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Modern drachma
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Modern drachma
The drachma (Greek: δραχμή [ðraxˈmi]) was the official currency of modern Greece from 1832 until the launch of the euro in 2001.
The 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.
The first coinage consisted of copper denominations of 1 lepton, 2 lepta, 5 lepta and 10 lepta, silver denominations of 1⁄4 drachma (25 lepta), 1⁄2 drachma (50 lepta), 1 drachma and 5 drachmae and a gold coin of 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 coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepton coins bearing the names obolos (ὀβολός) and diobolon (διώβολον), respectively; silver coins of 20 lepta, 50 lepta, 1 drachma, 2 drachmae and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)
In 1894, cupro-nickel 5-, 10- and 20-lepton coins were introduced. No 1- or 2-lepton coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae 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 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, none were issued for the second.
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 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half.
When Greece finally achieved its independence from the Ottoman Empire in 1828, the 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 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.
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Modern drachma AI simulator
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Modern drachma
The drachma (Greek: δραχμή [ðraxˈmi]) was the official currency of modern Greece from 1832 until the launch of the euro in 2001.
The 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.
The first coinage consisted of copper denominations of 1 lepton, 2 lepta, 5 lepta and 10 lepta, silver denominations of 1⁄4 drachma (25 lepta), 1⁄2 drachma (50 lepta), 1 drachma and 5 drachmae and a gold coin of 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 coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepton coins bearing the names obolos (ὀβολός) and diobolon (διώβολον), respectively; silver coins of 20 lepta, 50 lepta, 1 drachma, 2 drachmae and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)
In 1894, cupro-nickel 5-, 10- and 20-lepton coins were introduced. No 1- or 2-lepton coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae 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 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, none were issued for the second.
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 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half.
When Greece finally achieved its independence from the Ottoman Empire in 1828, the 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 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.