5 THINGS ABOUT THE DRACHMA

With Greece in financial jeopardy and a return to the drachma potentially on the horizon, here’s a look at some interesting facts about the country’s former (and possibly upcoming) currency:

1 Each city in Ancient Greece would stamp its coins with distinguishing symbols and inscriptions. Some had images of an owl, others of a horse. The exact exchange value of each was determined by the quantity and quality of the metal, which reflected on the reputation of each mint.

2 Greeks carried great sentimental value for the drachma, still preserved in museums around the country. When it was replaced by the euro in 2002, many considered it a loss of identity and heritage. Greeks nicknamed it “drachmoula,” associating it with the spirit of a feisty woman, or “little drachma,” like an old friend.

3 The currency dates back to the sixth century BC when Athenians produced silver coins they called drachma. Alexander the Great even carried the coins as far as Afghanistan. The first modern drachma wasn’t introduced until 1832 when it replaced the short-lived phoenix as the monetary unit after Greece gained independence from the Ottoman Empire. The face on the coin was that of King Otto of Greece.

4 Based on the work of playwright Aristophanes (c. 448-380 BC), one drachma was equivalent to the daily wage of a skilled labourer. Eight drachmas could purchase a pair of shoes, 20 a quality tunic and 160 a slave (child slaves were considered a bargain at 72 drachmas). By the 1950s, 30 drachmas equalled one U.S. dollar. From the 1970s until it went out of use, the drachma depreciated to about 400 to the U.S. dollar.

5 The total weight of coins the Bank of Greece gathered and destroyed during the transition from drachmas to euros in 2002 — much to the grief of many sentimental Greeks — was about 9,200 tonnes.