500 000 drachmai 1944
About This Note
This 500,000 Drachmai note from March 20, 1944, represents an important hyperinflation-era banknote issued by the Bank of Greece during German occupation. The front features a classical bearded male portrait (Zeus) within an ornate oval frame against a tan/beige background with fine geometric ornamentation, while the reverse displays the large denomination in green and black inks. The note is graded AU, showing exceptional preservation with no visible wear, creases, or damage—a remarkable survivor from this turbulent period of Greek history.
Common. Despite the dramatic historical context, 500,000 Drachmai notes from the 1944 hyperinflation period were issued in substantial quantities, as the economic collapse required massive denomination increases. These notes, while historically significant, are readily available to collectors. The AU condition grade is somewhat scarcer than circulated examples, but the denomination itself remains common in the market.
This note was issued during the Nazi occupation of Greece (1941-1944), a period of severe economic devastation and hyperinflation. The March 1944 date places it near the end of the occupation, when the drachma had collapsed in value, necessitating increasingly high denominations. The invocation of Zeus on the obverse reflects Greek cultural identity and classical heritage during a time of foreign occupation, serving as a patriotic symbol on the nation's currency.
The obverse features Zeus, the king of the Greek gods, rendered as a classical bearded male figure in profile orientation within a decorative oval frame—a quintessentially Greek design choice emphasizing Hellenic cultural continuity. The composition employs fine-line engraving with elaborate geometric borders and corner ornaments in brown and black inks on a tan/beige field, creating a sophisticated appearance despite the emergency nature of the issuance. The reverse showcases a large central denomination numerals within an ornate oval frame, surrounded by intricate arabesque and geometric patterns in green and black, with the inscription 'ΕΚΔΟΣΙΣ ΠΡΩΤΗ' (First Edition) indicating this as the initial printing of this denomination.
FRONT: 'ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ' (Bank of Greece); 'ΔΡΑΧΜΑΙ ΠΕΝΤΑΚΟΣΙΑΙ ΧΙΛΙΑΔΕΣ' (Five Hundred Thousand Drachmai); '500.000' (500,000); 'ΠΛΗΡΩΤΕΑΙ ΕΚΔΟΘΕΙΕΝ ΕΝ ΑΘΗΝΑΙΣ ΤΗ 20ε ΜΑΡΤΙΟΥ 1944' (Payable, issued in Athens on the 20th of March 1944); 'Ο ΔΙΟΙΚΗΤΗΣ' (The Governor); 'ΟΙ ΔΙΕΥΘΥΝΤΑΙ' (The Directors); Serial number: 735057. BACK: 'ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ' (Bank of Greece); '500000' (500,000); 'ΕΚΔΟΣΙΣ ΠΡΩΤΗ' (First Edition).
This note was produced using intaglio/engraved printing techniques, as evidenced by the fine line detail, precise geometric patterns, and sophisticated shading visible throughout both sides. The multi-color design (browns and blacks on the obverse; greens and blacks on the reverse) suggests separate printing passes. Bank of Greece notes from this period were typically printed by foreign security printers; this denomination likely originated from the National Printing Works or contracted European security printers, though documentation from the occupation period is limited.
This specimen is cataloged as Pick-126a(1), indicating the first listed variety of this denomination and design type. The notation 'ΕΚΔΟΣΙΣ ΠΡΩΤΗ' (First Edition) on the reverse confirms this is from the initial printing. The serial number 735057 appears to be from the standard numbering sequence for this issue. Varieties of this denomination may exist with different signature combinations or watermark types, though documentation is limited due to the occupation period.
