Since this month of February some euro and cent coins will no longer be in circulation and they cannot be used as a means of payment, as stated by the Bank of Spain in the Official State Gazette (BOE). For this reason, we reveal what are the affected currencies and what to do if I have one of them.
Although it is a decision that was known for months, the Bank of Spain made it official through the BOE published on December 23. The document establishes the new Law 31/2022 on General State Budgets for the year 2023.
Along these lines, in the second final provision after the Modification of Law 10/1975March 12, on Regulation of Metallic Currencythe effects that these changes will produce are communicated, especially to people who do not have bank accounts or who continue using cash to make payments.
The affected currencies
In short, the coins that have been withdrawn, and that the BOE registers, are the coins of 1, 2, 5, 10, 20 and 50 cents minted before 1999.
On the other hand, the 1 euro copies minted before 2002 and all of 2 euros minted before 2004. All these currencies will no longer be accepted in establishments as a payment method, says the official document.
The reasons for the measure
The application of this measure has created various theories. For example, that the progressive withdrawal of cash from the country’s economy is due to the increased use of electronic payment methods such as the card, whether physically or on the mobile phone, or online payments. Although this would directly affect the older user who still uses cash and does not end up adapting to the technology.
However, in the case of Spain the reasons point to the Metallic Currency Regulation Law. This law aims to: prevent scams and fraud related to coins in poor condition, counterfeit or defective. For this reason, the coins in circulation are periodically reviewed and those that do not meet the established authenticity and quality standards are removed.
What to do if you have any of the coins?
For the user who has one of these copies, the question arises as to what to do with these coins? As specified in the order of the BOE, ETD/647/2023, of June 14who own any of the pieces mentioned above You must go to your bank to exchange it for a valid one.
Another alternative is to keep the coin for collecting. Usually, withdrawn coins tend to acquire a great value in the currency market. numismatics.