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Encyclopedia > Greek drachma
Greek drachma
ελληνική δραχμή (Greek)
100 drachma coin.
100 drachma coin.
ISO 4217 Code GRD
User(s) Flag of Greece Greece
Inflation 3.1% (2000)
Source Grecian.net
ERM
Since March 1998
Fixed rate since 19 June 2000
Replaced by €, non cash 1 January 2001
Replaced by €, cash 1 January 2002
= 340.750 Δρ.
Subunit
1/100 leptο
Symbol Δρχ., Δρ. or ₯
Coins
Freq. used 5, 10, 20, 50, 100, 500 Δρ.
Rarely used 1 and 2 Δρ.
Banknotes 100, 200, 500, 1000, 5000, 10000 Δρ.
Central bank Bank of Greece
Website www.bankofgreece.gr
Printer Bank of Greece[citation needed]
Website www.bankofgreece.gr
Mint Bank of Greece[citation needed]
Website www.bankofgreece.gr
This infobox shows the latest status before this currency was rendered obsolete.

Drachma, pl. drachmas or drachmae (δραχμή, pl. δραχμές or δραχμαί (until 1982)) is the name of: Image File history File links Flag_of_Greece. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... is the 170th day of the year (171st in leap years) in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday. ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... For other uses, see Euro (disambiguation). ... Lepton pl. ... Not to be confused with the National Bank of Greece. ... The word printer is used to describe a company that provides commercial printing services, involving typesetting, printing and book-binding. ... Not to be confused with the National Bank of Greece. ... A mint is a facility which manufactures coins for currency. ... Not to be confused with the National Bank of Greece. ...

  1. An ancient currency unit found in many Greek city states and successor states, and in many South-West Asian kingdoms of the Hellenistic era.
  2. Three modern Greek currencies, the first introduced in 1832 and the last replaced by the euro in 2001 (at the rate of 340.750 drachma to the euro). The euro did not begin circulating until 2002 but the exchange rate was fixed on 19 June 2000, with legal introduction of the euro taking place in January 2002.

Contents

It has been suggested that this article or section be merged into Succession of states. ... A map showing Southwest Asia - The term Middle East is more often used to refer to both Southwest Asia and some North African countries Southwest Asia, or West Asia, is the southwestern part of Asia. ... The term Hellenistic (established by the German historian Johann Gustav Droysen) in the history of the ancient world is used to refer to the shift from a culture dominated by ethnic Greeks, however scattered geographically, to a culture dominated by Greek-speakers of whatever ethnicity, and from the political dominance... For other uses, see Euro (disambiguation). ... is the 170th day of the year (171st in leap years) in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday. ...

Ancient drachma

Drachma from Lucania, c. 535–510 BC
Drachma from Lucania, c. 535–510 BC

The name drachma is derived from the verb "δράττω" (dratto, "to grasp").[1] Initially a drachma was a fistful (a "grasp") of six oboloi (metal sticks), which were used as a form of currency as early as 1100 BC. It was the standard unit of silver coinage at most ancient Greek mints, and the name 'obol' was used to describe a coin that was one-sixth of a drachma. Image File history File links SNGANS_1202. ... Image File history File links SNGANS_1202. ... For the mountain in Canada named after Lucania, see Mount Lucania. ... The obolus (or obol) is a Greek silver coin worth a sixth of a drachma. ...


The 5th century BC Athenian tetradrachmon ("four drachmae") coin was the most widely used coin in the Greek world prior to the time of Alexander the Great. It featured the helmeted profile bust of Athena on the obverse (front) and an owl on the reverse (back). In daily use they were called γλαῦκαι glaukai (owls), hence the phrase Γλαῦκ’ Ἀθήναζε, 'an owl to Athens', referring to something that was in plentiful supply, like 'coals to Newcastle'. The reverse is featured on the national side of the modern Greek 1 euro coin. This article is about the capital of Greece. ... ISO 4217 Code GRD User(s) Greece Inflation 3. ... This article is about monetary coins. ... For the film of the same name, see Alexander the Great (1956 film). ... For other uses, see Athena (disambiguation). ... List of Greek Phrases/Proverbs (h)a AgeōmetrÄ“tos mÄ“deis eisitō. Let no-one without knowledge of geometry enter. Motto over the entrance to Platos Academy (quoted in Elias commentary on Aristotles Categories). ... Greek euro coins feature a unique design for every one of the eight coins. ...


Drachmas were minted on different weight standards at different Greek mints. The standard that came to be most commonly used was the Athenian or Attic one, which weighed a little over 4.3 grams.


After Alexander the Great's conquests, the name drachma was used in many of the Hellenistic kingdoms in the Middle East, including the Ptolemaic kingdom in Alexandria. The Arabic unit of currency known as dirham (in the Arabic language, درهم), known from pre-Islamic times and afterwards, inherited its name from the drachma; the dirham is still the name of the official currencies of Morocco and the United Arab Emirates. The Armenian dram also derives its name from the drachma. For the film of the same name, see Alexander the Great (1956 film). ... The term Hellenistic (established by the German historian Johann Gustav Droysen) in the history of the ancient world is used to refer to the shift from a culture dominated by ethnic Greeks, however scattered geographically, to a culture dominated by Greek-speakers of whatever ethnicity, and from the political dominance... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... cleopatra ruled seneca for 10 years before she ruled Egypt. ... This article is about the city in Egypt. ... The Arabian Peninsula The Arabian Peninsula is a mainly desert peninsula in Southwest Asia at the junction of Africa and Asia and an important part of the greater Middle East. ... Dirham is a unit of currency in several Arabic-speaking nations, including: Islamic Dirham The Moroccan dirham The United Arab Emirates dirham 1/1000 of the Libyan dinar 1/100 of the Qatari riyal 1/10 of the Jordanian dinar The dirham, spelt diram, is 1/100 of the Tajikistani... Arabic redirects here. ... For people named Islam, see Islam (name). ... The dirham (Arabic: درهم, plural: درهمان , دراهم or درهما) is the currency of Morocco. ... Symbol: None 1/100th unit: luma USD exchange: 452 (July 2005) GBP exchange: 790 (July 2005) The Dram (AMD) is the monetary unit of Armenia. ...


Value of the ancient drachma

Tetradrachma from Athens about 450 BC.
Tetradrachma from Athens about 450 BC.

It is generally considered very hard or even meaningless to come up with comparative exchange rates with modern currency due to the fact that the range of products produced economies of centuries gone by were very different from today, which makes Purchasing power parity (PPP) calculations very difficult. However, some historians and economists have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 - equivalent to 40 USD in 2006[1]), whereas classical historians regularly say that in the heyday of ancient Greek (the fifth and fourth centuries) the daily wage for a skilled worker or a hoplite[2] was one drachma, and for a juror half a drachma. Xenophon claimed (in "On Revenues") that half a drachma was the minimum required to provide a comfortable subsistence. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... PPP of GDP for the countries of the world (2003). ... The hoplite was a heavy infantryman that was the central focus of warfare in Ancient Greece. ... This article is confusing for some readers, and needs to be edited for clarity. ... Xenophon, Greek historian Xenophon (In Greek , ca. ...


As a rule of thumb, a modern person might think of one drachma as the rough equivalent of a skilled worker's daily pay in the place where they live (which could be as low as $1 USD, or as high as $100 USD, depending on the country). Thus, the idea of a 'handful of money' as used today and by the ancients (see above for etymology of 'drachma') pretty neatly coincide. Perhaps the most appropriate comparison is that with modern-day Athens, where a skilled worker without a university degree earns approximately 40 euro per day, net of taxes. The United States dollar is the official currency of the United States. ... For other uses, see Euro (disambiguation). ...


Fractions and multiples of the drachma were minted by many states, most notably in Ptolemaic Egypt, which minted large coins in gold, silver and bronze. The Ptolemaic dynasty in Egypt began following Alexander the Greats conquest in 332 BC and ended with the death of Cleopatra VII and the Roman conquest in 30 BC. It was founded when Ptolemy I Soter declared himself Pharaoh of Egypt, creating a powerful Hellenistic state from southern Syria...


Notable Ptolemaic coins included the gold pentadrachm and octadrachm, and silver tetradrachm, decadrachm and pentakaidecadrachm. This was especially noteworthy as it would not be until the introduction of the Guldengroschen in 1486 that coins of substantial size (particularly in silver) would be minted in significant quantities. An official restrike of the 1486 Tiroler Guldengroschen The guldengroschen was a large silver coin originally minted in Tirol in 1486. ...


For the Roman successors of the drachma, see Roman provincial coins. Area of issue Roman Provincial coins are coins that were minted in the Roman Empire by civic authorities rather than by Imperial authorities. ...


Historic currency divisions

8 chalkoi = 1 obolus
6 obolus = 1 drachma
100 drachma = 1 mina (or mna)
60 minae = 1 Athenian Talent (Athenian standard)[3]

Minae and talents were never actually minted: they represented weight measures used for commodities (e.g. grain) as well as metals like silver or gold. The obolus (or obol) is a Greek silver coin worth a sixth of a drachma. ... A mina is an ancient Greek unit of weight defined as being 50 shekels. ... A mina is an ancient Greek unit of weight defined as being 50 shekels. ... The Attic talent was a unit of weight and a denomination of money equal to 6,000 drachmae or 60 minae. ...


Modern drachma

First modern drachma, 1832-1944

The drachma was reintroduced in 1832, soon after the establishment of the modern state of Greece. It replaced the phoenix at par. The drachma was subdivided into 100 lepta (λεπτά, singular lepton, λεπτόν). Phoenix (Greek Φοίνιξ). The first currency of the modern Greek state. ... Lepton pl. ...


Coins

The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of ¼, ½, 1 and 5 drachmae and a gold 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20 drachmae coin containing 5.8 g of gold.


In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper 1, 2, 5 and 10 lepta coins (with the 5 lepta coin bearing the name obolos (οβολός) and the 10 lepta, diobolon (διώβολον)), silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of gold 50 and 100 drachmae coins were also issued.) The Latin Monetary Union (LMU) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ...


In 1894, cupro-nickel 5, 10 and 20 lepta coins were introduced, the 1 and 2 lepta having not been issued since the late 1870s. Silver coins were last issued in 1911 and no coins were issued between 1912 and 1922, during which time the Latin Monetary Union collapsed due to the First World War. Ypres, 1917, in the vicinity of the Battle of Passchendaele. ...


Between 1926 and 1930, a new coinage was introduced, consisting of cupro-nickel 20 and 50 lepta, 1 and 2 drachmae, nickel 5 drachmae and silver 10 and 20 drachmae coins. These were the last coins issued for the first modern drachma, with none being issued for the second.


Notes

In 1841, notes were issued by the National Bank of Greece until 1928, when the Bank of Greece created and started production. Early denominations ranged from 10 up to 500 drachmae. Smaller denominations (1, 2 and 5 drachmae) were issued from 1885, with the first 5 drachmae notes being made by cutting 10 drachmae notes in half. Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1, 2, and 5 drachmae. 1000 drachmae notes were introduced by the National Bank of Greece in 1901, followed by 5000 drachmae notes by the Bank of Greece after 1928. The Greek government again issued notes between 1940 and 1944, in denominations between 50 lepta and 20 drachmae.


During the German occupation of Greece (1941–1944), catastrophic hyperinflation and Nazi looting of the Greek treasury caused much higher denominations to be issued, culminating in 100 billion (1011) drachmae notes in 1944. In economics, hyperinflation is inflation that is out of control, a condition in which prices increase rapidly as a currency loses its value. ... Nazism in history Nazi ideology Nazism and race Outside Germany Related subjects Lists Politics Portal         Nazism or National Socialism (German: Nationalsozialismus), refers primarily to the ideology and practices of the Nazi Party (National Socialist German Workers Party, German: Nationalsozialistische Deutsche Arbeiterpartei or NSDAP) under Adolf Hitler. ... One thousand million (1,000,000,000) is the natural number following 999,999,999 and preceding 1,000,000,001. ...


Second modern drachmae, 1944-1954

In November 1944, after liberation from Germany, old drachmae were exchanged for new ones at the rate of 50,000,000,000 to 1. Only paper money was issued. The government issued notes of 1, 5, 10 and 20 drachmae with the Bank of Greece issuing 50; 100; 500; 1000; 5000; and 10,000 drachmae notes. This drachmae also suffered from high inflation. Later government issues were of 100, 500, and 1000 drachmae, whilst the Bank of Greece issued 20,000 and 50,000 drachmae notes.


Third modern drachmae, 1954-2002

In 1953, in an effort to halt the inflation, Greece joined the Bretton Woods system. In 1954 the drachma was revalued for a second time at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 US dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 GRD = 1 USD. Wikipedia does not have an article with this exact name. ... The United States dollar is the official currency of the United States. ...


Coins

The first issue of coins consisted of holed, aluminium 5, 10 and 20 lepta, cupro-nickel 50 lepta, 1, 2, 5 and 10 drachmae and silver 20 drachmai pieces. In 1973 several new coin types were introduced: unholed, aluminium 10 and 20 lepta, nickel-brass 50 lepta, 1 and 2 drachmai and cupro-nickel 20 drachmai. Cupro-nickel 50 drachmae were introduced in 1980. In 1982, the spelling of the plural of drachma was changed from drachmae (δραχμαί) to drachmas (δραχμές). In 1986, nickel-brass 50 drachmas coins were introduced, followed by copper 1 and 2 drachmas in 1988 and nickel-brass 20 and 100 drachmas in 1990. In 2000 a set of 6 Olympic games themed 500 drachmas coins was issued.


Coins in circulation at the time of the adoption of the euro [2] were This article is about monetary coins. ...

  • 1 drachma (.293 eurocents)1
  • 2 drachmas (.587 eurocents)1
  • 5 drachmas (1.47 eurocents)1
  • 10 drachmas (2.93 eurocents)
  • 20 drachmas (5.87 eurocents)
  • 50 drachmas (14.67 eurocents)
  • 100 drachmas (29.35 eurocents)
  • 500 drachmas (1.46 euro)

1 Minted but rarely used. Usually, prices were rounded up to the next multiple of 10 drachmas.


Notes

The first issues of banknotes were in denominations of 10, 20 and 50 drachmae, soon followed by 100, 500 and 1000 drachmae by 1956. 5000 drachmas notes were introduced in 1984, followed by 10,000 drachmas in 1995 and 200 drachmas in 1997.


Banknotes in circulation at the time of the adoption of the euro [3] were A £20 Bank of England banknote. ...

For other uses, see Athena (disambiguation). ... Adamantios Korais (April 27, 1748 - April 6, 1833) was a graduate of the University of Montpellier in 1788 and he spent most of his life as an expatriate in Paris. ... Rigas Feraios Rigas Feraios or Rigas Velestinlis (Greek: Ρήγας Βελεστινλής-Φεραίος, born Αντώνιος Κυριαζής, Antonios Kyriazis; also known as Κωνσταντίνος Ρήγας, Konstantinos or Constantine Rhigas; Serbian: Рига од Фере, Riga od Fere; 1757—June 13, 1798) was a Greek revolutionary and poet, remembered as a Greek national hero, the forerunner and first victim of the uprising against the Ottoman Empire... statue of John Capodistria in Panepistimiou Street, Athens John Capodistria, (in Greek Ioannis Kapodistrias or Ιωάννης Καποδίστριας, and in Italian Giovanni Capo dIstria, Count Capo dIstria) (February 11, 1776 - October 9, 1831), Greek-born diplomat of the Russian Empire and later first head of state of independent Greece... For other uses, see Apollo (disambiguation). ... Monument of Theodoros Kolokotronis in Athens. ... Categories: People stubs | 1883 births | 1962 deaths ... Asclepius (Greek , transliterated AsklÄ“piós; Latin Aesculapius) is the demigod of medicine and healing in ancient Greek mythology. ...

Gallery

See also

// Commemorative drachma coins Commemorative Greek drachma coins have been issued by the Bank of Greece throughout the 20th century. ... Greek euro coins feature a unique design for every one of the eight coins. ... The coinage of the Seleucid Empire is based on the coins of Alexander the Great which in turn was based on Athenian coinage of the Attic weight. ... Dirham is a unit of currency in several Arabic-speaking nations, including: Islamic Dirham The Moroccan dirham The United Arab Emirates dirham 1/1000 of the Libyan dinar 1/100 of the Qatari riyal 1/10 of the Jordanian dinar The dirham, spelt diram, is 1/100 of the Tajikistani... The Greek economy is growing fast after the implementation of stabilization policies in recent years. ...

References

  1. ^ "Liddell and Scott's Greek-English Lexicon", page 180. Oxford University Press, 1979
  2. ^ Thucydides, History of the Peloponnesian War 3.17.4.
  3. ^ Drachma, The Catholic Encyclopedia, Volume V. Published 1909. New York: Robert Appleton Company. Nihil Obstat, May 1, 1909. Remy Lafort, Censor. Imprimatur. John M. Farley, Archbishop of New York

For other uses, see Thucydides (disambiguation). ... Tenth-century minuscule Manuscript of Thucydidess History The History of the Peloponnesian War is an account of the Peloponnesian War in Ancient Greece, fought between the Peloponnesian League (led by Sparta) and the Athenian league (Athens). ...

External links

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Greek phoenix
Greek currency
1832–2001[1]
Succeeded by
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The rise of technology has allowed our environment to be characterized as a global one. ... Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... The euro and US dollar are by far the most used currencies in terms of global reserves. ... The euro (EUR or €) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the... 1 cent euro coins are made of a steel core plated with copper. ... 2 cent euro coins are made of a steel core plated with copper. ... 5 cent euro coins are made of a steel core plated with copper. ... 10 cent euro coins are made of copper alloy (Nordic gold). ... // 20 cent euro coins are made of copper alloy (Nordic gold). ... 50 cent euro coins are made of copper alloy (Nordic gold). ... 1 euro coins are made of two alloys: the inner part of cupronickel, the outer part of nickel brass. ... // 2 euro coins are made of an inner coin and an outer ring. ... The new reverse side of all €2 coins from 2007 onwards. ... Before the introduction of the euro in 2001, the sixteen (as of 2007) Eurozone members produced their own individual national coinage, most of which featured mint marks, privy marks and/or mint master marks. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... The Schilling was the currency of Austria until 1999, when the Euro was introduced at a fixed parity of €1 = 13. ... ISO 4217 Code BEF User(s) Belgium, Luxembourg ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 40. ... ISO 4217 Code CYP User(s) Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia Inflation 2. ... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... The gulden (sometimes guilder in English), represented by the symbol Æ’ or fl. ... The markka or mark was the currency used in Finland from 1861 until January 1, 1999, when it was replaced by the euro (€). The currency code used for the markka was FIM, and the usual familiar notation was a postfix mk. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ... For the coin of the same value, see Irish one pound coin. ... ISO 4217 Code ITL User(s) Italy, San Marino, Vatican City, but not Campione dItalia Inflation 2. ... The franc was the currency of Luxembourg from 1854 until 2002. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... The Monégasque franc was one of the official currencies of the Principality of Monaco until 2002, when it changed to the Euro. ... The escudo was the official currency of Portugal prior to the introduction of the euro in 1 January 1999 (euro coins and notes were not introduced until 2002). ... The San Marinese lira (plural lire) was the official unit of San Marino from the 1860s until the introduction of the Euro in 2002. ... ISO 4217 Code SIT User(s) Slovenia Inflation 0. ... ISO 4217 Code ESP User(s) Spain, Andorra Inflation 1. ... The Vatican lira (plural lire) was the official unit of the Vatican City State. ... ISO 4217 Code DKK User(s) Denmark, Greenland, Faroe Islands 1 Inflation 1. ... ISO 4217 Code EEK User(s) Estonia Inflation 4. ... The 5 lats coin, used before WWII, becamed a popular symbol of independence during the Soviet era The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. ... The litas (ISO currency code LTL, symbolized as Lt; plural litai or litų) is the official currency of Lithuania. ... ISO 4217 Code SKK User(s) Slovakia Inflation 2. ... GBP redirects here. ... ISO 4217 Code BGN User(s) Bulgaria Inflation 7. ... ISO 4217 Code CZK User(s) Czech Republic Inflation 1. ... ISO 4217 code: GIP Symbol: £ 1/100th unit: penny Introduced in: 1927 Exchange Rates May 2006 USD exchange: 0. ... ISO 4217 Code HUF User(s) Hungary Inflation 8. ... The title given to this article is incorrect due to technical limitations. ... For the Moldovan currency, see Moldovan leu. ... ISO 4217 Code SEK User(s) Sweden Inflation 2. ...

  Results from FactBites:
 
BBC News | Europe | Euro Cash | Spent currencies (201 words)
Some of the world's first coins ever are thought to have been produced in Greece and the drachma itself dates from the mid-6th century BC, drawing its name from the word for a "handful".
But the phoenix lasted only five years, and was replaced by the traditional drachma, showing the head of the first king of the independent state, Otto.
A currency reform introduced a new drachma which was worth 50bn of the old variety but nevertheless inflation continued.
Greek drachma - Wikipedia, the free encyclopedia (719 words)
A modern Greek currency, introduced in 1832, and replaced by the euro in 2001 (at the rate of 340.750 drachma to the euro).
Initially a drachma was a fistful (a "grasp") of 6 oboloi, sticks of metal used as currency as early as 1100BC.
During the German occupation of Greece (1941-1944), catastrophic hyperinflation and Nazi looting of the Greek treasury made the drachma practically worthless; in 1944, old drachmae were exchanged for new ones at the ratio of 50,000,000,000 to 1.
  More results at FactBites »

 
 

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