Currency in Europe's obsolete (4)

I believe the answer is:

peso

'currency' is the definition.
(I have seen 'Mexican currency' mean 'peso' so perhaps 'currency' could also mean 'peso')

'in europe's obsolete' is the wordplay.
'in' indicates the answer is hidden within the clue.
'PESO' is hidden in the letters of 'europes obsolete'.

(Other definitions for peso that I've seen before include "Foreign currency" , "Unit of Mexican money" , "Latin American money" , "Manuel's fiver" , "ready for Mexican" .)

I've seen this clue in The Guardian.

Want a hint initially instead of a full solution? Install my app