Having recently arrived in Spain, I was chatting with friends about money when a question popped into my head: which bank actually prints the euros we use every day? I’ve never seen a CaixaBank or Santander logo on a banknote, haha.
After some research, I figured it out. It turns out that the design of euro banknotes is standardized and decided by the European Central Bank. However, the actual printing and issuance are delegated to the national central banks of each Eurozone country. So, in Spain, the institution responsible for this is the renowned Bank of Spain (Banco de España). (Yes, the same one from the Bank of Spain heist series!)
Anyone who has passed through the center of Madrid has surely seen its magnificent building. The Bank of Spain does more than just print money; it’s the bedrock of the entire Spanish financial system. It’s responsible for regulating other commercial banks, maintaining financial stability, implementing the European Central Bank’s monetary policies, and more. Although we can’t just walk in to deposit or withdraw money like we do at CaixaBank, it’s deeply connected to our finances.
The Peseta Era Before the Euro
Speaking of banknotes, we have to mention Spain’s former currency—the Peseta. Before the euro was fully introduced in 2002, this was what Spaniards used. Back then, the Pesetas were independently designed and issued by the Bank of Spain, featuring portraits of various Spanish historical figures, monarchs, and artists, which gave them a unique character. For instance, I’ve seen a 1,000 Peseta note with the writer Benito Pérez Galdós, and another with the painter Velázquez. They were like miniature works of art.
How to Identify a Banknote’s “Nationality”?
Although all euro banknotes look the same now, there’s still a way to tell which country printed a specific note. The secret lies in the serial number on the front. Each country’s serial number starts with a specific letter. Want to know the ‘nationality’ of the euro in your hand? Check out the table below:
| Letter Prefix | Country |
|---|
| Z | Belgium |
| Y | Greece |
| X | Germany |
| V | Spain |
| U | France |
| T | Ireland |
| S | Italy |
That’s right, if you see a euro with a serial number starting with V, it was issued into circulation by our central bank in Spain—the Bank of Spain. Why not take out your wallet now and see if you can find any “Spanish-made” euros? It’s quite interesting! It might even remind you of Money Heist.
