Timeline

• 24.04.1828
• JD:12.04.1828
• Currency law in the national currency in a bimetallic standard, based on the Phoenix of 60 Lepta; not implemented:
  - Silver: 5, 2½, 1 Phoenix (5 Phoenix = 1 Aegis), with 1 Phoenix = ¹⁄₆ Spanish Dollar (8 Spanish Real in silver)
  - Gold: 20, 10 Phoenix (20 Phoenix = 1 Athena) without weight specification.
• 12.08.1829
• JD:31.07.1829
• Coinage law on the issuance of (under-weighted) Phoenix and subsidiary coins, now based on the Phoenix of 100 Lepta, the gold coinage was dropped; effective 13.10.1829 (JD:01.10.1829):
  - Silver: 1 Phoenix (= ¹⁄₆ Spanish Dollar)
  - Copper: 20, 10, 5, 1 Lepta, at ½ Greek dram copper per Lepto

Valuation Regimes

• 1828-1833
• Metallic currency based on circulating silver coins. Base weight is the Greek Oka / 400 Dram at 1'280.000 grams, which was standardized only with the law of 08.10.1836 (JD:26.09.1836).

Timeline

• 20.02.1833
• JD:08.02.1833
• Currency law on the currency reform and adoption of the bimetallic standard with a gold-to-silver ratio of 15.5 and the silver Drachma of ¹⁄₆ Spanish Dollar (8 Spanish Real in silver); effective immediately (?):
  - The 1828 Phoenix coin was rated as 0.93 Drachma
  - The 1828-1833 copper coins were rated at 80% face value.
• ??.08.1833
• Demonetization of Turkish silver coins

Valuation Regimes

• 1833-1868
• Metallic currency based on circulating gold and silver coins.

Timeline

• 22.04.1867
• JD:10.04.1867
• Law (first) on the adoption of the bimetallic currency standard of the Latin Monetary Union; not implemented
• 31.10.1868
• JD:19.10.1868
• Law (second) on the adoption of the bimetallic currency standard of the Latin Monetary Union; effective 13.01.1869 (JD:01.01.1869)
• 13.01.1869
• Start of currency exchange:
  - 13.01.1869: Start of issuance of the new coins
  - 13.01.1872: Demonetization of the former coinage (original date was 13.01.1870, postponed twice by one year each)
• 1922-1926
• Currency confiscations to reduce the monetary surplus:
  07.04.1922 (JD:25.03.1922): Law [No. 2729] on the 1st currency confiscation: All banknotes in circulation were cut in half. The left halves remained in circulation at 50% nominal value, the right halves were withheld as "bonds". At year end, all deposits were devalued by 50% and the "bonds" invalidated.
  - 23.01.1926: Law on the 2nd currency confiscation: All banknote halves of 1922 were exchanged at par into new banknotes of 1926 from which a quarter was cut off the right. The left three quarters were circulating at 75% nominal value, the right quarters were withheld as bonds (at 6%). The deposits were not affected and the bonds were redeemed until 23.01.1931.
• 1941-1945
• Occupation of Greece by the Axis powers:
  - De facto fixed rates (also used for the currency exchange in the annexed territories): 1 German Reichsmark = 60 Greek Drachmas, 1 Italian Lira = 8 Greek Drachmas; 0.65 Bulgarian Lev = 1 Greek Drachma, 1 Albanian Franc = 50 Greek Drachmas
  - 15.06.1941: Start of issuance of Italian occupation notes by the "Mediterranean Credit Bank for Greece" in separate series for the mainland and the islands
  - 05.08.1941: Stop of the issuance of Italian occupation notes (after German intervention), the notes were redeemed (at the expense of the Bank of Greece) and demonetized on 22.04.1942
  - 21.04.1944: German ordinance [No. 38] for the Southern Aegean (Dodecanese) on the issuance of paper money in Italian currency, replacing the Italian currency after Italy had left the Axis powers alliance; effective immediately
  - 07.05.1945: Start of issuance of British military certificates to replace the occupation money of the Southern Aegean (Dodecanese) at a rate of 1 PBritish Pound = 400 Italian Lira; exchange period ended on 21.05.1945.

Valuation Regimes

• 1869-1876
• Metallic currency based on circulating gold and silver coins; the bimetallic standard was suspended on ??.??.1876
• 1876-1928
• Variable rate; a re-introduction of the gold standard at the original rate was attempted twice, January-September 1885 and 1910-1919, but had to be abandoned; highly inflationary in the early 1920s
• 1928-1932
• Fixed rate against British Pound
• 1932-1936
• Variable rate, highly inflationary
• 1936-1943
• Fixed rate against British Pound; during the occupation (1941-1943) de facto fixed rate against German Reichsmark
• 1943-1944
• Variable rate, hyper-inflationary

Timeline

• 10.11.1944
• Law [No. 18] on the currency reform; effective immediately
• 11.11.1944
• Start of currency exchange:
  - 11.11.1944: Start of issuance of the new banknotes
  - ??.??.1944: Demonetization of the former currency.

Valuation Regimes

• 1944-1954
• Fixed rate against US Dollar

Timeline

• 20.04.1954
• Law [No. 2824] on the currency reform; effective immediately
• 01.05.1954
• Start of currency exchange:
  - 11.11.1944: Start of issuance of the new banknotes and coins
  - ??.??.1954: Demonetization of the former currency.

Valuation Regimes

• 1944-1954
• Fixed rate against US Dollar

Timeline

• 19.06.2000
• Decision of the European Council [Nr. 2000/427/EG] to admit Greece to the European Monetary Union; effective 01.01.2001
• 19.06.2000
• Ordinance of the European Council [Nr. 1478/2000], determines the conversion rate; effective 01.01.2001
• 01.01.2001
• Start of currency exchange:
  - 01.01.2001: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the Greek Drachma of 1 : 340.75
  - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro
  - 28.02.2002: Demonetization of the banknotes and coins in Greek Drachma.