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12.5 Drachmai Half of 25 Drachmai
| Issuer | National Bank of Greece |
|---|---|
| Year | 1922 |
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| Value | Log in to see details |
| Currency | First modern drachma (1832-1944) |
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|---|---|
| Obverse lettering | ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ ΔΡΑΧΜΑΙ ΕΙΚ... Εν Αθήναις ο Διοικητής |
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| Reverse lettering | BANQUE NATIONALE 25 FRANCS DE GRECE AMERICAN BANK NOTE COMPANY, NEW YORK. |
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| Comments |
In early 1922, facing acute fiscal pressure and a shortage of small-denomination notes, the Greek government authorized a forced loan by decree: holders of 50 and 25 Drachmai notes were required to physically surrender them, have them cut in half, and deposit the severed portion in exchange for a credit against the loan. Each half was then countersigned and put back into circulation as an independent instrument at face value — in this case, 12.5 Drachmai.
The ABNC plate predates the crisis by some years; the halving scheme gave existing stock a second, involuntary life.