The aim of the presentation is to give a picture of the main aspects of the coin cycle and its particularities in the case of Spain. The intention is to start with a view on common issues in the “coin world” that are shared by a significant number of countries, like increasing productions, hoarding, low returns or underestimation of lower denominations. Some figures willl be provided to illustrate these phenomena.

A specific study to get a better knowledge of the coin cycle has been conducted by Banco de España; the main conclusions of which will be presented. In that study, the coin cycle was divided into three phases, and some barriers were identified in each one of them. As a result, a bundle of measures are being initiated with the idea of improving the situation acting on all the phases of the cycle simultaneously.

Finally, a review of the first results achieved will be given.