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"The peseta (ISO 4217 code: ESP, standard abbreviation: Pta., Pts., or Ptas., symbol: ₧ (rare)) was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra (which had no national currency with legal tender). It was subdivided into 100 céntimos or, informally, 4 reales, but these subunits were completely out of circulation by the 1970s. The name is believed to have been derived from the Catalan word peceta, meaning little piece (i.e., the diminutive of peça, -eta being the usual feminine diminutive). However, it is also possible that the name is the diminutive of peso, an already-existing currency whose name derives from a unit of weight; this is consistent with such other currencies as the British pound. Peseta is also the term used in Puerto Rico for a U.S. quarter-dollar coin. The peseta was introduced in 1869 after Spain joined the Latin Monetary Union in 1868. The Spanish Law of June 26, 1864 decreed that in preparation for joining the Latin Monetary Union (set up in 1865), the peseta became a subdivision of the peso with 1 peso duro = 5 pesetas. The peseta replaced the escudo at a rate of 5 pesetas = 1 peso duro = 2 escudos. The peseta was equal to 4.5 grams of silver, or 0.290322 gram of gold, the standard used by all the currencies of the Latin Monetary Union. From 1873, only the gold standard applied. The political turbulence of the early twentieth century caused the monetary union to break up, although it was not until 1927 that it officially ended. In 1959, Spain became part of the Bretton Woods System, pegging the peseta at a value of 60 pesetas = 1 U.S. dollar. In 1967, the peseta followed the devaluation of the British pound, maintaining the exchange rate of 168 pesetas = 1 pound and establishing a new rate of 70 pesetas = 1 U.S. dollar. The peseta was replaced by the euro in 2002, following the establishment of the euro in 1999. The exchange rate was 1 euro = 166.386 pesetas." — Spanish peseta at Wikipedia
