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12.5 Drachmai Half of 25 Drachmai
| Issuer | National Bank of Greece |
|---|---|
| Year | 1922 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ 25 ΕΝ ΑΘΗΝΑΙΣ ΤΑΜΙΑΣ |
| Reverse description | The reverse, printed in dark blue-green, is dominated by an elaborate lathe-work and guilloche composition of interlocking medallions and ornamental scrollwork filling the entire field. A circular vignette at the left contains a portrait bust, while the curved legend 'BANQUE NATIONALE DE GRECE' and 'DRACHMES' arc around the medallion border. The denomination numeral '25' appears in the upper right and lower corners within decorative cartouches, and the printer's address 'London Wall, London, E.C.' is printed at the lower left margin. |
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| Comments |
In 1922, Greece was in financial crisis partly driven by the costs of the Asia Minor Campaign. The government's solution for the 25 Drachmai notes already in circulation was brutally simple: holders were required to surrender their notes, which were then cut in half lengthwise. One half was returned to the owner as a 12.5 Drachmai note, still legal tender at half the face value; the other half was exchanged for a forced government loan. Effectively, the state confiscated half of everyone's paper money overnight.
The cut halves circulated as-is — no reprinting, no new Waterlow plates. The existing printing became two separate instruments by decree alone.