First modern drachma

The drachma was reintroduced in 1832, soon after the establishment of the modern state of Greece. It replaced the phoenix at par. The drachma was subdivided into 100 lepta (λεπτά, singular lepton, λεπτόν).

Coins

The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of ¼, ½, 1 and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma 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 1, 2, 5 and 10 lepta, with the 5- and 10-lepta coins bearing the names obolos (οβολός) and diobolon (διώβολον), respectively; silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)

In 1894, cupro-nickel 5-, 10- and 20-lepta coins were introduced. No 1-lepton or 2-lepta coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae 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 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, and none were issued for the second.

Notes

Notes were issued by the National Bank of Greece from 1841 until 1928, when the Bank of Greece was created. Early denominations ranged from 10 to 500 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half. Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae. The National Bank of Greece introduced 1000-drachma notes in 1901, and the Bank of Greece introduced 5000-drachma notes in 1928. The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20 drachmae.

During the German-Italian occupation of Greece from 1941 to 1944, catastrophic hyperinflation and Nazi looting of the Greek treasury caused much higher denominations to be issued, culminating in 100,000,000,000-drachma notes in 1944.

Second modern drachma

In November 1944, after Greece was liberated from Germany, old drachmae were exchanged for new ones at the rate of 50,000,000,000 to 1. Only paper money was issued. The government issued notes of 1, 5, 10 and 20 drachmae, with the Bank of Greece issuing 50-, 100-, 500-, 1000-, 5000-, and 10,000-drachma notes. This drachma also suffered from high inflation. The government later issued 100-, 500-, and 1000-drachma notes, and the Bank of Greece issued 20,000-and 50,000-drachma notes.

Third modern drachma

In 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. In 1954 the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 United States dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 drachmae to 1 U. S. dollar. On January 1, 2002, the Greek drachma was officially replaced as the circulating currency by the euro, and it has not been legal tender since March 1, 2002.

Third modern drachma coins

The first issue of coins minted in 1954 consisted of holed aluminium 5-, 10- and 20-lepta pieces, with 50-lepta, 1-, 2-, 5- and 10-drachma pieces in cupro-nickel. A silver 20-drachma piece was issued in 1960, replacing the 20-drachma banknote. Coins in denominations from 50 lepta to 20 drachmae carried a portrait of King Paul (reigned 1947–1964). New coins were introduced in 1966, ranging from 50 lepta to 10 drachmae, depicting King Constantine II (reigned 1964–1974). The reverse of all coins was altered in 1971 to reflect the military junta which was in power from 1967 to 1974. This design included a soldier standing in front of the flames of the rising phoenix. A 20-drachma coin in cupro-nickel with an image of Europa on the obverse was issued in 1973. In the latter part of 1973, several new coin types were introduced: unholed aluminium (10 and 20 lepta), nickel-brass (50 lepta, 1 drachma, and 2 drachmae) and cupro-nickel (5, 10, and 20 drachmae). These provisional coins carried the design of the phoenix rising from the flame on the obverse, and used the country's new designation as the "Hellenic Republic", replacing the coins also issued in 1973 as the Kingdom of Greece with King Constantine II's portrait. A new series of all 8 denominations was introduced in 1976 carrying images of early national heroes on the smaller values. Cupro-nickel 50-drachma coins were introduced in 1980. In 1982, the spelling of the plural of drachma was changed from drachmae (δραχμαί) to drachmas (δραχμές). In 1986, nickel-brass 50-drachma coins were introduced, followed by copper 1- and 2-drachma pieces in 1988 and nickel-brass coins of 20 and 100 drachmas in 1990. In 2000, a set of 6 themed 500-drachma coins was issued to commemorate the Olympic Games.

Coins in circulation at the time of the adoption of the euro were

• .5 drachma (€0.0015)²
• 1 drachma (€0.0029)¹
• 2 drachmas (€0.0059)¹
• 5 drachmas (€0.0147)
• 10 drachmas (€0.0293)
• 20 drachmas (€0.0587)
• 50 drachmas (€0.147)
• 100 drachmas (€0.293)
• 500 drachmas (€1.47)

¹ Minted but rarely used. Usually, prices were rounded up to the next multiple of 10 drachmas. ² Not minted but was remaining legal money (not in actual use in 2002)