The Modern Drachma A Guide to Greek Money

The Modern Drachma is a currency that's been in use in Greece since 2002, replacing the old Greek Drachma.

It's pegged to the Euro, which means its value is tied to the Euro's value. The exchange rate is fixed, so you can easily convert between the two currencies.

In Greece, you can find ATMs that dispense euros, but some shops and restaurants may still accept drachmas as payment.

The modern drachma is not a physical currency, but rather a digital representation of the euro in Greece's banking system.

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The modern drachma has its roots in the ancient Greek currency, which dates back to around 700 BC. The original drachma was a silver coin that was widely used throughout the Greek world.

In the 19th century, the modern Greek state was established and with it, a new currency was introduced. The modern drachma was first issued in 1832.

Greece adopted the gold standard in 1833, which led to the introduction of the gold drachma. This marked a significant change in the country's monetary policy.

The gold standard was abandoned in 1939, and the drachma was pegged to the US dollar. This move had a profound impact on the Greek economy.

The drachma continued to be used until 2001, when Greece adopted the euro as its official currency.

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The first issues of banknotes in modern drachma were in denominations of 10, 20, and 50 drachmes. These were soon followed by 100, 500, and 1,000 drachmes by 1956.

The drachma banknotes in circulation at the time of the adoption of the euro included denominations of 50, 100, 200, 500, 1,000, 5,000, and 10,000 drachmes. The equivalent values in euros were €0.1467, €0.2935, €0.5869, €1.47, €2.93, €14.67, and €29.35, respectively.

Here's a brief rundown of the banknotes in circulation at the time of the euro adoption:

The Greek drachma had a wide range of banknotes in circulation before it was replaced by the euro. The first issues of banknotes were in denominations of 10, 20, and 50 drachmes, soon followed by 100, 500, and 1,000 drachmes by 1956.

Banknotes in circulation at the time of the adoption of the euro included denominations of 100, 200, 500, 1,000, 5,000, and 10,000 drachmes. These banknotes featured various notable figures from Greek history and culture.

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Here are the banknotes that were in circulation at the time of the adoption of the euro, with their equivalent values in euros and main colors:

The Greek drachma also had a number of larger denomination banknotes, including the ₯5,000,000 banknote that was introduced during the Axis Occupation hyperinflation period in 1944.

The first coinage in Greece consisted of copper denominations of 1 lepton, 2 lepta, 5 lepta, and 10 lepta. These coins were the foundation of the Greek currency system.

In 1868, Greece joined the Latin Monetary Union, which led to the introduction of new coinage. The new coinage consisted of copper coins of 1, 2, 5, and 10 lepta.

The 5- and 10-lepton coins bore the names obolos and diobolon, respectively. This was a notable change in the Greek currency system.

Cupro-nickel 5-, 10-, and 20-lepton coins were introduced in 1894. This marked a shift towards a more modern and efficient currency system.

No 1- or 2-lepton coin had been issued since the late 1870s. This highlights the changing needs and priorities of the Greek economy.

Silver coins of 1 and 2 drachmae were last issued in 1911. This was a significant development in the history of the Greek currency.

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The value of a drachma is fascinating. In ancient Greece, a skilled worker's daily wage was one drachma, and for a juror, it was half a drachma.

Historians have estimated that a drachma had a rough value of 25 U.S. dollars in the 5th century BC, equivalent to around $46.50 in 2015. This is a mind-boggling comparison to modern-day wages.

A drachma was considered a comfortable subsistence for the poor citizens in ancient Greece, providing enough for daily living expenses, even for a family of three.

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The Greek Drachma coin had a standard circulation status, issued by Greece and under the ruling authority of the Third Hellenic Republic since 1974.

Its type was standard circulation coins, produced from 1976 to 1986.

The coin had a value of 1 Drachma, denoted as 1 GRD.

The currency it was part of was the third modern drachma, introduced in 1954 and in circulation until 2001.

The coin's composition was nickel brass, consisting of 79% Copper, 20% Zinc, and 1% Nickel.

It weighed 4 grams.

The coin had a diameter of 21 mm.

Its thickness was 1.45 mm.

The coin's shape was round.

The technique used to produce the coin was milled.

The orientation of the coin was medal alignment, denoted as ↑↑.

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A drachma in ancient Greece was equivalent to a skilled worker's daily pay, which could range from as low as $1 to as high as $100 in modern times, depending on the country.

One drachma was the daily wage for a skilled worker or a hoplite, and half a drachma was the daily wage for a heliast, or juror, since 425BC.

Half a drachma per day was considered a comfortable subsistence for the poor citizens in ancient Greece, according to Xenophon.

In fact, a daily half-drachma of a juror was just enough for the daily subsistence of a family of three, as seen in Aristophanes' play Wasps in 422BC.

The value of a drachma varied over time, but it's estimated to be roughly equivalent to $25 in modern currency, or around $46.50 in 2015.

Coins of substantial size, such as the gold pentadrachm and octadrachm, and silver tetradrachm, decadrachm, and pentakaidecadrachm, were minted in Ptolemaic Egypt, which is notable because it wouldn't be until the introduction of the Guldengroschen in 1486 that coins of similar size would be minted in significant quantities.

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The Greek drachma has a long history, with the first modern drachma being introduced in May 1832, shortly before the establishment of the Kingdom of Greece. It replaced the phoenix at par and was subdivided into 100 lepta.

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The drachma went through several changes over the years, with a second modern drachma being introduced in 1944, following the liberation of Greece from Nazi Germany. This drachma also suffered from high inflation, and the government later issued higher denomination notes to combat it.

Coins were also an important part of the Greek currency system, with the first issue of coins in 1954 consisting of holed aluminium 5-, 10- and 20-lepton pieces, and cupro-nickel pieces in denominations of 50 lepta, ₯1, ₯2 and ₯5.

Here are some key facts about the third modern drachma coins:

The Greek drachma was eventually replaced by the euro in 2002, but its history and legacy continue to be an important part of Greece's cultural and economic identity.

The first modern drachma was reintroduced in May 1832, shortly before the establishment of the Kingdom of Greece. It replaced the phoenix at par.

The drachma was subdivided into 100 lepta, a detail that shows how the currency was designed to be practical and easy to use.

The Greek currency has a rich history, with the drachma being reintroduced in May 1832, shortly before the establishment of the Kingdom of Greece.

It replaced the phoenix at par and was subdivided into 100 lepta. This first modern drachma was a significant change for the country.

The drachma underwent a major overhaul in 1944, with the second modern drachma being introduced on November 11th of that year. Old drachma were exchanged for new ones at a rate of 50,000,000,000 old drachmae to 1 new drachma.

Only paper money was issued for the second drachma, with the government issuing notes of 1, 5, 10, and 20 drachmae, and the Bank of Greece issuing notes of 50, 100, 500, 1,000, 5,000, and 10,000 drachmae.

The second modern drachma suffered from high inflation, leading the government to issue new notes, including 100-, 500-, and 1,000-drachma notes, and the Bank of Greece issuing 20,000- and 50,000-drachma notes.

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The third modern drachma coins were introduced in 1954, consisting of holed aluminium 5-, 10-, and 20-lepton pieces, with 50-lepton, ₯1, ₯2, and ₯5 pieces in cupro-nickel.

Here is a list of the denominations of the third modern drachma coins, along with their equivalent values in euros:

The drachma was eventually replaced by the euro on January 1, 2002, with 1 euro equivalent to ₯340.75.