1 drachma 1941

Common. Despite its historical interest as a military occupation note, the eBay price history demonstrates consistent market values in the $3-$32 range for circulated and lightly graded examples, with even high-grade specimens (PMG 66) averaging $50-$150 range. The 2008 catalog values ($1.50 VG to $40 UNC) and current market activity indicate these notes were produced in sufficient quantities and remain readily available to collectors. The AU grade specimen described here would command a mid-range premium but represents a fairly obtainable issue.

This note was issued during the Italian occupation of the Ionian Islands (1941-1943) and represents a unique monetary instrument created specifically for circulation in that occupied territory. The bilingual Italian-Greek inscriptions reflect the administrative overlay of Fascist Italy upon Greek territory, while the designation 'Biglietti Corso Legale' (Legal Tender Banknote) emphasizes the formal monetary authority claimed by the occupying power. The note's existence documents a brief and historically significant period of wartime occupation in the eastern Mediterranean.

The front features an ornate header section with elaborate decorative corner ornaments executed in black and blue-gray on a cream/beige background. The design incorporates fine geometric crosshatch patterns and a detailed engraved border frame, typical of security printing practices. The back displays a large central ornate medallion with intricate geometric and floral patterns, incorporating what appears to be a central cross or religious symbol within a scalloped decorative border, with denomination numerals '1' positioned on both left and right sides. The entire design relies on dense intaglio engraving without portrayed portraits or geographic landmarks, focusing instead on abstract ornamental security features.

FRONT SIDE: 'BIGLIETTO A CORSO LEGALE PER LE ISOLE IONIE' (Legal Tender Banknote for the Ionian Islands) / 'ΧΑΡΤΟΝΟΜΙΣΜΑ ΕΧΟΝ ΝΟΜΙΜΟΝ ΚΥΚΛΟΦΟΡΙΑΝ ΕΝ ΤΑΙΣ ΙΟΝΙΟΙΣ ΝΗΣΟΙΣ' (Banknote having legal circulation in the Ionian Islands) / 'UNA DRACMA' and 'ΜΙΑ ΔΡΑΧΜΗ' (One Drachma in Italian and Greek respectively) / 'IL TESORIERE' (The Treasurer) with signature 'Lanza'. BACK SIDE: '1' and 'ΔΡΑΧΜΑ/ΔΡΑΧΜΗ' (One/Drachma in Greek) with serial numbers '004' and '170819'.

Intaglio engraving (steel plate engraving), evidenced by the fine line work, detailed crosshatch security patterns, ornate corner designs, and the intricate medallion on the reverse. This was the standard security printing method for banknotes during the World War II era, providing resistance to counterfeiting through the depth and detail of the engraved plates. The printer for this specific issue has not been definitively established in standard catalogs, though the quality suggests a professional security printer contracted by the Italian occupation authority.

The observed serial numbers (004 and 170819) and signature of 'Lanza' as Treasurer are documented variety features. Known varieties for P-M11 include different signature combinations and serial number ranges from the brief 1941 issuance. The bilingual format with Italian-Greek text represents the standard design for all examples of this issue. No overprints or date variations are noted on this specimen, indicating it is a standard issue note rather than an emergency or later reissue variant.