate against US Dollar
1974-1998
Variable rate

Rate Arrangements

19.10.1868
Metallic
Peseta: 290.32mg AU fine & 4'500.00mg AG fine
3'100 Pesetas to the kilogram gold 0.900 and 200 Pesetas to the kilogram silver 0.900 => AU : AG = 15.500
??.??.1883
Variable
initially: [Gold parity] 290.32mg AU fine
±0.0%
04.01.1937
Fixed
US Dollar at 1 : 8.55
-
??.09.1939
Fixed
US Dollar at 1 : 10.25 [9.90 (buy) / 10.60 (bid)]
-16.6%
??.04.1940
Fixed
US Dollar at 1 : 11.085 [10.95 (buy) / 11.22 (bid)]
-7.5%
03.12.1948
Fixed
US Dollar at 1 : 11.085 (Official rate for non-essential import and exports)
US Dollar at 1 : 13.14 - 27.375 (9 rates for essential imports)
US Dollar at 1 : 12.59 - 21.90 (13-15 rates for essential exports)
±0.0%
07.10.1949
Fixed
US Dollar at 1 : 11.085 (Official rate for non-essential import and exports)
US Dollar at 1 : 15.76 - 39.40 (10 rates for essential imports)
US Dollar at 1 : 13.14 - 28.47 (11 rates for essential exports)
±0.0%
18.10.1950
Fixed
US Dollar at 1 : 11.085 (Official rate for non-essential import and exports)
US Dollar at 1 : 16.425 - 32.664 (7 rates for essential imports)
US Dollar at 1 : 13.14 - 32.85 (12 rates for essential exports)
±0.0%
01.11.1951
Fixed
US Dollar at 1 : 11.085 (Official rate for government transactions)
US Dollar at 1 : 16.425 - 32.55 (5 rates for essential imports)
US Dollar at 1 : 39.64 (rate for non-essential imports)
US Dollar at 1 : 23.673 - 37.875 (5 rates for essential exports)
US Dollar at 1 : 21.90 (rate for non-essential exports)
±0.0%
07.04.1957
Fixed
US Dollar at 1 : 42.135 [42.00 (buy) / 42.27 (bid)]
-73.7%
10.04.1959
Fixed
US Dollar at 1 : 60 - [Gold parity (17.07.1959)] 14.81mg AU fine
-29.8%
20.11.1967
Fixed
US Dollar at 1 : 70 - [Gold parity] 12.70mg AU fine
-14.3%
23.12.1971
Fixed
US Dollar at 1 : 64.474
+8.6%
17.02.1973
Fixed
US Dollar at 1 : 58.026
+11.1%
17.02.1973
Variable
initially: US Dollar at 1 : 58.03
±0.0%

Time Period: 1999-

Timeline

03.05.1998
Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
31.12.1998
Ordinance of the European Council [CELEX 31998R2866], determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
01.01.1999
Start of currency exchange:
- 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the Spanish Peseta of 1 : 166.386
- 01.01.2002: Start of issuance of banknotes and coins denominated in Euro
- 28.02.2002: Demonetization of the banknotes and coins in Spanish Peseta.

End-year Forex Rates (Units per US Dollar)

Year
Code
Ratio
Rate
Delta
Comment
1946
ESP
1
11.09
±0.0%
fixed against USD
1947
ESP
1
11.09
±0.0%
fixed against USD
1948
ESP
1
14.97
-26.0%
(middle rate, average over effective import/export rates)
1949
ESP
1
18.42
-18.7%
(middle rate, average over effective import/export rates)
1950
ESP
1
25.85
-28.7%
(middle rate, average over effective import/export rates)
1951
ESP
1
29.61
-12.7%
(middle rate, average over effective import/export rates)
1952
ESP
1
30.09
-1.6%
(middle rate, average over effective import/export rates)
1953
ESP
1
31.17
-3.4%
(middle rate, average over effective import/export rates)
1954
ESP
1
32.54
-4.2%
(middle rate, average over effective import/export rates)
1955
ESP
1
32.75
-0.6%
(middle rate, average over effective import/export rates)
1956
ESP
1
38.03
-13.9%
(middle rate, average over effective import/export rates)
1957
ESP
1
42.45
-10.4%
(middle rate, average over effective import/export rates)
1958
ESP
1
45.46
-6.6%
(middle rate, average over effective import/export rates)
1959
ESP
1
60.00
-24.2%
fixed against USD
1960
ESP
1
60.00
±0.0%
fixed against USD
1961
ESP
1
59.88
+0.2%
fixed against USD
1962
ESP
1
59.88
+0.0%
fixed against USD
1963
ESP
1
59.87
+0.0%
fixed against USD
1964
ESP
1
59.86
+0.0%
fixed against USD
1965
ESP
1
59.90
-0.1%
fixed against USD
1966
ESP
1
59.92
0.0%
fixed against USD
1967
ESP
1
69.59
-13.9%
fixed against USD
1968
ESP
1
69.72
-0.2%
fixed against USD
1969
ESP
1
69.95
-0.3%
fixed against USD
1970
ESP
1
69.62
+0.5%
fixed against USD
1971
ESP
1
65.90
+5.6%
fixed against USD
1972
ESP
1
63.49
+3.8%
fixed against USD
1973
ESP
1
56.84
+11.7%
fixed against USD
1974
ESP
1
56.11
+1.3%
1975
ESP
1
59.77
-6.1%
1976
ESP
1
68.29
-12.5%
1977
ESP
1
80.91
-15.6%
1978
ESP
1
70.11
+15.4%
1979
ESP
1
66.15
+6.0%
1980
ESP
1
79.25
-16.5%
1981
ESP
1
97.45
-18.7%
1982
ESP
1
125.60
-22.4%
1983
ESP
1
156.70
-19.8%
1984
ESP
1
173.40
-9.6%
1985
ESP
1
154.15
+12.5%
1986
ESP
1
132.40
+16.4%
1987
ESP
1
109.00
+21.5%
1988
ESP
1
113.45
-3.9%
1989
ESP
1
109.72
+3.4%
1990
ESP
1
96.91
+13.2%
1991
ESP
1
96.69
+0.2%
1992
ESP
1
114.62
-15.6%
1993
ESP
1
142.21
-19.4%
1994
ESP
1
131.74
+8.0%
1995
ESP
1
121.41
+8.5%
1996
ESP
1
131.28
-7.5%
1997
ESP
1
151.70
-13.5%
1998
ESP
1
142.61
+6.4%