50 Drachmai

The National Bank of Greece turned to the American Bank Note Company for this series during a period of acute monetary instability following Greece's catastrophic defeat in Asia Minor and the mass population exchange with Turkey. The 1922–1928 stabilization effort, supported by the League of Nations, required the currency to project reliability — which partly explains the choice of an American printer with an international reputation for intaglio work over European alternatives Greece had previously used.

Pick 97 is one of the last notes issued under the National Bank of Greece's dual role as both commercial bank and central bank; the Bank of Greece took over note-issuing authority in 1928, the same year this note appeared.