50 Lepta

Greece issued this fractional note under the Law of 14 July 1917, which authorized small-denomination paper to replace coins that had vanished from circulation — hoarded, exported, or melted down as silver prices climbed during the First World War. The Adelphoi G. Lepioti printing house was a domestic Athens-based firm, and the quality reflects that: ink saturation on surviving examples is frequently uneven, and the paper itself is notoriously fragile, prone to horizontal fold breaks along the center crease from the way the notes were stored in stacks.

The 1920 date places this issue late in the series, by which point the Greek state was deep in the Venizelos-era military adventurism in Anatolia — a campaign that would end catastrophically two years later.