Bank of Greece
The Bank of Greece (Τράπεζα της Ελλάδος) served as the issuing authority of a currency system shaped by inflation and reform, notably transitioning from the drachma to integration within the euro framework.
Quick Facts
Institutional Identity
The Bank of Greece (Τράπεζα της Ελλάδος), established in 1927, became the official issuer of the Greek drachma (GRD), assuming monetary authority from the National Bank of Greece. It managed currency issuance, monetary stability and financial supervision until Greece entered the euro area in 2001 (cash introduction in 2002).
Historical Evolution
The Bank’s monetary history includes one of the most dramatic hyperinflation episodes in Europe during the German occupation (1941–1944), culminating in the issuance of the extraordinary 100,000,000,000 drachmas banknote in 1944, one of the highest denominations ever printed worldwide. Following this collapse, the currency was reset in 1944, and later stabilised through the critical 1954 redenomination at a rate of 1000 old drachmas = 1 new drachma, establishing the foundation of the modern monetary era.
Design Philosophy
Design governance combined classical heritage with modern security execution, with production carried out by the Bank’s printing facility known as IETA (Idryma Ektyposis Trapezogrammation kai Axion). Late drachma series featured prominent figures such as Aristotle (1000 drachmas), Eleftherios Venizelos (5000 drachmas) and George Papanicolaou (10,000 drachmas), alongside strong references to Greek antiquity through depictions of Asklepios, Athena and Apollo, forming a visual identity rooted in both science and mythology.
For collectors
For collectors, the Bank of Greece offers a highly contrasted collecting field defined by the iconic 100 billion drachmas hyperinflation note, the stabilising 1954 reform and the richly symbolic final drachma series, where ancient mythology and modern national identity converge into one of Europe’s most distinctive monetary narratives.