50 Drachmai

This note belongs to the hyperinflationary collapse of the Axis occupation period, when the Greek money supply was being expanded to fund occupation costs — by late 1944, the drachma had become essentially worthless, with the exchange rate against the Reichsmark spiraling beyond any rational calculation. The Bank of Greece was compelled to issue denominations in rapid succession, each one obsolete almost before it reached circulation.

Post-liberation, the November 1944 currency reform wiped out holders: new drachmai were exchanged at 50 billion old to one. This 50-drachmai note, worth a fraction of a pfennig at collapse, was among the lower denominations still in nominal use during the final months.