Midlife Affairs Projections, Uscga Class Of 2024 Profile, Springbank Local Barley 2022, Jesup, Ga Crime News, Articles H

According to another, a coin is a token whose value depends entirely on peoples willingness to accept it in exchange for other items. The Greek drachma was the currency of Greece before it was replaced by the . We know from many sources that a silver drachma or denarius was a typical days minimum wage for a manual worker. We have broken up our dollar into 4 pieces4 quarters equal 1 dollar or 4 dollars are just four dollars. 10 leptas from 1912 and 2 drachma from 1973), but also in Finland (e.g. You won't receive this rate when sending money. footnote 18 of H. G. Dakyns's translation of, British Museum Catalogue 11 Attica Megaris Aegina, National and Kapodistrian University of Athens, Drachmi Greek Democratic Movement Five Stars, Economic history of Greece and the Greek world, "Two Linear B documents from Bronze Age Pylos", "The Greek Financial Crises: Getting by with the Half-Drachmai | PMG", Overview of the modern Greek drachma from the BBC, Economic and Monetary Union of the European Union, European Financial Stabilisation Mechanism, https://en.wikipedia.org/w/index.php?title=Greek_drachma&oldid=1141849092, Articles containing Ancient Greek (to 1453)-language text, Articles containing Mycenaean Greek-language text, Articles with unsourced statements from January 2020, Articles containing Armenian-language text, Articles with German-language sources (de), Creative Commons Attribution-ShareAlike License 3.0, Banknote and Securities Printing Foundation, Brown and violet (obverse); Maroon, green and orange (reverse), The golden drachma is the main unit of currency in, The drachma is also mentioned in William Shakespeare's, This page was last edited on 27 February 2023, at 03:47. You also have the option to opt-out of these cookies. The answer is, um, yes. These cookies track visitors across websites and collect information to provide customized ads. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. The drachma became the most widely used currency in all the conquered territories and this, until the beginning of the Roman Empire. At Kindle location 1782 the comment says Alexander capped the cost of a banquet at 10,000 drachmas which is 5,000 days pay for a skilled Greek construction worker. Modern commentators derived from Xenophon[11] that half a drachma per day (360 days per year) would provide "a comfortable subsistence" for "the poor citizens" (for the head of a household in 355BC). You should plan to spend around 123 ($143) per day on your vacation in Greece, which is the average daily price based on the expenses of other visitors. An ancient Greek currency unit issued by many Greek city states during a period of ten centuries, from the Archaic period throughout the Classical period, the Hellenistic period up to the Roman period under Greek Imperial Coinage. Did the Romans use the drachma? Your email address will not be published. These cookies will be stored in your browser only with your consent. A way to pay tribute to the history of Greece, to its past and to the first world coin used on the European continent. A lawyer could charge 1,000 for pleading a case. But I wonder, since prices for goods and services arent mentioned (except for the Edict on Maximum Prices, which, as you pointed out, is the yesteryear price control scheme), whether the middle class (probably the military) were able to, over time amass their equivalent to 1 million dollars. In 65 BC, he was appointed adele, or the head of public entertainment in Rome. The Ascent of Money: A Financial History of the World. Online at Ancient Coins for Education: http://ancientcoinsforeducation.org/content/view/79/98/, Ferguson, Niall. If the treasury was the foundation of the Roman Republic, then how much money did Caesar give to the citizens? Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20, 50, 1, and 2; nickel coins of 5; and silver coins of 10 and 20. the minimum on Tuesday, 27 September 2022. Do Men Still Wear Button Holes At Weddings? The cookie is used to store the user consent for the cookies in the category "Other. We exchange both Greek Drachma banknotes, as well as Greek Drachma coins. California (1973), Graser, E.R., A text and translation of the Edict of Diocletian, An Economic Survey of Ancient Rome Volume V: Rome and Italy of the Empire (1st ed.). A 20-drachma gold coin contained 5.8 g of gold. During that time, the government issued denominations of 10 & 50 lepta, and 1, 2 & 5. According to Michael Scott, in his article "The Rise of Women in Ancient Greece" ( History Today ), "place of women" and their achievements in ancient Greece was best described by Thucidydes . Johns Hopkins (1996), Hendin, David. He also let Antony speak at the funeral of Caesar, which inspired the crowd to turn against the conspirators. 2022 - 2023 Times Mojo - All Rights Reserved But bullion equivalent value of ancient coins is a very shaky basis for comparing buying power across the centuries. An ox sold for 100 denarii, a calf 20 denarii, and a ram 8 denarii. What is the Best Melee Weapon in Minecraft Dungeons? Luke's Gospel includes a parable told by Jesus of a woman with 10 drachmae, who lost one and searched her home until she found it. The Armenian dram (Armenian: ) also derives its name from the drachma. It was replaced with the Euro on January 1, 2002. Drachmas are part of the coinage that gave birth to all modern currencies and the original coin stemmed from the monetary system of Ancient Greece that was developed from 800BC. The 20 Drachma is a romantic addition to any coin collection and contains the old-world standard of coin manufacturing, boasting a .900 grade . If you are curious and want to follow along, Ill be spending a bit of time looking at some details of ancient finance. Smaller denominations (1, 2, 3 and 5) were issued from 1885, with the first 5 notes being made by cutting 10 notes in half. An obol is an ancient Greek coin that has one-sixth the value of a drachma . "Drachma" redirects here. Metrologists have come to differing conclusions concerning its exact length, but the currently accepted modern equivalents are 296 mm or 11.65 inches. Is Watch Dogs 2 Multiplayer Cross Platform? It is mentioned in Greek mythology, in the New Testament and in the Koran. Everything would be priced in terms of a new theoretical unit, the denarius communis or d.c. A new high quality silver coin, the argenteus, was worth 100 d.c, and the gold aureus was worth 1,200. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. These cookies ensure basic functionalities and security features of the website, anonymously. Banknotes in circulation at the time of the adoption of the euro[23] were, 5,000,000 banknote during the Axis Occupation hyperinflation period, 1944, In Unicode, the currency symbol is .mw-parser-output .monospaced{font-family:monospace,monospace}U+20AF DRACHMA SIGN. A modern person might think of one drachma as the rough equivalent of a skilled workers daily pay in the place where they live, which could be as low as US$1, or as high as $100, depending on the country. A meaningful answer must usually begin: "It's complicated." A more complete answer might include "It depends" In our global economy, where almost everything is instantly convertible into cash, we. Elites used gold coins for purchases of luxury goods, property, and slaves. Harris, ed. In ancient Athens, a skilled worker or hoplite could earn one drachma a day. 10 drachma 1973 copper-nickel 10 AXMAI The emperor Julius Caesar left every Roman citizen 75 drachmas in his will. "The drachma would be catastrophic," says Dimitris Dimonopoulos, the 43-year-old owner of Souvlaki Bar, a restaurant near the Ancient Agora in central Athens. A good cloak cost 500. So that would not be minimum wage, but more along the line of a carpenter or mason. How much was an ancient drachma worth? He began his education at a young age under a private tutor, Marcus Antonius Gnipho. Plural of drachma is drachmae (hey, Im catching on!). The exact exchange value of each was determined by the quantity and quality of the metal, which reflected on the reputation of each mint. That would reflect the later ratio of 100 drachmae to 1 mina mentioned above. This website uses cookies to improve your experience while you navigate through the website. However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 - equivalent to 40 USD in 2006). One drachma was worth around 25 U.S. dollars in the 5th century BC. In the Gospel according to St. Luke, we can read the parable of the lost drachma which inspired many artists in the history of art. Among the Greek cities that used the drachma were: Abdera, Abydos, Alexandria, Aetna, Antioch, Athens, Chios, Cyzicus, Corinth, Ephesus, Eretria, Gela, Catana, Kos, Maronia, Naxos, Pella, Pergamum, Rhegion, Salamis, Smyrni, Sparta, Syracuse, Tarsus, Thasos, Tenedos, Troy and more. Otherwise these coins are worth less than $1 each. The first coinage consisted of copper denominations of 1, 2, 5 and 10, silver denominations of 14, 12, 1 and 5 and a gold coin of 20. In the fourth century BCE, Greek hoplites (armored infantry) typically received a drachma per day (sometimes supplemented by another drachma to pay for a servant while on campaign)[9]. The cookie is used to store the user consent for the cookies in the category "Performance". However, as Chiron stated in The Lightning Thief, the gods never use anything less than pure gold. In the Shakespeare play, Julius Caesar, Brutus makes numerous mistakes. Modern currency is primarily fiat money[13], with a value determined by the government, while ancient money was largely a commodity money, with values determined by the supply and demand of precious metals. The drachma was one of the world's earliest . grain) as well as metals like silver or gold. Ancient drachma: a thousand-year-old currency. It was the standard unit of silver coinage at most ancient Greek mints, and the name obol was used to describe a coin that was one-sixth of a drachma. He aimed to reach the highest levels of the government. TimesMojo is a social question-and-answer website where you can get all the answers to your questions. They were often depicted in the Bible. But, fate had other plans for him. A Modern Greek Coin 50 Drachma 1926 Specifically, the exchange rate was 50,000,000,000:1. The income at the time for a skilled worker was 1 drachma a day wiki. GRD replaced by EUR. drachmae or drachmas) was the currency used in Greece during several periods in its history: The name drachma is derived from the verb (drssomai, "(I) grasp"). These cookies will be stored in your browser only with your consent. Women in Greece. [2] Posted rates as of 04 September 2018. For the Roman successors of the drachma, see Roman provincial coins. That $3600 could have been exchanged for 3600 Morgan silver dollars upon demand at any US Federal bank. DRACHMA Mt 15:8 "The drachma is an unusual coin of Christ's time. Required fields are marked *. The other drachmas that were very successful throughout history were those of the Kingdom of Macedonia, and particularly those of the reign of Philip II. At Leftover Currency we specialize in the exchange of obsolete currencies, like the Greek Drachma. Drachmas are part of the coinage that gave birth to all modern currencies and the original coin stemmed from the monetary system of Ancient Greece that was developed from 800BC. The exchange rate for the Euro was last updated on July 19, 2021 from The International Monetary Fund. They were equal in value to about 25 U.S. dollars in 2006; however, the drachma was worth far more than this. The origin lies in the Greek word 'dragma', meaning 'handful', pointing to a handful of 'obols', equal to one-sixth of a drachma. Price history of USD / GRD. It was truly the first international currency and circulated throughout Europe and Asia. The National Bank of Greece introduced 1,000 notes in 1901, and the Bank of Greece introduced 5,000 notes in 1928. His parents were not wealthy by Roman standards, but they did have some wealth. The status and characteristics of ancient and modern-day women in Greece evolved from the events that occurred in the history of Greece. Each city would mint its own and have them stamped with recognizable symbols of the city, known as badge in numismatics, along with suitable inscriptions, and they would often be referred to either by the name of the city or of the image depicted. Your email address will not be published. What does drachma mean in English? This is an order of magnitude larger than the $186 USD-1998 arkenberg. a one-foot cube.. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 - equivalent to 40 USD in 2006). A skilled worker in Athens or a hoplite could earn about one drachma a day. [16], The drachma was reintroduced in May 1832, shortly before the establishment of the Kingdom of Greece. The exchange rate was fixed at 340.75 drachmas to 1 euro. 320.68 631 Greek Drachmae. 5 Sparrows cost 1/8 denarius. [1] The Monetary Systems of the Greeks and Romans. In daily use they were called glaukes (owls),[7] hence the proverb ' , 'an owl to Athens', referring to something that was in plentiful supply, like 'coals to Newcastle'. The maximum was reached on Tuesday, 27 September 2022 1 US dollar = 355.1029 Greek drachma the minimum on Sunday, 6 February 2022 1 US dollar = 297.4787 Greek drachma Price history of GRD / USD The first silver obols were minted in Aegina, most likely sometime after 600 BCE. There is a special Attic numeral, U+10142 GREEK ACROPHONIC ATTIC ONE DRACHMA, for the value of one drachma but it fails to render in most browsers.[24]. At the content mention of 4.5% @ 90% pure silver, that translates into: The Treasures of Alexander book by Prof. Holt that Im reading repeatedly uses a ratio of 6,000 drachmae to 1 talent. Your email address will not be published. A hoard of over 150 rod-shaped obeloi was uncovered at Heraion of Argos in Peloponnese. [12] Bucephalus, the famous horse tamed and ridden by Alexander the Great, cost 13 talents, equivalent to 78,000 silver drachmai. [21], Coins in circulation at the time of the adoption of the euro[22] were, Gold 20 coin depicting king Othon I, 1833, Gold 20 coin depicting king Georgios I, 1876, Gold 50 coin depicting king Georgios I, 1876, 1 coin during the 19731974 military controlled Republic, 1973, 1 coin depicting Konstantinos Kanaris, 1976, 2 coin with a soldier standing in front of a Phoenix. The Greek Drachma was the currency of Greece from 1832 until 2002, when it was replaced by the Euro. In declining times people are paid less with currency that has been debased whereas in prosperous times people are paid more with a more valuable currency. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The drachma . wiki has a closer estimate of $3487.5 USD-2015. The 50 drachmai banknote was replaced by a coin in 1980. Julius Caesar's will specified a gift of 75 Attic drachma's for every roman citizen. Thus we have: Silver drachma = 4.5 gram @ 90% = 4.05 gram of silver Gold coin = 20 drachma = 5.8 gram gold blended or 5.32 g pure gold at 22/24 carats. Very interesting, indeed! However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 - equivalent to 40 USD in 2006). During the time of Julius Caesar, a skilled worker could earn one drachma a day, or about $20 USD per hour. In 1922, the Greek government issued a forced loan in order to finance their growing budget deficit. Vehicle traffic during the day was limited to carts and those with special licenses. Some historians say that half a drachma per day would be a comfortable subsistence for a poor family. One of the most important mistakes Brutus makes is refusing to kill Marc Antony, even though this could have saved him from other missteps. One obol became the equivalent of one spit. The first issues of banknotes were in denominations of 10, 20 and 50, soon followed by 100, 500 and 1,000 by 1956. Penguin (2008), Finley, Moses. The symbol for GRD can be written Dr. That would represent about 972 grams of silver or 64.8 grams of gold (a bit over two troy ounces). The birth of coinage in wider Greece, though, was not really an invention of convenience but a necessity, driven by the need to . A 4.5 gram silver drachma was 90% silver. In the beginning, he is influenced by Cassius, who wants him to assassinate Antony. Ancient Greek Drachma The Greek drachma was originally defined as 1/6000th of a talent of silver (a talent was a unit of weight equal to about 56 pounds). The drachma was Greeces national currency from 1833 to 1 January 2002, when euro banknotes and coins were put into circulation in Greece, at the same time as in the other euro area countries. Drachma is the currency that was in use in Ancient Greece for over 10 centuries. You can also check out the current exchange rate of your countrys currency with this guide. The cookies is used to store the user consent for the cookies in the category "Necessary". 1 Athenian Talent at the higher ratio would have 24.3 kg pure silver or 27.0 kg at face weight. I will assume that is 22 carat because Ive read pure gold is too malleable to use in coins. Its weight and fineness are of no intrinsic interest, except for the fact that if a coin is too valuable people will be tempted to melt it down for bullion. The Roman drachma is based on the ancient Greek drachma. Although Drachmas were used as far back as the 9th century, modern Drachma Gold Coins date from the mid-19th century. This unit was divided into 16 digits or into 12 inches. An average. Ill use days wages for a skilled worker for future discussion. We are comparing gold that was mined with slave labor and refined in charcoal-fired furnaces to gold that is mined with huge diesel-powered shovels and refined with modern physical and chemical methods. This drachma also suffered from high inflation. The largest Greek island by area is Crete, located at the southern edge of the Aegean Sea. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. By clicking Accept All, you consent to the use of ALL the cookies. One Drachma is divided into 100 Lepta. However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 - equivalent to 40 USD in 2006). How much was 75 drachmas worth in ancient Rome? Guide to Biblical Coins, 5th ed. He takes part in the rise of the kingdom from the IVth century and extends its domination on continental Greece. A 20-drachma gold coin contained 5.8 g of gold. drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. 70 drachmae = 1 mina, or later it was 100 drachmae, 17,010 g = 17.01 kg = 1 Athenian talent = 60 minae = 4,200 drachmae, 1 Athenian talent would have 17.01 kg pure silver or 18.9 kg at face weight. 0.0031136. During the time of Julius Caesar, a skilled worker could earn one drachma a day, or about $20 USD per hour. Being the armor-maker of the King (if you werent a slave) could be a remarkably profitable profession. A "drachma" was in ancient Greece a currency. It does not work to use the current value of silver or gold to back into the value of the currency in Alexanders time. [10] In practice this is usually increased significantly by various allowances such as housing. A cow would cost somewhere between 25 and 51 drachmas and we have examples of the prices of slaves from an auction of a man's property: a slave child from Caria (in present-day Turkey) cost 75 drachmas, a woman from Thrace (present-day north-eastern Greece, north-western Turkey and southern Bulgaria) cost 135 and a man from Syria cost 301. This coin was widely used in the eastern Roman Empire. The drachma is considered the most important currency of the time. from CoinWeek Supplies for 25% off Cover Price. While the laws are incomplete, the first six sections deal with grain dole and eligibility for it. A skilled worker in Athens or a hoplite could earn about one drachma a day. The radical increase in standard of living invalidates that comparison. The obolus is therefore a division of the drachma. 1a : any of various ancient Greek units of weight. . The . Let us know if you have suggestions to improve this article (requires login). From the 5th century bc, Athens gained commercial preeminence, and the Athenian drachma became the foremost currency. The drachma was the Greek monetary unit, during Antiquity, but also before the arrival of the euro from 1831 to 2000. It is mandatory to procure user consent prior to running these cookies on your website. [18] The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20. However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 equivalent to 40 USD in 2006). When did the drachma become legal tender in Greece? The drachma not only testifies to the Greeks sense of aesthetics and craftsmanship, but also to Greeces commercial power. On 4/30/16, the Wall Street Journal commodities page shows: Those three ratios are roughly comparable to each other. Oxford (2008). The coin would have been born in Lydia, in Asia Minor. . What was in Caesars will for the Roman citizens in Julius Caesar by William Shakespeare? The average value of the Attic drachma is computed to have been about 19 cents. Gold closed this week at US$1,200 per Troy ounce[4], so a 7.0-gram ancient Greek gold stater from the time of Alexander the Great (died 323 BCE) represents a bullion value of $270.04. In Caesars will, he gives seventy-five drachmas to every Roman citizen and bequeaths his private gardens and newly planted orchards on both sides of the Tiber River to the public. His son, Alexander the Great, extended the empire to Persia and Asia. Struck between 1849 and 1933, these coins. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. Previously, the unit of currency was iron cooking-spits. The Romans were very proud of their drachmas. It was replaced with the Euro (EUR) on January 1, 2001. Golden drachmas are large, round coins that are usually made of gold or silver. I want to sold my only one historical coin They are described as big as Girl Scout cookies by Percy, and are used by the gods and demigods. The drachma (Greek: Modern: , Ancient: [drakm]; pl. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. More specifically, Ill use the rate of pay of 2 drachmae per day for skilled labor mentioned by Prof. Holt. The drachma coin weighed 4.5g and contained 90% silver, with the 20 coin containing 5.8g of gold. The dual circulation period when both the Greek drachma and the euro had legal tender status ended on 28 February 2002. This website uses cookies to improve your experience while you navigate through the website. The Unjust Steward in the story of Jesus was thrown into prison for overdue debt of a hundred denarii. In the ancient world, copper alloys (bronze and brass) formed tools, weapons, statues, cooking vessels and countless other non-coinage uses. I dont think so. Wheat sold for 100 d.c. per modius (a measuring bucket that held about eight liters or two gallons, enough to make 20 one-pound loaves of bread) Meat was sold by the Roman pound or libra of 12 ounces (326 grams): pork and lamb for 12 d.c.; beef for 8; high-quality saltwater fish for 25; chicken (a luxury!) 5,000 notes were introduced in 1984, followed by 10,000 notes in 1995 and 200 notes in 1997. At this time, a drachma was worth almost 10.5 choenix of wheat. Proudly powered by. How much was an ancient drachma worth? Drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. Ancient finances, the Alexander the Great chapter. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. First in silver, then in bronze, it is divided into eight chalkos or twelve depending on the region of Greece. How much was a drachma worth in Caesar's time? This will allow you to determine the value of each currency. The euro banknotes and coins were introduced in Greece on 1 January 2002, after a transitional period of one year when the euro was the official currency but only existed as book money. This manipulation enriches for wealthiest 1% along with the banks, as the working man in the US is beggared. From 1917 to 1920, the Greek government took control of issuing small change notes under Law 991/1917. In 1894, cupro-nickel 5, 10 and 20 coins were introduced. Omissions? The Greek drachma is divided into 100 lepta and the United States Dollar is divided into 100 cents. Obol. This category only includes cookies that ensures basic functionalities and security features of the website. Throughout the history of ancient coins two contradictory concepts have competed with each other. Drachmas were issued in the 5th century BC. Sources :Muse de la banque nationale de BelgiqueHorizonWikipedia, Numismatics is also a way to immerse oneself in iconography. Required fields are marked *. It represented 90% of the total population in 2015 and is constitutionally recognized as the prevailing religion of Greece. Bloomberg estimates that Greeks missed out on a treasure worth almost 500 million euros when they failed to convert their old Greek money to the euro. Greek Drachma Gold Coins: A Piece of History. As a result of the conquests of Alexander the Great, the Athenian drachma came to be the monetary unit of the Hellenistic world. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Location 1797 says guests at a banquet could eat 160 drachma of food which was 80 days pay for a mercenary of the day. The euro banknotes and coins were introduced in Greece on 1 January 2002, after a transitional period of one year when the euro was the official currency but only existed as book money. Greek Mythology is the set of stories about the gods, goddesses, heroes and rituals of Ancient Greeks. This is an order of magnitude larger than the $186 USD-1998 arkenberg. At a wage of $20 USD/hr that is approximately $12,000 USD. What Things Cost in Ancient Rome. The Athenian tetradrachm was called owl,[6] the Aeginetic stater was called chelone, the Corinthian stater was called hippos (horse) and so on. drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. Its fun and healthy to exercise ones mind. Diocletian, a tough military commander, thought he could simply issue orders to make wages and prices fall into line throughout the Empire. Our editors will review what youve submitted and determine whether to revise the article. However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 equivalent to 40 USD in 2006). Keep in mind that when we compare labor equivalent values across the centuries, we are comparing an ancient world where muscle power was a primary energy source, to a modern world largely powered by engines, motors, and data networks. Ancient economies were largely bimetallic. Cant we simply express equivalent ancient and modern values in terms of precious metal? In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The (National Central Bank of Greece) exchanged drachma coins until 1 March 2004 and drachma banknotes until 1 March 2012.