Coins of Greece (1828-1930 )

For a little less than 400 years, from 1453 to 1821, the territories of modern Greece were a province within the Ottoman Empire. In 1821, Greek revolutionaries, with the support of Russia and a number of other European powers, raised an armed uprising against the Turks.

 

The new state needed its own currency. In those days, in Greece, complete confusion reigned with money. In addition to the kurushi of hated Turkey, the currency of Russia, England, France, Austria and a number of other European powers was also in circulation in Greece. The planned 1822 issue of the national currency, which they decided to call "drachma," in honor of the ancient Greek coin of the same name, failed to take place - the country was drawn into a bloody war for independence .

 

The first ruler of Greece, which sought independence on April 11, 1827, was elected by the decision of the Third National Assembly, the former Minister of Foreign Affairs of the Russian Empire, Count John Kapodistria. 

 

 

On April 12, 1828, John Kapodistrias signed a decree issuing the first issue of coins in modern Greek history. The national currency has become the "phoenix." Named for the mythical bird, "phoenix" was meant to symbolize rebirth from the ashes of the Greek nation in the ongoing struggle for independence. 1 phoenix was 100 leps.  

 

The Government of the Russian Empire allocated 1.5 million rubles to Kapodistrias for the implementation of the project to issue the national currency. With this money, old presses for minting coins were purchased in Malta and the services of the Armenian jeweler Chatsigrigoris Pirobolistis, who cut stamps for coins of the first issue, were paid. It is noteworthy that the minting of coins of the first issue was organized at the national mint in Aegina, in the same place where in 700 BC. the very first money of Ancient Greece was issued - the staters of Aegina. On October 1, 1829, the circulation of coins with the date "1828" entered circulation, and in 1833 the Aegina mint closed. Phoenix was equal to the French franc, although with a lower silver content, and when exchanged for Turkish money, it corresponded to the 1⁄6 of kurush. 

 

On the obverse of the coins of all denominations, the phoenix itself is depicted framed by the inscription of the name of the state of the Hellenic State (ΕΛΛΗΝΙΚΗ ΠΟΛΙΤΕΙΑ), and on the reverse, in addition to the denomination, the surname of the ruler of Greece John Kapodistrias (K ϒ BEPNHTH Σ I.A.KAPO Δ I Σ TPIA Σ) is indicated.

 

The funds allocated by Russia were not enough to ensure the release of coins from precious metals in sufficient quantities, so the circulation of the phoenix turned out to be extremely small - only 12 thousand copies, and therefore, for some time, foreign currency still continued to be in the circulation of the Greek state. In 1830 and 1831, small denominations - leptas were reissued twice in an updated design.

 

In 1832, after 11 years of armed struggle, the Greeks gained independence. At the London Conference , the independence of Greece from the Ottomans was recognized under the protectorate of Russia, England and France. The first monarch of the Kingdom was appointed Prince Otto - the second son of King Ludwig I of Bavaria, who, among other things, had Byzantine roots.

 

 

King Otto of Greece (or Otton, in the Greek manner), by decree of February 8, 1833, carried out a monetary reform, according to which the "phoenixes" were exchanged for "drachmas" in a ratio of 1:1.

 

The word "drachma" itself comes from the Greek verb δράττω, which means take, grab. Circulating back in 1100 BC as a means of payment, silver bars-ingots of shell (oboloí) had such a diameter that the hand of an adult man could simultaneously capture no more than six of them. Hence the name: 1 "grab"=6 shells.

 

 

The design of the coins has undergone changes: on the obverse of copper coins, the image of the phoenix was replaced by the Greek coat of arms, on silver coins, a portrait of the 17-year-old king appeared in denominations of drachma and its components. It is noteworthy that on the coins minted in 1833, 1832 was the year when Otto was declared King of Greece. The stamps were made by engraver Conrad Lange, who was later appointed director of the Greek Royal Mint. The circulation of coins of the first issue was minted in Munich.

 

 

Subsequently, the coins were reissued more than once. This happens when the appearance of the ruler changes. A significant number of coins were minted in Athens, but orders for the issue of coins were also made to the mints of Munich, Vienna and Paris.

 

 

In 1862, as a result of a popular uprising, Otton lost the Greek throne.

 

The anti-Catholic uprising of 1843 led to the adoption of the Constitution of Greece, according to which only the monarch of the Orthodox faith could replace King Otto on the throne, nevertheless, a Lutheran ascended the throne in 1863. 

 

After the overthrow of Otto, a referendum was held in the Greek Kingdom on November 19, 1862, in which citizens had to choose a new king. Since there were no ballots, any of the Greeks could cast their vote for anyone, even for themselves. Nevertheless, with an amazing result of 95% of the total number of votes, the second son of the British Queen Victoria, Alfred Saxe-Coburg-Gotha, who enjoyed unprecedented authority in Greece, won the plebiscite. By the way, the candidate under the name "Orthodox King" received 1917 votes, and the ousted King Otton - only one vote. But Alfred was not destined to become the Greek monarch. At the London Conference of 1832, one of the conditions for the adoption of independence of Greece was the condition that the Kingdom of Greece could not be ruled by a representative of the royal dynasty of England, France or Russia . Candidate after candidate, for various reasons, renounced their rights to the Greek throne until the turn came to George, the 17-year-old son of the Danish king Christian IX, who was in 18th place and received only 6 votes out of 241,202 in the referendum . He agreed, and for 40 years became the Greek king George I.

 

 

Coins of the first issue were minted in Strasbourg, the rest in Paris and Bordeaux.

 

In 1868, Greece entered the Latin Monetary Union, which by that time already consisted of France, Italy, Belgium and Switzerland, and coins issued according to its standards came into circulation: 1, 2, 5 and 10 lepta made of copper, and 20 and 50 lepta, 1, 2, 5 drachmas - from silver,

 

In tribute to ancient Greece, coins in denominations of 5 and 10 lepta were called obol (ὀβολός) and two obol (διώβολον), respectively. Also, for the first time in the modern history of Greece, the profile of the current monarch appears on small coins. 

 

On silver coins, the portrait of the king on the obverse, complements the updated coat of arms of the Kingdom of Greece on the reverse.

 

On coins of junior denominations of the 1878 model, the portrait of the king is "updated."

 

Since 1879, the issue of coins in 1 and 2 lepts was stopped, and in 1894-1895 5, 10, 20 lepts were already issued on copper-nickel blanks, which was a direct violation of the Latin coin agreement .

 

Greece did not tolerate coin fraud for a long time, and in 1908 it was expelled from the Union for two years.

 

Immediately after the restoration of Greece in the Latin Monetary Union, in 1910-1911, 1 and 2 drachmas were put into circulation in an updated design, but in compliance with the requirements of the Union.

 

 

The reverse of the coins depicts a mythological plot: Thetis is the mother of the ancient Greek hero Achilles on a sea horse. In the hands of Thetis is the shield of Achilles. The plot is borrowed from the antique gold coin of the Colabria region (photo from the Internet).

 

 

In a review about Greek coins of that time, it is worth mentioning the coins of Greece issued for Crete . In 1897, an uprising broke out on the island of Crete, the cause of which was the conflict between the Orthodox Greek part of the population and the Muslim Turkish community. The origins of the conflict were not so much religious as political. By that time, several countries, such as Serbia, Bulgaria, Greece, had gained independence from Turkey, while Crete still remained in its composition. In 1898, the island of Crete nevertheless separated from the disintegrating Ottoman Empire and declared its independence. Turkey's natural desire to leave the island in its composition gives rise to opposition on its part, expressed in the suppression of uprisings and the massacre of Greeks at the everyday level. The Greek king George I stands up to protect the fraternal people, who declares himself commissioner of Cretan autonomy. In 1899, Ottoman troops and a significant part of the Turkish population left the island, and Crete for some time felt like an independent state. There was even a mutual desire to unite with Greece, but the major European powers were against, without whose consent nothing happened in Europe.

 

Meanwhile, King George, by order No. 157 of the β of 17.04.1900, introduces a line of coins specially made for the island in Crete. The introduction of its own currency had the goal of displacing Russian and Turkish coins from circulation on the island. The order for the production of coins was made at the Paris Mint, the design was developed by the engraver Alfred Borrell. The coins were made in the traditional Greek coin design of that time and differed in the name of the territory ΚΡΗΤΙΚΗ ΠΟΛΙΤΕΙΑ (Cretan state). Here, a couple of the simplest coins from your personal collection.

Back to the coins of Greece. In 1912, a line of small coins on copper-nickel blanks was issued, for the first time for Greece with a hole in the middle.

 

 

On the first two coins there is a classic antique plot : the symbol of Athena is an owl on an inverted amphora (below is a photo from the Internet), on 20 leptes Athena herself is depicted - the ancient Greek goddess of wisdom, military strategy and tactics.

 

 

In March 1913, King George I was shot dead by anarchist Alexandros Schinas.

 

The next king of Greece, Constantine I, for the first time in modern Greek history received the throne by inheritance from his father, George I.  

 

 

Constantine I did not hide his sympathies for the German Empire, so Greece in the First World War for a long time refused to take the side of its allied Entente. However, after a conflict with the government and the subsequent abdication of Constantine I, Greece nevertheless declares war on the Central Powers in July 1917 and enters it. For a short time, "until everything settles down," Constantine I leaves the country and transfers power to his son Alexander  I.

 

The only coin of this period available for a regular collector is aluminum 10 lepts of the 1922 model. 

 

 

The choice of material for the release of coins of this type is not accidental - the participation of Greece first in the Balkan War, and then in the First World War, required the involvement of a significant amount of strategic materials for military needs .

 

Meanwhile, on September 27, 1922, the Greek army suffered a crushing defeat from the Turks at the Battle of Smyrna, and Constantine I again lost his throne. For a short time, power in the country passes to his eldest son George II. 

 

 

It should be noted that in 1921, 1922, copper-nickel coins of 50 let were minted at the Birmingham Mint, which never came into circulation. Almost the entire circulation went to remelting, since subsequently the metal was required to make coins of the Hellenic Republic.

 

 

In 1923 , the Republicans won the parliamentary elections, who seek the declaration of Greece as a Republic and the expulsion of the King from the country. Coins of the Republic period were issued in 1926 and 1930. All coins depict ancient Greek gods, whose images are copied from ancient coins.

 

Coins of the 1926 model were minted in Vienna. All coins are made in the same style. The coins depict Athena in a helmet, as on Lokri coins (below is a photo from the Internet).

 

 

Coins in denominations of 50 lepta and 1 drachma with the letter "B" were actually issued in 1930, although they have the date 1926.

 

 

In 1930, 5 drachmas coins were issued by the London and Brussels mints. The coin was issued with a phoenix on the reverse - a symbol of the first independent national currency of modern Greece.

 

The difference in stamps: at 11 o'clock on the reverse of the Brussels issue  there is a dot on the berry, but on the coins of the London issue this dot is not. The difference in circulation is colossal: 23.5 million copies. coins were issued in London, and only 1.5 million exes. in Brussels .

 

 

The next coin, in 10 drachmas, combined two antique coins at once, which depicted Demeter - the ancient Greek goddess of fertility and barley ears (below is a photo from the Internet).

 

 

The 20 drachma coin depicts Neptune - the ancient Greek god of the seas and channels, as on the Macedonian tetradrachm (below is a photo from the Internet), and the ancient Greek warship - a trier. 

 

In conclusion, I will add that in the XX century Greece was repeatedly shaken by armed coups: the Republic was replaced by a monarchy and vice versa. At the beginning of the 21st century, Greece, like many other European countries, moved into the euro circulation zone and lost its currency originality.