Jump to content

Drachma: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
Copied to a different article https://en.wikipedia.org/enwiki/w/index.php?title=Ancient_drachma&action=history
adding {{wiktionary}}
 
(9 intermediate revisions by 5 users not shown)
Line 1: Line 1:
{{Wiktionary|2=δραχμή}}
{{Short description|Former currency of Greece}}
{{redirect|Drachma|the moth genus|Drachma (moth)}}
{{Use dmy dates|date=April 2021}}


'''Drachma''' may refer to:
{{Special characters}}


*[[Ancient drachma]], an ancient Greek currency
The '''drachma''' ({{lang-el|[[wikt:δραχμή|δραχμή]]}} {{IPA-el|ðraxˈmi|md}}, {{IPA-el|drakʰmέː|a}};{{refn|group=n|{{IPA-el|draːkʰmέː|}} is also attested.<ref name=LSJdrachme/>}} pl. ''drachmae'' or ''drachmas'') was the [[currency]] used in [[Greece]] during several periods in its history:
*[[Modern drachma]], a modern Greek currency
# An [[Ancient drachma|ancient Greek currency]] unit issued by many [[Greek city states]] during a period of ten centuries, from the [[Archaic Greece|Archaic period]] throughout the [[Classical Greece|Classical period]], the [[Hellenistic period]] up to the [[Roman Greece|Roman period]] under [[Roman provincial currency|Greek Imperial Coinage]].
*Cretan drachma, currency of the [[Cretan State]]
# Three [[History of modern Greece|modern Greek]] currencies, the first introduced in 1832 by the Greek [[Otto of Greece|King Otto]] ({{Lang|el|Όθων}}) and the last replaced by the [[euro]] in 2001 (at the rate of 340.75 drachmae to the euro). The euro did not begin circulating until 2001 but the exchange rate was fixed on 19 June 2000, with legal introduction of the euro taking place in January 2002.{{citation needed|date=January 2020}}
*[[Drachma (moth)|''Drachma'' (moth)]], a moth genus

It was also a [[Dram (unit)|small unit of weight]].<ref name=LSJdrachme>{{LSJ|draxmh/|δραχμή|ref}}.</ref>

==Modern drachma==
{{Infobox currency
| name = Drachma
| local_name_lang = el
| local_name = Δραχμή
| image_1 = Drachmas.jpg
| image_title_1 = Modern drachma coins; Top row, left to right: 10λ coin, 20λ coin, 50λ coin, ₯1 coin, ₯2 coin. Middle row, left to right: ₯5 coin, ₯10 coin, ₯20 coin, ₯50 coin. Bottom row, left to right: ₯100 coin, ₯500 coin.
| image_2 =
| image_title_2 =
| inflation_rate = 3.1% (2000)
| inflation_source_date = [http://www.grecian.net/GREECE/facts.htm Grecian.net]
| iso_code = GRD
| using_countries = None, previously:<br />{{Flagicon|Greece}} [[Greece]]
| ERM_since = March 1998
| ERM_fixed_rate_since = 19 June 2000
| euro_replace_non_cash = 1 January 2001
| euro_replace_cash = 1 January 2002
| ERM_fixed_rate = ₯340.75
| replaced_currency = [[Phoenix (Currency)|Phoenix]]
| replaced_by_currency = [[Euro]]
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = [[Greek lepton|leptοn]] (λ)
| symbol = ₯
| symbol_comment = also Δρχ. or Δρ.
| frequently_used_coins = ₯5, ₯10, ₯20, ₯50, ₯100, ₯500
| rarely_used_coins = 10λ, 20λ, 50λ, ₯1 and ₯2
| frequently_used_banknotes = ₯200, ₯1,000, ₯5,000, ₯10,000
| rarely_used_banknotes = ₯50, ₯100, ₯500
| issuing_authority = [[Bank of Greece]]
| issuing_authority_website = {{URL|www.bankofgreece.gr}}
| printer = Banknote and Securities Printing Foundation
| printer_website =
| mint = Banknote and Securities Printing Foundation
| mint_website =
| obsolete = yes
}}
[[File:Drachma-Symbol.svg|160px|right|₯ drachma sign]]

===First modern drachma===
The drachma was reintroduced in May 1832, shortly before the establishment of the [[Kingdom of Greece]].<ref>{{cite web |url=http://colnect.com/en/coins/list/country/1669-Greece/currency/757-%E2%82%AF_-_Greek_drachma |title=The first modern drachma coins catalog |access-date=2013-06-22}}</ref> It replaced the ''[[phoenix (currency)|phoenix]]'' at par. The drachma was subdivided into 100 [[Greek lepton|lepta]].{{refn|group=n|Greek: {{lang|el|λεπτά}}; plural of {{lang|el|λεπτόν}}, ''lepton''.}}

====Coins====
<!--{{Main|Coins of the Greek drachma}} It's a red link -->
The first coinage consisted of copper denominations of 1λ, 2λ, 5λ and 10λ, silver denominations of ₯{{frac|1|4}}, ₯{{frac|1|2}}, ₯1 and ₯5 and a gold coin of ₯20. The drachma coin weighed 4.5&nbsp;g and contained 90% silver, with the ₯20 coin containing 5.8&nbsp;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 coins of 1λ, 2λ, 5λ and 10λ, with the 5λ and 10λ coins bearing the names ''obolos'' ({{lang|el|ὀβολός}}) and ''diobolon'' ({{lang|el|διώβολον}}), respectively; silver coins of 20λ and 50λ, ₯1, ₯2 and ₯5 and gold coins of ₯5, ₯10 and ₯20. (Very small numbers of ₯50 and ₯100 coins in gold were also issued.)

In 1894, [[cupro-nickel]] 5λ, 10λ and 20λ coins were introduced. No 1λ or 2λ coin had been issued since the late 1870s. Silver coins of ₯1 and ₯2 were last issued in 1911, and no coins were issued between 1912 and 1922, during which time the [[Latin Monetary Union]] collapsed due to [[World War I]].

Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20λ, 50λ, ₯1, and ₯2; nickel coins of ₯5; and silver coins of ₯10 and ₯20. These were the last coins issued for the first modern drachma, none were issued for the second.

====Notes====
[[File:NBG banknote-1912.jpg|thumb|Banknote of 1912 issued by the NBG]]
Notes were issued by the [[National Bank of Greece]] from 1841 until 1928. The Bank of Greece issued notes from 1928 until 2001, when Greece joined the [[Euro]]. Early denominations ranged from ₯10 to ₯500. Smaller denominations (₯1, ₯2, ₯3 and ₯5) were issued from 1885, with the first ₯5 notes being made by cutting ₯10 notes in half.

When Greece finally achieved its independence from the Ottoman Empire in 1828, the [[Greek Phoenix|phoenix]] was introduced as the monetary unit; its use was short-lived, however, and in 1832 the phoenix was replaced by the drachma, adorned with the image of [[Otto of Greece|King Otto of Greece]], who reigned as modern Greece's first king from 1832 to 1862. The drachma was divided into 100 lepta. In 2002 the drachma ceased to be legal tender after the euro, the monetary unit of the European Union, became Greece's sole currency.

From 1917 to 1920, the Greek government took control of issuing small change notes under Law 991/1917. During that time, the government issued denominations of 10 & 50 lepta, and ₯1, ₯2 & ₯5. The National Bank of Greece introduced ₯1,000 notes in 1901, and the Bank of Greece introduced ₯5,000 notes in 1928. The economic depression of the 1920s affected many nations around the globe, including Greece. In 1922, the Greek government issued a forced loan in order to finance their growing budget deficit. On 1 April 1922, the government decreed that half of all bank notes had to be surrendered and exchanged for 6.5% bonds. The notes were then cut in half, with the portion bearing the Greek crown standing in for the bonds while the other half was exchanged for a new issue of central bank notes at half the original value.<ref>{{Cite web|url=https://www.pmgnotes.com/news/article/7195/The-Greek-Financial-Note-Crisis-of-Early-1900s/|title=The Greek Financial Crises: Getting by with the Half-Drachmai &#124; PMG|website=pmgnotes.com}}</ref> The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20.
[[File:Image of 5 Drachma note cut in half.jpg|thumb|₯5 note that has been cut in half by government for the purpose of issuing bonds]]

During the [[Nazi Germany|German]]–[[Kingdom of Italy|Italian]] [[Axis Occupation of Greece|occupation of Greece]] from 1941 to 1944, catastrophic [[hyperinflation]] caused much higher denominations to be issued, culminating in ₯100,000,000,000 notes in 1944.<ref>{{Cite web|url=https://banknoteindex.com/browse.mhtml?browseBy=Id&browse=45508|title=Banknote Index|website=banknoteindex.com|access-date=2019-02-01}}</ref> The Italian occupation authorities in the Ionian Islands printed their own currency, the Ionian drachma.

===Second modern drachma===
[[File:Konstantinos Kanaris 100 Drachma Front.png|thumb|Banknote of 1944 issued by the NBG]]
On 11 November 1944, following the liberation of Greece from Nazi Germany, old drachma were exchanged for new ones at the rate of ₯50,000,000,000 to ₯1.<ref name="bog-timeline">{{cite web |title=Chronology (1928–2003) |url=http://www.bankofgreece.gr/bank/Timeline.htm |website=Bank of Greece |access-date=9 May 2020 |archive-url=https://web.archive.org/web/20050215155300/http://www.bankofgreece.gr/bank/Timeline.htm |url-status=dead |archive-date=15 February 2005 |location=Athens |language=el}}</ref> Only paper money was issued for the second drachma. The government issued notes of ₯1, ₯5, ₯10 and ₯20, with the Bank of Greece issuing ₯50, ₯100, ₯500, ₯1,000, ₯5,000, and ₯10,000 notes. This drachma also suffered from high inflation. The government later issued ₯100, ₯500, and ₯1,000-drachma notes, and the Bank of Greece issued ₯20,000 and ₯50,000 notes.

==={{anchor|GRD}}Third modern drachma===
On 9 April 1953, in an effort to halt inflation, Greece joined the [[Bretton Woods system]]. On 1 May 1954, the drachma was revalued at a rate of ₯1,000 to ₯1, and small change notes were abolished for the last time.<ref name="bog-timeline"/> The third drachma assumed a fixed exchange rate of ₯30 per [[United States dollar|dollar]] until 20 October 1973: over the next 25 years, the official exchange rate gradually declined, reaching 400 drachmae per dollar.<ref name="bog-timeline"/> On 1 January 2002, the Greek drachma was officially replaced as the circulating currency by the [[euro]], and it has not been [[legal tender]] since 1 March 2002.

====Third modern drachma coins====
The first issue of coins minted in 1954 consisted of holed aluminium 5-, 10- and 20-lepton pieces, with 50-lepton, ₯1, ₯2 and ₯5 pieces in cupro-nickel. ₯10 coins of a brighter alloy were issued in 1959 and a silver ₯20 piece was issued in 1960, replacing the corresponding banknotes. Coins in denominations from 50 lepta to ₯20 carried a portrait of [[Paul of Greece|King Paul]] (1947–1964). New coins were introduced in 1966, ranging from 50 lepta to ₯10, depicting [[Constantine II of Greece|King Constantine II]] (1964–1974). A silver ₯30 coin for the centennial of Greece's royal dynasty was minted in 1963. The following year a non-circulating coin of this value was produced to commemorate the royal wedding. The reverse of all coins was altered in 1971 to reflect the military junta which was in power from 1967 to 1974. This design included a soldier standing in front of the flames of the rising phoenix and the date of the coup d'état, April 21, 1967.

A ₯20 coin in cupro-nickel with an image of [[Europa (mythology)|Europa]] on the obverse was issued in 1973. In late 1973, several new coin types were introduced: unholed aluminium (10λ and 20λ), nickel-brass (50 lepta, ₯1, and ₯2) and cupro-nickel (₯5, ₯10, and ₯20). These provisional coins carried the design of the phoenix rising from the flame on the obverse, and used the country's new designation as the "Hellenic Republic", replacing the coins also issued in 1973 as the Kingdom of Greece with King Constantine II's portrait. A new series of all 8 denominations was introduced in 1976 carrying images of early national heroes on the smaller values.

Cupro-nickel ₯50 coins were introduced in 1980. In 1986, aluminium-bronze ₯50 coins were introduced, followed by copper ₯1 and ₯2 pieces in 1988 and aluminium-bronze coins of ₯20 and ₯100 in 1990. In 2000, a set of 6 themed ₯500 coins were issued to commemorate the [[2004 Summer Olympics|2004 Athens Olympic Games]].<ref>{{Cite web |title=Drachma Coins |url=https://www.bankofgreece.gr/RelatedDocuments/coins_drachma.pdf |access-date=10 February 2023 |website=Bank of Greece |language=Greek}}</ref>

[[Coin]]s in circulation at the time of the adoption of the euro<ref>{{cite web |url=http://www.bankofgreece.gr/en/Banknotes/coins.htm |title=Bank of Greece - Coins in circulation |access-date=2005-01-12 |url-status=dead |archive-url=https://web.archive.org/web/20050204174343/http://www.bankofgreece.gr/en/banknotes/coins.htm |archive-date=4 February 2005 }}</ref> were
* 50λ (€0.0015){{refn|group=n|name=coin1|Minted but rarely used. Usually, prices were rounded up to the next multiple of 10 drachmae.}}
* ₯1 (€0.0029){{refn|group=n|name=coin2|Not minted but remained legal tender (not in actual use in 2002).}}
* ₯2 (€0.0059){{refn|group=n|name=coin2}}
* ₯5 (€0.0147)
* ₯10 (€0.0293)
* ₯20 (€0.0587)
* ₯50 (€0.147)
* ₯100 (€0.293)
* ₯500 (€1.47)

====Gallery====
<gallery>
File:Otto-dr.jpg|Gold ₯20 coin depicting king [[Otto of Greece|Othon I]], 1833
File:Geo 20dr.jpg|Gold ₯20 coin depicting king [[George I of Greece|Georgios I]], 1876
George-50dr.jpg|Gold ₯50 coin depicting king Georgios I, 1876
File:5dracme1874front.jpg|₯5 coin, 1876
File:1drachmi 1973.jpg|₯1 coin during the [[Metapolitefsi#Prologue|1973–1974 military controlled Republic]], 1973
File:Konstantinos Kanaris 1 Drachma.png|₯1 coin depicting [[Konstantinos Kanaris]], 1976
File:1drachmaowlfr.jpg|₯1 coin depicting the [[Owl of Athena]]
File:2drachma1971fbl.jpg|₯2 coin with a soldier standing in front of a Phoenix
</gallery>

====Banknotes====
The first issues of banknotes were in denominations of ₯10, ₯20 and ₯50, soon followed by ₯100, ₯500 and ₯1,000 by 1956. ₯5,000 notes were introduced in 1984, followed by ₯10,000 notes in 1995 and ₯200 notes in 1997.

[[Banknote]]s in circulation at the time of the adoption of the euro<ref>{{cite web|url=http://greekcurrency.110mb.com |title=History of Greek Banknotes |publisher=Greekcurrency.110mb.com |access-date=2013-11-17}}</ref> were
* ₯100 (€0.2935), depicting [[Athena]] and [[Adamantios Korais]]
* ₯200 (€0.5869), depicting [[Rigas Feraios]]
* ₯500 (€1.47), depicting [[Ioannis Capodistrias]]
* ₯1,000 (€2.93), depicting [[Apollo]]
* ₯5,000 (€14.67), depicting [[Theodoros Kolokotronis]]
* ₯10,000 (€29.35), depicting [[Georgios Papanikolaou|George Papanicolaou]] and [[Asclepius]]

{|class="wikitable" style="font-size: 90%"
|-
!colspan="7"| Banknotes of the Greek drachma <small>(circa AD 2000)</small>
|-
! Image !! Value !! Equivalent in [[Euro|Euro (€)]] !! Main Color !! Obverse !! Reverse !! Watermark
|-
|align="center" | [https://moneycurrencypictures.blogspot.com/2018/12/greece-currency-money-50-greek-drachmas-banknote-1978-poseidon.html]
| ₯50
| €0.1467
| Blue
| Head of [[Poseidon]]
| [[Laskarina Bouboulina]] directing cannon fire at two Ottoman ships at [[Palamidi]] during the [[Greek War of Independence]]
| Head of the [[Charioteer of Delphi]]
|-
|align="center" |
| ₯100
| €0.2935
| Brown and violet (obverse); Maroon, green and orange (reverse)
| Head of [[Piraeus Athena]]; [[Christian Hansen (architect)|Christian Hansen]]'s [[National and Kapodistrian University of Athens]] building
| [[Adamantios Korais]]; [[Arkadi Monastery]], [[Crete]]
| Head of the Charioteer of Delphi
|-
| align="center" |
| ₯200
| €0.5869
| Deep orange
| [[Rigas Feraios]]; Feraios singing his patriotic song at lower right
| [[Nikolaos Gyzis]]'s ''[[Krifo scholio]]'' ("secret school")
| Bust of [[Philip II of Macedon|Philip of Macedonia]]
|-
| align="center" | [https://moneycurrencypictures.blogspot.com/2018/12/greek-currency-money-500-drachmas-banknote-1983-ioannis-kapodistrias.html]
| ₯500
| €1.47
| Deep green
| [[Ioannis Kapodistrias]]; Capodistrias's home on [[Corfu]]
| [[Old Fortress, Corfu|Old Fortress]], [[Corfu City]]
| Head of the Charioteer of Delphi
|-
| align="center" |
| ₯1,000
| €2.93
| Brown
| Bust of [[Apollon of Olympia]]
| [[Myron]]'s [[Discobolus]]; [[Temple of Hera, Olympia]]
| Head of the Charioteer of Delphi
|-
|align="center" | [https://moneycurrencypictures.blogspot.com/2018/12/greek-currency-money-5000-drachmas-banknote-1997-theodoros-kolokotronis.html]
| ₯5,000
| €14.67
| Deep Blue or Purple and yellow-green
| [[Theodoros Kolokotronis]]; Church of the Holy Apostles, [[Kalamata]]
| [[Karytaina]], [[Arcadia (regional unit)|Arcadia]]
| Bust of Philip of Macedonia
|-
|align="center" | [https://moneycurrencypictures.blogspot.com/2018/12/greece-currency-money-10000-greek-drachmas-banknote-1995-georgios-papanikolaou.html]
| ₯10,000
| €29.35
| Deep purple
| [[Georgios Papanikolaou]]; microscope
| [[Asclepius]]
| Bust of Philip of Macedonia
|}

====Gallery (banknotes)====
<gallery>
File:NBG banknote-1912.jpg|₯5 banknote, 1912
File:5.000.000_drachmas,_1944_(3543707844).jpg|₯5,000,000 banknote during the [[Axis occupation of Greece|Axis Occupation]] [[hyperinflation]] period, 1944
File:20_drachmas,_1955_(3542899543).jpg|₯20 banknote, 1955
</gallery>

==Encoding==
In Unicode, the currency symbol is {{unichar|20af|Drachma sign}}. There is a special [[Attic numerals|Attic numeral]], {{unichar|10142|Greek acrophonic attic one drachma}}, for the value of one drachma but it fails to render in most browsers.<ref>[https://www.fileformat.info/info/unicode/char/10142/index.htm fileformat.info] Entry for (U+10142)</ref>

==Restoration==
{{see also|Greek withdrawal from the eurozone}}

The [[Drachmi Greek Democratic Movement Five Stars]], which was founded in 2013,<ref>{{cite web|url=http://greece.greekreporter.com/2013/05/09/political-party-drachma-5-launched|title=Political Party Drachma 5 Launched|work=greekreporter.com|date=9 May 2013}}</ref> aims to restore the Drachma as Greece's currency.


==See also==
==See also==
*[[Dram (disambiguation)]]
* [[Commemorative coins of Greece]]
*[[Dirham]]
* [[Economic history of Greece and the Greek world]]
* [[Economy of Greece]]
* [[Greek euro coins]]
* [[Phoenix (currency)]]

==Notes and references==
;Notes
{{reflist|group=n}}

;References
{{reflist}}

==External links==
{{Commons|Drachma}}
{{Commons category|Modern drachma}}
{{Commons category|Banknotes of Greece}}
* [http://news.bbc.co.uk/hi/english/enwiki/static/in_depth/business/2001/euro_cash/spent_currencies/drachma.stm Overview of the modern Greek drachma from the BBC]
* [http://www.bis-ans-ende-der-welt.net/Griechenland-B-En.htm Historical banknotes of Greece] {{in lang|en|de}}
{{s-start}}
{{s-bef|before=[[Phoenix (currency)|Greek phoenix]]}}
{{s-ttl|title=[[Greece|Greek]] currency|years=1832–2001}}
{{s-aft|after=[[euro]]}}
{{s-end}}
{{currency symbols}}
{{Euro topics}}
{{Symbols of Greece}}
{{Portal bar|Europe|Greece|Money|Numismatics}}


{{disambiguation}}
{{DEFAULTSORT:Greek Drachma}}
[[Category:Coins of ancient Greece]]
[[Category:Currencies of Europe]]
[[Category:Currencies replaced by the euro]]
[[Category:Economic history of Greece]]
[[Category:Modern obsolete currencies]]
[[Category:Currencies of Greece]]
[[Category:Currency symbols]]

Latest revision as of 16:38, 27 February 2024

Look up drachma or δραχμή in Wiktionary, the free dictionary.

Drachma may refer to:

See also

[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Drachma&oldid=1210640827"