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In ancient Greece, the drachma (Greek: δραχμή, romanized: drachmḗ, [drakʰmέː]; pl. drachmae or drachmas ) was an ancient currency unit issued by many city-states during a period of ten centuries, from the Archaic period throughout the Classical period , the Hellenistic period up to the Roman period .
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 and 50 lepta, and 1, 2 and 5 drachmae. The National Bank of Greece introduced 1,000-drachma notes in 1901, and the Bank of Greece introduced 5,000-drachma notes in 1928.
In ancient Greece, it was generally reckoned as 1 ⁄ 6 drachma (c. 0.72 grams or 11 grains). [ 14 ] [ 15 ] Under Roman rule, it was defined as 1 ⁄ 48 Roman ounce or about 0.57 g (9 gr). [ 16 ] The apothecaries' system also reckoned the obol or obolus as 1 ⁄ 48 ounce or 1 ⁄ 2 scruple .
The Aeginetan standard, based on the coinage issued by Aegina had a stater of 12.4 g, which was divided into a half-stater or drachma of 6.2 g, a quarter-stater of 3.1 g, and twelve obols of 1.0 g each. [2] [1] This was the main trading standard in the Greek world in the Late Archaic period. In the second half of the sixth century BC, the ...
For a brief period, the drachma was pegged to the US dollar, but this was unsustainable given the country's large trade deficit and the only long-term effects of this were Greece's foreign exchange reserves being almost totally wiped out in 1932.
The three most important standards of the ancient Greek monetary system were the Attic standard, based on the Athenian drachma of 4.3 grams (2.8 pennyweights) of silver, the Corinthian standard based on the stater of 8.6 g (5.5 dwt) of silver, that was subdivided into three silver drachmas of 2.9 g (1.9 dwt), and the Aeginetan stater or didrachm of 12.2 g (7.8 dwt), based on a drachma of 6.1 g ...
Greek drachma (2nd) 50,000,000,000∶1. ... In response to increasing pressure on the Vietnamese dong as a result of high inflation in the US Dollar, different ...
The conditions for this loan, however, stipulated that Greece had to stabilise its currency (the Greek drachma) by adopting the gold standard and by establishing a central bank to oversee economic policy. [52] A further loan for £4 million (£304 million in today's value) in order to carry out public works was taken in 1928. [56]