The History of the Drachma – Part 3: Wars, Crises, and the Farewell

The History of the Drachma – Part 3: Wars, Crises, and the Farewell

Only 13 days left until our Drachmen Fest on September 29! After King Otto in 1832, the drachma had reclaimed its place. But the 20th century would put it through the hardest test of its entire history.

Part 3: Wars, Crises, and the Farewell

The Balkan Wars and the First World War threw Greece into political turmoil, yet the drachma held remarkably steady. The real catastrophe came only with the German occupation in the Second World War: one of the worst hyperinflations in world history caused the currency to collapse outright. In 1944, Greece had to carry out a radical currency reform — an almost unbelievable 50 billion old drachmas were exchanged for a single new drachma.

Reconstruction and further devaluations followed the war, until the drachma was firmly pegged to the US dollar in 1953 and finally found some peace. It also survived the military dictatorship (1967–1974) and the democratization that followed — tough and enduring, almost like the Greek people themselves.

In 1981, Greece joined the European Community, and in 2001 the eurozone. And then, on January 1, 2002, the moment finally came: the euro replaced the drachma — after almost 2,600 years of history, from the first owl coin of antiquity to the last note in anyone's wallet.

And now it's your turn:

Do you still have old drachma notes or coins lying in a drawer at home? Tell us in the comments — we're incredibly curious how many of you still have a piece of this history tucked away! And if you like, feel free to bring your find along to the Drachmen Fest on September 29 and show us.

Mastiha Mezedopolio – Taverna Restaurant, Arndtstr. 12, 10965 Berlin-Kreuzberg