200 000 000 Drachmai

This note was issued during the Axis occupation of Greece, when hyperinflation had rendered earlier denominations useless within weeks of printing. The drachma's collapse was among the most severe in recorded monetary history — by late 1944, a single gold sovereign exchanged for trillions of drachmai. A 200,000,000 denomination, unimaginable a few years earlier, was already insufficient for basic transactions by the time this series circulated.

Printed entirely in Athens under occupation conditions, the run of just over 12 million notes was absorbed almost immediately into a collapsing economy. The liberation of Greece in October 1944 triggered a currency reform; these notes were replaced the following November at a rate of 50 billion old drachmai to one new drachma.