Modern drachma

The drachma (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 1λ, 2λ, 5λ and 10λ, silver denominations of ₯, ₯, ₯1 and ₯5 and a gold coin of ₯20. The drachma coin weighed 4.5 g and contained 90% silver, with the ₯20 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 1λ, 2λ, 5λ and 10λ, with the 5λ and 10λ coins bearing the names obolos (ὀβολός) and diobolon (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 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.