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100 Drachmai

Issuer National Bank of Greece
Year 1922
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Value 100 Drachmai
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Obverse description At left, a portrait vignette of Georgios Stavros, founder of the National Bank of Greece, anchors the composition; the central field is occupied by allegorical female figures rendered in fine intaglio engraving. The national coat of arms appears at right, bearing the overprint 'ΝΕΟΝ' in Greek characters.
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Reverse lettering ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ
ΕΚΔΟΣΙΣ ΕΝΔΕΚΑΤΗ
ΔΡΑΧΜΑΙ ΕΚΑΤΟΝ
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Comments

This note belongs to a peculiar episode in Greek fiscal history. In 1922, the government of Dimitrios Gounaris — facing acute revenue shortages worsened by the ongoing Asia Minor campaign — ordered all holders of existing banknotes to physically surrender them, whereupon each note was cut in half. The left half was returned as circulating currency at half its face value; the right half was compulsorily converted into a forced state loan. Greece effectively halved its circulating money supply overnight without printing a single new note.

Bradbury Wilkinson had printed the original series years earlier. The bisection scheme meant their work was literally scissored apart by the state.

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