Newsreel: the 1960 silver new 20 drachmai coin.
SYRACUSIAN
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The Greek 1960 20 drachmai silver coin, was minted 30 years after its 1930 predecessor, that had been quickly hoarded and had been replaced by various paper money versions since, due to the global economic recession, WW2, the Civil war that followed and other reasons. The last 20 drachmai banknote was printed in 1955 and featured Democritus on its obverse.
After such a lengthy period, the reintroduction of a 20 drachmai coin (and a silver one at that) was deemed newsworthy. Someone at one of the Greek coin forums, discovered the link of its newsreel clip (announcing its circulation) in January 1961 and I found it amusing enough to repost it here http://www.ert.gr/tithete-se-kykloforia-argyro-ikosadrachmo-10-ianouariou-1961/.
The clip shows transactions at the bank of Greece ,with 1955 banknote bundles being exchanged for the new shiny 20 drachmai that remained steady at the ratio of ~$0.66 for 20 consecutive years. It also shows the artist's inspiration for the reverse from an ancient coin that is saved at the Museum.
Comments
Nice little piece of history, Dimitri!
Loved the newsreel, didn't understand the Greek (Ha! I didn't say the obvious) but that didn't detract. It was nice to see the back story to the coin.
is that you end up being governed by inferiors. – Plato
That's one pretty note.
Taler Custom Set
Ancient Custom Set
Neat bit of history...and I agree the note is very nice too. My modern eye sees a Segway behind the horses though.
1955 greek banknotes --Best serie (6 notes) ever issued by Greece imho.
Democritus reappeared on this 100 Drachma note 1966
Thank you Andres, but wrong forum to post these. I'm guessing that it's MY fault that I didn't put enough emphasis on the link. The image of the last 20 drs note was only added to help the viewers of the video clip provided in the link ,to identify the bundles of the banknotes that were being exchanged for the new coins.
http://www.ert.gr/tithete-se-kykloforia-argyro-ikosadrachmo-10-ianouariou-1961/
on which they should click, locate the video and press play.
It should be easier than this but I'm still struggling with this format....
myEbay
DPOTD 3
They all like the 20 Drachma banknote , doesn't hurt to show another banknote
The 20 drachma coin is a beauty too.
Dimitri, Why are those greek people exchange their 20 Dr. notes for 20 Dr. coins in the video ?
Because, the 1953 economic reform, tying the drachma to the dollar, first at 15 Drs to the USD, then after a 100% increase overnight to discourage possible exports of deposits in hard currencies, at 30 Drs to the USD, was the most successful financial reform of Greece after WW2.
As can be seen in the 1945-50 banknotes, the hyperinflation of the war years was over, but there were still too many zeros and inflation was rampant. Hence the two rare NEA EKDOSIS banknotes from 1954, at 10 and 20 drachmai with one new drachma equal to a thousand of old drachmai. A few years later both these values would have been replaced by coins as during the mid War period. The ratio to the dollar remained steady for 20 years and started changing in early mid 70s due to various other world factors.That's why the replacement of the note to the coin is important. Because the worse was over, precious metals became available again, and the coinage itself becomes a mirror of the progress of its issuing society.
myEbay
DPOTD 3
So, the greek thought a silver 20 Dr. coin was a better protection against inflation then a 20 Dr banknote ?
Hard silver vs. paper?
Love the banknote photos, no worries about correct forum I hope--they are being spoken of in context of coins after all!
The choice of the silver coin vs the note has nothing to do with the measures against inflation. As a collector of Greek modern notes, you know that between 1946 and1950 there were three issues of 20000 Drs as well as higher denominations. Such high denominations for everyday transactions, as well as the complete lack of coins for almost 30 years are the sign of an economy in trouble.
The 20 Drs as the highest denomination silver coin, and the 50-1000 Drs notes that continued for thirty years was the sign and the result of the successful monetary policy of 1953 .I don't know how else to put it right now, and yet your questions are among others the ones I often think to address in a future illustrated publication with Greek's financial history during the past 200 years.
myEbay
DPOTD 3
Dimitri, I found out that the 1955 20 drachma note went obselete in april 1961 , that was the reason why they were exchanged into the new 20 drachma coin.