Drachma
History
The Drachma was the currency unit of several historical civilizations, including the ancient Greeks. The name 'drachma' is derived from the verb 'dratto' (to grasp), as initially a drachma was a fistful (a grasp) of six oboloi, which were used as a form of currency as far back as 1100 BC. The 5th century BC Athenian tetradrachmon (four drachmae) coin was perhaps the most widely used coin in the Greek world prior to the time of Alexander the Great.
The drachma was reintroduced in May 1832, soon after the establishment of the modern state of Greece. It replaced the Phoenix, at par. The drachma was subdivided into 100 lepta. The last replaced by the euro in 2001 (at the rate of 340.750 drachma to the euro).
Physical Characteristics
The physical characteristics of the drachma varied widely over its long history. In the early days, drachmae were made from a variety of materials, including iron, copper, silver, and gold. The size, weight, and design of the coins also varied, with different city-states and rulers often producing their own unique versions of the drachma.
Economic Impact
The drachma played a crucial role in the economy of ancient Greece. It was used for all types of transactions, from the purchase of goods and services to the payment of taxes and fines. The value of the drachma was often tied to the value of a specific amount of silver or gold, which provided a stable basis for the Greek economy.
Modern Usage
The drachma was reintroduced in the 19th century, following the establishment of the modern Greek state. It was used as the national currency until 2001, when Greece adopted the euro. The transition to the euro was a major economic event in Greece, with significant implications for the country's economy and financial system.