Historical Sketch

The Ottomans conquered the island of Crete in 1669. Following a series of uprisings since the mid-19th century, an intervention of the European powers led to the creation of an independent Cretan state in 1898, officially still under the suzerainty of the Turkish sultan. In 1908, the Cretan parliament decreed a unilateral union with mainland Greece, which was recognized by the latter only after the outbreak of the First Balkan War in early 1913. In December of the same year, Crete fully joined Greece.

Monetary History Overview

The Cretan state passed a currency law in 1900 to introduce the Cretan Drachma as national currency, at par with the Greek Drachma. The Bank of Crete, a subsidiary of the Bank of Greece, had begun operations the year before and held the privilege for issuing paper money. The Turkish and other foreign coinage was demonetized. In May 1913, during the Greek-Cretan Union preceding the full integration, the Greek Drachma was introduced in Crete. The Cretan money was withdrawn until March 1923, the former silver coins were even tolerated until mid-1929.

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