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Currency. The Euro is the official currency of Spain. The Euro was launched in two stages. First, in January 1999, to became the new official currency of 11 EU Member States, replacing the old national currencies -- such as the Spanish Peseta. It was introduced in the virtual form for bank transactions. The second stage, in January 2002, was when the Euro officially appeared in circulation.
The Silver escudo was used from 1864-1869 until it was replaced by the new Spanish currency called the peseta. Each escudo represented a certain value of reales, the previous currency of Spain. Before the euro became the main currency of Spain, the money in Spain was called pesetas. Pesetas were in use from 1869 until the implementation of the euro in 2002.