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50 Drachmai Half of 100 Drachmai
| Issuer | National Bank of Greece |
|---|---|
| Year | 1922 |
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| Composition | Paper |
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| Obverse description | This note constitutes the left half of the bisected 100 Drachmai note (P-48), issued by decree in 1922 as an emergency currency measure. The obverse presents a central oval portrait vignette of a male figure set within an elaborate guilloche border, flanked by ornamental corner pieces and the large numeral '100' at left. The heading 'ΕΘΝΙΚΗ ΤΡΑΠΕ…' (National Bank) appears at upper right, with the denomination 'ΔΡΑΧΜΑΙ' and the payment clause 'ΠΛΗΡΩΤΕΑΙ ΕΝ ΑΘΗΝΑΙΣ' printed to the right of the portrait, alongside a red alphanumeric series prefix and serial number. |
|---|---|
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| Reverse description | The reverse, corresponding to the left half of the original 100 Drachmai note, is printed in green and displays a large central guilloche medallion bearing the numeral '100' above the word 'FRANCS', surrounded by intricate lathe-work patterns and geometric ornamental panels. A decorative border of Greek key motifs runs along the lower edge, with the partial legend 'NATIONALE DE GRECE' visible at the bottom left, and a small circular ornamental vignette at lower right. |
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| Comments |
In 1922, Greece was in acute financial distress — the Asia Minor campaign was consuming the national budget, and specie reserves were dangerously thin. The government's solution was blunt: holders of 100 Drachmai notes were ordered to surrender them, whereupon each note was cut in half. One half was returned to the owner and retained legal tender status at 50 Drachmai. The other half was converted into a compulsory state loan bond, effectively a forced borrowing from the public.
The original 100 Drachmai had been printed by Bradbury, Wilkinson — the halving was done domestically. What circulated was, literally, half a banknote.