Céntimo Céntimo The céntimo (in Spanish-speaking countries) or cêntimo (in Portuguese-speaking countries) was a currency unit of Spain, Portugal and their former colonies. The word derived from the Latin meaning "hundredth part". The main Spanish currency, before the euro, was the peseta which was divided into 100 céntimos. In Portugal it was the real and later the escudo, until it was also replaced by the euro. In the European community "cent" is the official name for one hundredth of a euro. However, both "céntimo" (in Spanish) and "cêntimo" (in Portuguese) are commonly used to describe the euro cent. Céntimo or cêntimo
History of the euro midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002 (having been distributed in small amounts in the previous December). Beginning on 1 January 1999, all bonds and other forms of