Greece in 1944 was experiencing one of the worst hyperinflationary collapses in recorded history. By the time this note entered circulation, the occupying Axis powers had been systematically looting the Greek economy since 1941, forcing the Bank of Greece to print in volumes that destroyed the currency's purchasing power entirely. A kilo of bread that cost a few hundred drachmai in early 1943 required billions by late 1944.
The 1000 drachmai denomination, enormous at the start of the occupation, had become nearly worthless within months of issue. The November 1944 currency reform replaced 50 billion old drachmai with a single new drachma.
Greece in 1944 was experiencing one of the worst hyperinflationary collapses in recorded history. By the time this note entered circulation, the occupying Axis powers had been systematically looting the Greek economy since 1941, forcing the Bank of Greece to print in volumes that destroyed the currency's purchasing power entirely. A kilo of bread that cost a few hundred drachmai in early 1943 required billions by late 1944.
The 1000 drachmai denomination, enormous at the start of the occupation, had become nearly worthless within months of issue. The November 1944 currency reform replaced 50 billion old drachmai with a single new drachma.