18th October 2018

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What is the name of the money used in Greece?

Euro

So, what was the value of a drachma?

In 1954, the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 United States dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 drachmae to 1 U. S. dollar.

What year did Greece switch to the euro?

The euro banknotes and coins were introduced in Greece on 1 January 2002, after a transitional period of one year when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Greek drachma and the euro had legal tender status – ended on 28 February 2002.

Are drachmas still used in Greece?

Greek drachma banknotes became obsolete in 2002, when Greece joined the Eurozone. The exchange deadline for Greek drachmae expired in 2012. However, we give cash for demonetized pre-euro Greek Drachma notes that reflects their numismatic (collector's) value.
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