100 Drachmai

The National Bank of Greece turned to the American Bank Note Company for several issues during the early 1920s, a period when domestic printing infrastructure could not reliably meet demand and political instability — including the catastrophic end of the Anatolian campaign in 1922 and the subsequent population exchange — was reshaping the Greek economy under severe strain.

The 1923 date places this note squarely in the currency chaos following the Asia Minor disaster, when Greece absorbed over a million refugees and inflation pressures mounted rapidly. Within a few years the drachma would be restructured entirely under the 1928 stabilization program tied to League of Nations supervision.