The peseta was introduced to prepare Spain to join another European single currency - the Latin Monetary Union set up in 1865. The peseta - formerly a subdivision of the peso - did not, however, join the group in the end due to a rise in gold prices.

When Spain descended into civil war in the 1930s, so did the peseta, splitting into the Nationalist and Republican peseta. The Nationalists refused to accept the Republicans' coins, which included the first ever pesetas made with non-precious metal.

After the end of the war, all remaining silver coins were taken out of circulation and notes issued by the Bank of Spain became legal tender. But inflation under Franco's dictatorship was high and the economy unstable forcing a devaluation in 1967.

Against this background it is perhaps not surprising that support for the euro rides high in Spain, with 68% in favour of it. Spain's euro coins will pay tribute to its history, depicting Christopher Columbus as well as some of the country's architectural landmarks.

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