500 Drachmai cut note

Greece in the mid-1920s was under severe fiscal pressure following the catastrophic Asia Minor campaign and the massive influx of refugees from the 1923 population exchange with Turkey. The National Bank of Greece, not yet separated from its central banking functions, was managing a currency under constant strain. This 500 Drachmai note was printed by Bradbury, Wilkinson — a firm whose intaglio work was among the finest available to any issuer at the time.

The "cut note" designation refers to the bisection practice: notes were officially cut in half and each half circulated at face value, a stop-gap measure used to address acute small-denomination shortages without issuing entirely new notes. Bradbury, Wilkinson printed the full sheet; the cutting was done locally under Greek authority.