What does the cryptic crossword clue "Exercise prepared with a former currency (6)" mean?

The definition is "former currency". The wordplay uses a charade (building blocks). PE (abbreviation="Exercise") + SET (synonym="prepared") + A (from clue) = PESETA; definition: "former currency" The answer is PESETA.

Exercise prepared with a former currency (6)

Daily Mail Cryptic #17215 | 23 Down | 2023-10-26 flower

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