The name drachma is derived from the verb δράσσομαι (drássomai, "(I) grasp").[n 3] It is believed that the same word with the meaning of "handful" or "handle" is found in Linear B tablets of the Mycenean Pylos.[n 4] Initially a drachma was a fistful (a "grasp") of six oboloí or obeloí (metal sticks, literally "spits") used as a form of currency as early as 1100 BC and being a form of "bullion": bronze, copper, or iron ingots denominated by weight. A hoard of over 150 rod-shaped obeloi was uncovered at Heraion of Argos in Peloponnese. Six of them are displayed at the Numismatic Museum of Athens.
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. The notion that drachma derived from the word for fistful was recorded by Herakleides of Pontos (387–312 BC) who was informed by the priests of Heraion that Pheidon, king of Argos, dedicated rod-shaped obeloi to Heraion. Similar information about Pheidon's obeloi was also recorded at the Parian Chronicle.
Ancient Greek coins normally had distinctive names in daily use. The Athenian tetradrachm was called owl, the Aeginetic stater was called chelone, the Corinthian stater was called hippos (horse) and so on. Each city would mint its own and have them stamped with recognizable symbols of the city, known as badge in numismatics, along with suitable inscriptions, and they would often be referred to either by the name of the city or of the image depicted. The exact exchange value of each was determined by the quantity and quality of the metal, which reflected on the reputation of each mint.
Among the Greek cities that used the drachma were: Abdera, Abydos, Alexandria, Aetna, Antioch, Athens, Chios, Cyzicus, Corinth, Ephesus, Eretria, Gela, Catana, Kos, Maronia, Naxos, Pella, Pergamum, Rhegion, Salamis, Smyrni, Sparta, Syracuse, Tarsus, Thasos, Tenedos, Troy and more.
The 5th century BC Athenian tetradrachm ("four drachmae") coin was perhaps the most widely used coin in the Greek world prior to the time of Alexander the Great (along with the Corinthian stater). 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 γλαῦκες glaukes (owls), hence the proverb 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.
Drachmae 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 and the Parthian Empire based in what is modern-day Iran. The Arabic unit of currency known as dirham (Arabic: درهم), known from pre-Islamic times and afterwards, inherited its name from the drachma or didrachm (δίδραχμον, 2 drachmae); the dirham is still the name of the official currencies of Morocco and the United Arab Emirates. The Armenian dram (Armenian: Դրամ) also derives its name from the drachma.
It is difficult to estimate comparative exchange rates with modern currency because the range of products produced by economies of centuries gone by were 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 46.50 USD in 2015), whereas classical historians regularly say that in the heyday of ancient Greece (the fifth and fourth centuries) the daily wage for a skilled worker or a hoplite was one drachma, and for a heliast (juror) half a drachma since 425 BC.
Modern commentators derived from Xenophon that half a drachma per day (360 days per year) would provide "a comfortable subsistence" for "the poor citizens" (for the head of a household in 355 BC). Earlier in 422 BC, we also see in Aristophanes (Wasps, line 300–302) that the daily half-drachma of a juror is just enough for the daily subsistence of a family of three.
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 US$1, or as high as $100, depending on the country.
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.
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.
For the Roman successors of the drachma, see Roman provincial coins.
The weight of the silver drachma was approximately 4.3 grams or 0.15 ounces, although weights varied significantly from one city-state to another. It was divided into six obols of 0.72 grams, which were subdivided into four tetartemoria of 0.18 grams, one of the smallest coins ever struck, approximately 5–7 mm in diameter.
|Denominations of silver drachma|
|Dekadrachm||10 drachmae||43 grams||Δεκάδραχμον|
|Tetradrachm||4 drachmae||17.2 grams||Τετράδραχμον|
|Didrachm||2 drachmae||8.6 grams||Δίδραχμον|
|Drachma||6 obols||4.3 grams||Δραχμή|
|Tetrobol||4 obols||2.85 grams||Τετρώβολον|
|2.15 grams||Τριώβολον[n 5]|
|Diobol||2 obols||1.43 grams||Διώβολον|
|Tritartemorion||3 tetartemoria||0.54 grams||Τριταρτημόριον|
|Trihemitetartemorion||3⁄2 tetartemorion||0.27 grams||Τριημιτεταρτημόριον|
|Tetartemorion||1⁄4 obol||0.18 grams||Τεταρτημόριον|
|Hemitetartemorion||1⁄2 tetartemorion||0.09 grams||Ἡμιτεταρτημόριον|
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 New Testament mentions both didrachma and, by implication, tetradrachma in context of the Temple tax. Luke's Gospel includes a parable told by Jesus of a woman with 10 drachmae, who lost one and searched her home until she found it.
Modern drachma coins
|Symbol||Δρχ., Δρ. or ₯|
|Freq. used||200, 1000, 5000, 10,000 Δρ.|
|Rarely used||50, 100, 500 Δρ|
|Freq. used||5, 10, 20, 50, 100, 500 Δρ.|
|Rarely used||10 Λ., 20 Λ., 50 Λ., 1 and 2 Δρ.|
|Central bank||Bank of Greece and Greek mint|
|Fixed rate since||19 June 2000|
|Replaced by €, non cash||1 January 2001|
|Replaced by €, cash||1 January 2002|
|€ =||340.750 Δρ.|
This infobox shows the latest status before this currency was rendered obsolete.
The drachma was reintroduced in May 1832, shortly before the establishment of the modern state of Greece (with the exception of the subdivision Taurus). It replaced the phoenix at par. The drachma was subdivided into 100 lepta.[n 7]
The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of 1⁄4, 1⁄2, 1 and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma 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-lepta coins bearing the names obolos (ὀβολός) and diobolon (διώβολον), respectively; 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 50- and 100-drachma coins in gold were also issued.)
In 1894, cupro-nickel 5-, 10- and 20-lepta coins were introduced. No 1-lepton or 2-lepta 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, and none were issued for the second.
Notes were issued by the National Bank of Greece from 1841 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.
Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae. The National Bank of Greece introduced 1000-drachma notes in 1901, and the Bank of Greece introduced 5,000-drachma 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 April 1, 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.The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20 drachmae.
During the German–Italian occupation of Greece from 1941 to 1944, catastrophic hyperinflation and Nazi looting of the Greek treasury caused much higher denominations to be issued, culminating in 100,000,000,000-drachma notes in 1944.
In November 1944, after Greece was liberated 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-drachma notes. This drachma also suffered from high inflation. The government later issued 100-, 500-, and 1000-drachma notes, and the Bank of Greece issued 20,000-and 50,000-drachma notes.
In 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. In 1954, the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 United States dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 drachmae to 1 U. S. dollar. 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.
The first issue of coins minted in 1954 consisted of holed aluminium 5-, 10- and 20-lepton pieces, with 50-lepton, 1-, 2-, 5- and 10-drachma pieces in cupro-nickel. A silver 20-drachma piece was issued in 1960, replacing the 20-drachma banknote, and also minted only in collector sets in 1965. Coins in denominations from 50 lepta to 20 drachmae carried a portrait of King Paul (1947–1964). New coins were introduced in 1966, ranging from 50 lepta to 10 drachmae, depicting King Constantine II (1964–1974). A silver 30 drachma 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.
A 20-drachmae coin in cupro-nickel with an image of Europa on the obverse was issued in 1973. In the latter part of 1973, several new coin types were introduced: unholed aluminium (10 and 20 lepta), nickel-brass (50 lepta, 1 drachma, and 2 drachmae) and cupro-nickel (5, 10, and 20 drachmae). 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-drachmae coins were introduced in 1980. In 1986, nickel-brass 50-drachma coins were introduced, followed by copper 1- and 2-drachma pieces in 1988 and nickel-brass coins of 20 and 100 drachmae in 1990. In 2000, a set of 6 themed 500-drachma coins was issued to commemorate the 2004 Athens Olympic Games.
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-drachma notes were introduced in 1984, followed by 10,000-drachma notes in 1995 and 200-drachma notes in 1997.
|Banknotes of the Greek drachma (circa AD 2000)|
|Image||Value||Equivalent in Euro (€)||Main Color||Obverse||Reverse||Watermark|
|||50 drachmae||€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|
|||100 drachmae||€0.2935||Brown and violet (obverse); Maroon, green and orange (reverse)||Head of Piraeus Athena; Christian Hansen's National and Kapodistrian University of Athens building||Adamantios Korais; Arkadi Monastery, Crete||Head of the Charioteer of Delphi|
|||200 drachmae||€0.5869||Deep orange||Rigas Feraios; Feraios singing his patriotic song at lower right||Nikolaos Gyzis's Krifo scholio ("secret school")||Bust of Philip of Macedonia|
|||500 drachmae||€1.47||Deep green||Ioannis Kapodistrias; Capodistrias's home on Corfu||Old Fortress, Corfu City||Head of the Charioteer of Delphi|
|||1,000 drachmae||€2.93||Brown||Bust of Apollon of Olympia||Myron's Discobolus; Temple of Hera, Olympia||Head of the Charioteer of Delphi|
|||5,000 drachmae||€14.67||Deep Blue or Purple and yellow-green||Theodoros Kolokotronis; Church of the Holy Apostles, Kalamata||Karytaina, Arcadia||Bust of Philip of Macedonia|
|||10,000 drachmae||€29.35||Deep purple||Georgios Papanikolaou; microscope||Asclepius||Bust of Philip of Macedonia|
In Unicode, the currency symbol is U+20AF ₯ DRACHMA SIGN. There is a special Attic numeral, U+10142 𐅂 GREEK ACROPHONIC ATTIC ONE DRACHMA for the value of one drachma but it fails to render in most browsers.
| Greek currency
Events from the year 1998 in the European Union.Armenian dram
The dram (Armenian: դրամ; sign: ֏; code: AMD) is the monetary unit of Armenia and the neighboring unrecognized Republic of Artsakh (Nagorno-Karabakh). It was historically subdivided into 100 luma (Armenian: լումա). The word "dram" translates into English as "money" and is cognate with the Greek drachma and the Arabic dirham, as well as the English weight unit dram. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued.Austrian euro coins
Austrian euro coins have a unique design for each denomination, with a common theme for each of the three series of coins. The minor coins feature Austrian flowers, the middle coins examples of architecture from Austria's capital, Vienna, and the two major coins famous Austrians. All designs are by the hand of Josef Kaiser and also include the 12 stars of the EU and the year of imprint.Currencies of the European Union
There are eleven currencies of the European Union as of 2018 used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks.Euro calculator
A euro calculator is a very popular type of calculator in European countries (see eurozone) that adopted the euro as their official monetary unit. It functions like any other normal calculator, but it also includes a special function which allows one to convert a value expressed in the previously official unit (the peseta in Spain, for example) to the new value in euros, or vice versa. Its use became very popular within the population and commerce of these countries especially during the first few months after adopting the euro.
As so many were produced, they are also found outside the eurozone to help staff with conversions at airports or railway stations where the euro has a strong presence.Europa coin programme
The Europa Coin Programme, also known as the European Silver Programme, or the Eurostar Programme, is an initiative dedicated to the issuance of collector-oriented legal tender coins in precious metals to celebrate European identity. The issuing authorities of EU member countries voluntarily contribute coins to the Europa Coin Programme. Multiple countries have participated in the programme, beginning in 2004. Some coins are denominated in euro, others are denominated in other currencies. Europa coins are legal tender.European Currency Unit
The European Currency Unit (₠ or 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 on 1 January 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979. The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions, where its advantage was that securities denominated in ECUs provided investors with the opportunity for foreign diversification without reliance on the currency of a single country.The ECU was conceived on 13 March 1979 as an internal accounting unit. It had the ISO 4217 currency code XEU.European Exchange Rate Mechanism
The European Exchange Rate Mechanism (ERM) was a system introduced by the European Economic Community on 13 March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999.
After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. This mechanism is known as ERM II and has superseded ERM. Currently there is just one currency in the ERM II, the Danish krone.European Monetary Institute
The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB), operating between 1994 and 1997.Fourrée
A fourrée is a coin, most often a counterfeit, that is made from a base metal core that has been plated with a precious metal to look like its solid metal counterpart. The term is normally applied to ancient silver-plated coins such as the Roman denarius and Greek drachma, but the term is also applied to other plated coins.
Cicero mentions that M. Marius Gratidianus, a praetor during the 80s BC, was widely praised for developing tests to detect false coins, and removing them from circulation. Gratidianus was killed under Sulla, who introduced his own anti-forgery law (lex Cornelia de falsis), that reintroduced serrated edges on precious metal coins, an anticounterfeiting measure that had been tried earlier.
Serrated denarii, or serrati, which featured about 20 notched chisel marks on the edge of the coin, were produced to demonstrate the integrity of the coin. This effort was in vain, as examples of fourrée serrati attest.Ionian obol
The obol (plural oboli) was the currency of the United States of the Ionian Islands between 1819 and 1863. Until 1834, 1 obol = 4 lepta (singular lepton), after which 1 obol = 5 lepta. Throughout its existence, the obol was equal to a British half penny. The obol replaced a series of countermarked coins denominated in Turkish paras and copper gazete coins. The obol was issued by the British and was replaced by the Greek drachma when the Ionian Islands were given to Greece, at a rate of 1 drachma = 20 oboli.
The strangest denomination was the silver 30 Lepta coin.List of euro mints
Several euro mints exist in the eurozone. Not every eurozone member state has its own mint to produce euro coins.
Mincovňa Kremnica, Slovakia
Slovak euro coins
Staatliche Münzen Baden-Württemberg
German euro coins
Latvian euro coins
Suomen Rahapaja (Mint of Finland)
Estonian euro coins
Greek euro coins
Luxembourgish euro coins
Slovenian euro coins
Cypriot euro coins
Irish euro coins
Istituto Poligrafico e Zecca dello Stato
Vatican euro coinsNabataean coinage
The coinage of Nabataea began under the reign of Aretas II, c. 110 – 96 BC but it was his heir Aretas III, who at the time was in control of land extending to Damascus. The silver coinage is based on the weight of the Roman Denarius or Greek Drachma, as the adjacent areas around Nabataea used the Greek weight system, it is presumed the coins are of this standard. The local name of the denominations are not known so the Latin denarius and Greek drachma equivalents are used interchangeably.
Some authors state it to be based on the Phoenician drachmae instead on the Attic drachmae weight standard. Most common is the small bronze coinage of between 5–25 mm in diameter, which was in use at the same time as the coins of Judaea. The name of these coins is unknown but they do correspond with the common bronze coins issued at the time in the Greek area of influence.Portuguese euro coins
Portuguese euro coins show three different designs for each of the three series of coins. However, they are quite similar in that all contain old Portuguese royal mints and seals within a circle of seven castles and five escutcheons with silver bezants (all similar to what can be seen in the coat of arms and flag of Portugal) and the word "Portugal". Also featured in the designs, all done by Vítor Manuel Fernandes dos Santos, are the 12 stars of the EU and the year of minting.Sammarinese lira
The lira (plural lire) was the currency of San Marino from the 1860s until it was replaced by the Italian Lira in September 17, 2002. It was equivalent and pegged to the Italian lira. Italian coins and banknotes and Vatican City coins were legal tender in San Marino, while Sammarinese coins, minted in Rome, were legal tender throughout Italy, as well as in the Vatican City.Tetradrachm
The tetradrachm (Greek: τετράδραχμον, tetrádrakhmon) was an Ancient Greek silver coin equivalent to four drachmae. In Athens it replaced the earlier "heraldic" type of didrachms and it was in wide circulation from c. 510 to c. 38 BC.Vatican lira
The lira (plural lire) was the currency of the Vatican City between 1929 and 2002.
|Coins by issuing country|
Potential adoption by
Symbols of Greece
|Former national symbols|