Cool Owl Coin! Great for gifts, jewelry, and craft projects. Owl on the front of the coin, the Phoenix bird on the reverse.
The drachma was reintroduced in May 1832, shortly before the establishment of the modern state of Greece. It replaced the phoenix at par. The drachma was subdivided into 100 lepta.
On 9 April 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. On 1 May 1954, the drachma was revalued at a rate of 1000 to 1, and small change notes were abolished for the last time. The third drachma assumed a fixed exchange rate of 30 drachmae per dollar until 20 October 1973: over the next 25 years, the official exchange rate gradually declined, reaching 400 drachmae per dollar. On 1 January 2002, the Greek drachma was officially replaced as the circulating currency by the euro, and it has not been legal tender since 1 March 2002.