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Dublin: 13 °C Sunday 21 December, 2014

Spanish town introduces old currency alongside euro to boost economy

The peseta is making a come back in the town of Mugardos, on the north coast of Spain.

Old Spanish money is popular again in one town
Old Spanish money is popular again in one town
Image: John Birdsall/John Birdsall/Press Association Images

A TOWN IN northern Spain has decided to reintroduce the old currency – the peseta – alongside the euro in a bid to boost the local economy.

In Mugardos, a small fishing town in Galicia, shopkeepers are asking anyone with stashes of the old cash at home to come and spend it, according to the BBC.

It is nine years since Spain, along with other EU countries including Ireland, changed their national currency for the euro.

But now more than 60 shops in Mugardos are accepting the old peseta again alongside the euro.

The move is a bid to “encourage purchases in times of crisis,” according to Spanish news agency EFE (subscription).

The initiative began last Tuesday with outlets  ranging from hardware stores to gift shops all participating.

Shopkeepers were said to be sceptical at first but are now hailing it as a great success with reports of people travelling to the village just to spend their old currency that they never managed to convert.

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