Outdated Spanish currency to fund COVID-19 vaccine research

Outdated Spanish currency to fund COVID-19 vaccine research

The world is still optimistic about a possible vaccine or an effective cure for the current world pandemic COVID-19, which according to the Worldometer has killed about 663,540 people after the other 16,899,588 people around the world have been infected.

Eyes of hopes are all at Oxford University, which announced last week that the experimental COVID-19 vaccine they were working on in collaboration with pharmaceutical company AstraZeneca when administered to about 1,000 volunteers, showed an immune response.

Like any other country, Spain, which has previously confirmed 28,436 COVID-19 deaths from 327,690 cases, is looking for a vaccine. Like any other research company, the COVID-19 development process requires some funding.

In March, the country registered the second-highest number of new daily cases worldwide, just behind Italy, which forced its government to implement a strict national ban that lasted two months. Regardless, the country still has to surpass the threat of this highly contagious virus.

And in Spain, it’s wise that the outdated currency is now used to fund the process. The Spanish Pela, alternatively known as Peseta, is now supposed to fund the vaccine research process.

The outdated currency has seen part of Spanish history. It was first minted in 1869 as a symbol of a new democratic government that came to power after Queen Isabel II’s fall and has survived turbulent decades into the 20th century, including the Civil War between 1936 and 1939, two short republican periods and the General Francisco Franco’s dictatorship.

When the peseta was finally removed from circulation in 2002 and replaced by the euro, some people decided to keep it as a souvenir. One fellow, Isabel Gonzalez, who set aside 1,700 pesetas equivalent to the current 10.2 euros or 11.8 dollars, donated them for research into COVID-19 vaccines.

However, physically collecting the pesetas is a challenge as they are no longer in circulation and people cannot use bank transfers or online payment methods. So those who collected the donations had to follow an old system path and use money boxes that were used in the past to collect the donations.

They also chose to use traditional donation channels, which include local associations, religious organizations, churches, local businesses, work stations, etc.

Fernandez, who heads the collection, said they should arrange some form of transportation for the higher donations, but most donors have few pesetas in their homes. So will use local area networks.

The Bank of Spain has estimated that there are still pesetas worth €1.6 million ($1.7 billion) lying around in drawers and storage units.

Spain is not the only nation that uses the euro as its currency and in which the outdated currencies can still be exchanged. Some other euro countries, including Portugal, Belgium, the Netherlands, Slovenia, Luxembourg, and Slovakia, continue to accept outdated banknotes except for coins.

Germany, Australia, Ireland, Estonia, Lithuania, and Latvia have no time limits for the exchange.

On the other hand, some countries, including Finland, Cyprus, Greece, France, Italy, and Malta, no longer accept their previous currencies.

Lena Wood graduated from John Carroll University in the year 2002. She born and grown up in Dallas but later she moved to Cleveland for Studying. Lena has written for several major publications including Community Newspapers and News Desk. Lena is a community Reporter and also Covers National Topics.

Tel: +1 216-234-9023
Address: 109 Clark Ave, Cleveland, OH 44109, USA

Share this post