Publication: La convertibilidad de la peseta en el siglo XIX
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2006
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Universidad Carlos III de Madrid. Instituto Laureano Figuerola: Centro de Estudios Políticos y Constitucionales
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Abstract
Este artículo presenta una nueva interpretación para una cuestión central de la historia monetaria española. En España, desde el Decreto de Figuerola de 1868, el sistema monetario legal era, y continuó siendo a lo largo de todo el siglo XIX, bimetalista. Como consecuencia de tal sistema el Banco de España, al igual que el Banco de Francia, podía realizar el pago de sus billetes en plata, en oro, o en ambas monedas metálicas. Por ello, en 1883 no hubo ninguna declaración de inconvertibilidad ni el abandono de ningún supuesto patrón oro. La convertibilidad de la peseta, que no puede identificarse exclusivamente con su canje por oro, siempre estuvo asegurada por las leyes y por la jurisprudencia. En España, a diferencia de Italia, Portugal, Austria o Francia, no hubo nunca curso forzoso del billete.
This paper proposes a new interpretation for a main issue of modern Spanish monetary history. The Spanish legal monetary system became bimetallist, as result of the Figuerola Decree, in 1868. The bimetallist system in force throughout the XIXth Century allowed the Bank of Spain, as the Bank of France did, pay its notes with silver, gold or both. As a result there was neither an inconvertibility declaration, nor any imaginary gold standard was abandoned in 1883. Law and legal practice always guaranteed convertibility of the peseta, that can’t be identified only with gold exchange. In Spain there was never a suspension of tender notes convertibility such as in Italy, Portugal, Austria or France.
This paper proposes a new interpretation for a main issue of modern Spanish monetary history. The Spanish legal monetary system became bimetallist, as result of the Figuerola Decree, in 1868. The bimetallist system in force throughout the XIXth Century allowed the Bank of Spain, as the Bank of France did, pay its notes with silver, gold or both. As a result there was neither an inconvertibility declaration, nor any imaginary gold standard was abandoned in 1883. Law and legal practice always guaranteed convertibility of the peseta, that can’t be identified only with gold exchange. In Spain there was never a suspension of tender notes convertibility such as in Italy, Portugal, Austria or France.
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Bimetalismo, Peseta, Patrón oro, Convertibilidad, Billete de banco, Moneda, España, siglo XIX, Bimetallism, Peseta, Gold standard, Convertibility, Banknote, Currency, Spain, 19th century
Bibliographic citation
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Año XXIV, invierno 2006, n. 3, pp. 555-578