1 Drachma

The Greek State designation on this note reflects the collaborationist administration installed under Axis occupation — the Ελληνική Πολιτεία replaced the Kingdom of Greece in name as well as authority following the April 1941 capitulation. Small-denomination emergency issues like this one were produced domestically by Aspioti-ELKA precisely because the occupation had severed access to foreign security printers, and wartime paper shortages are visibly reflected in the thin, low-quality stock on which the series was printed.

The 80 × 37 mm format is notably narrow — closer to a transit ticket than a banknote — a direct consequence of material rationing.