10 Drachmai

Greece had only recently stabilized its currency after the catastrophic hyperinflation of the Axis occupation years and the subsequent 1944 redenomination — when one new drachma replaced 50 billion old ones. By 1954, the Bank of Greece was working to consolidate a functional domestic printing infrastructure, and this note came from the Idryma Ektiposeos facility at Holargos, one of the earliest Greek-produced issues to emerge fully from national rather than foreign presses.

The watermark security is modest by contemporary standards, reflecting the technical limitations of the Holargos operation in its early years.