Greek Drachma

The Greek drachma (Greek: d?a?µ?) was the currency of Greece from 1832 to 2002. It was subdivided into 100 lepta (?ept?). The drachma was replaced by the euro on 1 January 2002, at a rate of 340.75 drachmas per euro.

The drachma was introduced in 1832, replacing the piastre, which had been the currency of Greece since the Ottoman period. The drachma was initially divided into 60 lepta, but this was changed to 100 lepta in 1868. The drachma was pegged to the French franc at a rate of 1 drachma = 0.05 francs from 1868 to 1914.

During World War I, the drachma was devalued against the franc, and in 1923 it was replaced by the drachma of the Second Hellenic Republic, which was divided into 100 leptades (?ept?de?). The new drachma was pegged to the British pound at a rate of 1 drachma = 0.05 pounds.

In 1944, the drachma was again devalued, and in 1953 it was replaced by the drachma of the Third Hellenic Republic, which was divided into 100 lepta. The new drachma was pegged to the U.S. dollar at a rate of 1 drachma = 30 U.S. cents.

In 1973, the drachma was devalued against the dollar, and in 1983 it was pegged to the European Currency Unit (ECU) at a rate of 1 drachma = 0.005 ECU.

In 1999, Greece joined the eurozone, and the drachma was replaced by the euro on 1 January 2002. The exchange rate was set at 340.75 drachmas per euro.

The drachma was a popular currency, and it was used in many countries outside of Greece. The drachma was also used as a reserve currency by many countries.

The drachma was a symbol of Greek culture and history, and its discontinuation was met with some sadness by many Greeks. However, the euro has proven to be a more stable currency, and it has helped to integrate Greece into the European Union.