February 17th, 2012
07:46 AM GMT
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(CNN) – Ten years after the Spanish currency, the peseta, was phased out, a rural town in Spain has revolted. Against the backdrop of the ailing euro, about 30 shops in Villamayor de Santiago last month began accepting the old currency, which was phased out in 2002 when Spain joined the eurozone.

According to Luis Miguel Campayo, chairman of the local merchant’s association, the move has been especially popular with older clientele, many of whom kept hold of old bills and coins in case the euro failed. "We wanted to persuade them to spend them," he told the Guardian. Shopkeepers have earned more than 1 million pesetas (about $7,900). Shopkeepers exchange the pesetas for euros at the Bank of Spain in Madrid.

The villagers in Spain are not alone. Currencies new and old have sprung up in towns in Italy, the UK, the U.S. and Mexico in the wake of the financial crisis and eurozone debt woes.

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Filed under: BusinessEuropean UnionFinancial crisis

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