500 Drachmai

The National Bank of Greece turned to the American Bank Note Company for this series at a particularly strained moment in Greek public finance — the country had defaulted on its external debt in 1893 and was still operating under the International Financial Commission imposed by its creditors in 1898. Commissioning high-security engraved printing from New York was partly a credibility exercise, signaling to foreign capital markets that the currency was being managed responsibly.

ABNC's intaglio work on Greek issues of this period is among the finer commercial engraving produced for southern European clients at the time. The 500 Drachmai was not a denomination that changed hands often — purchasing power put it well beyond routine transactions.