With the arrival of the new year, The Bank of Spain has announced that, as of January 1, euro coins that do not pass the authentication process will have to be removed from circulation. This is because the Metallic Currency Regulation law establishes that coins of value that do not pass the authentication process must be delivered to banks for withdrawal from the market.
Therefore, coins that do not pass the Bank of Spain ‘s authentication process will be withdrawn to prevent them from being used for fraud or scams. Companies that deliver money to the public and credit institutions must send these pieces to the highest financial institution in the country to carry out their evaluation.
Those coins that are considered counterfeit will be destroyed and those that are defective will undergo a demonetisation process, which involves destruction through physical deformation.
The coins that go out of circulation in 2024
- Coins of 1, 2, 5, 10, 20 and 50 euro cents that have been minted before 1999.
- 1 euro coins that have been minted before 2002.
- 2 euro coins that have been minted before 2004.
These coins should no longer be accepted as a means of payment in any commercial establishment or in any banking entity, although if the coins are in good condition, it is difficult for merchants to notice the flaws that prevent their circulation.
What to do with coins that go out of circulation
If you have any of these coins, you will have two options:
Deliver them to a bank. Banks are obliged to accept coins that do not pass the authentication process, as long as they are legal tender in Spain.
Keep them as a momentum. Coins that come out of circulation may have sentimental value, but they may also have historical value for some people, so they may choose to keep them as a souvenir. You may have a commemorative euro coin. These coins could reach incalculable value in the future, so pay attention to the coins you have.
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