Every coin brings along with itself a small and particular piece of history. Coins have been exceptional witnesses, means of expression, vehicles of ideologies of each one of the episodes that form the history of a country, constituting a valuable and priced treasure, of much greater value than the motif stamped on the reverse.
Year created
On October 19, 1868, the peseta came into being as the monetary unit by virtue of a decree passed by the Provisional Government after Isabel II was overthrown. This Government decided to centralize the entire currency production in the old Madrid Mint, the beginning of what is today the FNMT-RCM. Since then the Fábrica has minted each and every one of the peseta coins that have circulated up until the advent of the Euro.
Each peseta encloses within its tiny proportions the history, the politics, the religion, the economy and the art of the instant in which it was minted. The peseta houses 134 years of concentrated Spanish history.
Name
The choosing of the name was mainly due to its familiarity of use. Some denominations such as "maravedi", "real", "escudo", etc. got buried under the term peseta, commonly used during the reign of Isabel II. It also seems that in Catalonia pesetas had circulated since before the War of Independence.
First coins
On one side
The first coin minted in 1869 was the unit. It came into being bearing the legend "Gobierno Provisional" on the obverse, instead of "Spain", which text would show on the subsequent mintings and on the silver coins. The motif chosen was the personification of Hispania resting on the Pyrennees inspired by the coins of the Emperor Hadrian. The bronze coin, on the other hand, represented Spain as a matronly figure sitting on the rocks. Both were magnificently engraved by Luis Marchionni, who, from 1861 held the position of principal engraver to the Casa de la Moneda (the Royal Madrid Mint).
And on the other
The reverse of the silver coin bore the Spanish coat-of-arms. The bronze portrayed the figure of a rampant lion holding aloft this coat-of-arms. This image gave rise to the popular denomination of "perra gorda" (ten-centime piece) or "perra chica" (five-centime piece), since people saw a dog where there was supposed to be a lion. After an international competition, three different sketches were extracted that served as inspiration for the definitive model by Luis Marchionni.
Iconography
Throughout the lifetime of the peseta as a monetary system, the design has evolved marked by the impressions of each moment and in very different directions.
From the start
In accordance with what was established in 1869 the Spanish national coat-of-arms is kept for the reverse, modifications being added over time. On the obverses the presence of Hispania was replaced by the royal effigy.
The Second Republic marked a break in the typology, as motifs were introduced of a republican inspiration in keeping with the status of the new government. On occasions the models were issued in a poorly finished condition due to the pressing need to get them minted.
The coming to power of General Franco involved a turning point in this respect, with the introduction of a portrait modeled in 1947 by Benlliure and adapted by Manuel Marín. The portrait of the mature Franco is by Juan de Avalos.
To the present day
Under the democracy the sizes and values were adhered to while bringing in the likeness of King Juan Carlos I in addition to the Royal Coat-of-arms. However, since 1990 the types were renovated every year in the pursuit of a commemorative intention that put an end to the exclusively monarchical tradition and gave way to cultural, artistic or local motifs.
Values
The fourteen values originally anticipated would not materialize until the reign of Alfonso XIII, when the precious metals were replaced by new metals and alloys, causing the loss of parity between the intrinsic and the nominal values. Even so, the mintings in gold were maintained until 1904 and those in silver to 1933. The latter gave way to the yellow Peseta made of brass and popularly known as "la rubia" (the blonde one). From that moment on the mintings have been based on copper, aluminum and nickel, and the designs have combined all kinds of alloys and sizes.
In parallel, and for purely economic reasons that add interest for collectors, collector coins continue to be minted in previous metals. The symbolic act of the last minting of the 100-peseta coin constitutes the end of the history of the peseta, its comings and goings, the heads and the tails of the beloved coin.
