The first issues of banknotes were in denominations of 10, 20 and 50 drachmae, soon followed by 100, 500 and 1000 drachmae by 1956. 5000-drachma notes were introduced in 1984, followed by 10,000-drachma notes in 1995 and 200-drachma notes in 1997.

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

• 100 drachmas, Athena, Adamantios Korais (€0.2935)
• 200 drachmas, Rigas Feraios (€0.5869)
• 500 drachmas, Ioannis Capodistrias (€1.47)
• 1000 drachmas, Apollo (€2.93)
• 5000 drachmas, Theodoros Kolokotronis (€14.67)
• 10,000 drachmas, George Papanicolaou, Asclepius (€29.35)