Have you ever wondered about the currency that Greece used before adopting the euro? Greece, being one of the oldest civilizations in the world, has a rich history when it comes to currency.

In this article, we will explore the evolution of Greek currency leading up to the adoption of the euro. Keep reading!

Drachma, Greek money before euro

Before the adoption of the euro, the official currency of Greece was the drachma.

The drachma has a long and rich history dating back to the 7th century BC and was made of silver. It remained in use until Greece joined the Eurozone in 2001 and adopted the euro as its official currency.

Drachma banknotes

We share with you some of the Drachma bills:

drachma banknotes greece

New Drachma coins

In the following image, you can see the different designs of drachma coins:

new drachma coins

All currencies held by Greece, sorted by years

Here is a chronological list of the currencies that were used in Greece before the adoption of the euro:

  • Drachma (7th century BC – 1828): The drachma was the first currency used in Greece and was made of silver. It was widely used in Greece and its colonies for many centuries.
  • Phoenix (1832 – 1928): After Greece gained independence from the Ottoman Empire, the phoenix was introduced as the new currency.
  • Drachma (1928 – 1944): In 1928, the drachma was reintroduced as the official currency of Greece.
  • Drachma of the Bank of Greece (1944 – 1953): In 1944, the government introduced a new currency, the drachma of the Bank of Greece, which was pegged to the US dollar.
  • New Drachma (1953 – 1973): In 1953, a new drachma was introduced at a rate of 1,000 to 1.
  • Devalued Drachma (1973 – 2001): In 1973, the currency was again devalued, with a new exchange rate of 30 to 1.
  • Euro (2001 – present): In 2001, Greece joined the Eurozone and adopted the euro as its official currency.

The first currency used in Greece was the drachma, made of silver and introduced in the 7th century BC. This currency was widely used in Greece and its colonies for many centuries.

After gaining independence from the Ottoman Empire in 1832, Greece introduced a new currency called the phoenix, which remained in circulation until 1928 when it was replaced by the drachma once again.

The drachma continued to be the official currency of Greece until the introduction of the euro in 2001. However, between the re-introduction of the drachma and the adoption of the euro, the Greek currency underwent several changes.

This adoption brought stability to the Greek economy and allowed for easier trade with other European countries.

Pros and cons of adopting the EURO

Despite the benefits of the euro adoption, Greece has faced economic difficulties in recent years, and its debt crisis has had a significant impact on the European economy.

While the future of the euro remains uncertain, Greece’s currency history serves as a reminder of the importance of sound economic policies and stable currencies.

If you want to discover other European currencies before the euro, visit our other articles.