2017-03-30 Thu

Did you know that the National Bank of Greece was established in Athens today?

The National Bank of Greece which is a global banking and financial services company with its headquarters in Athens, Greece was established on 30th March 1841. It was founded by George Stavros who was a Greek banker, benefactor, revolutionary and also the first governor of the National Bank of Greece.

The National Bank of Greece (NBG) was the sole institution to issue banknotes in Greece (Drachma) from 1841 until 2001 when Greece joined the Euro. During these years about 300 (400 when you count the varieties), different banknotes were issued or circulated in Greece. However, after the establishment of the (central) Bank of Greece in 1927, the notes were printed by the Bank of Greece which took on as the country’s Central bank.

The National Bank of Greece started its world expansion in the 20th century and has grown to include over 500 branches in Greece and some in Australia, Egypt and United Kingdom and many bank subsidiaries in Albania, Bulgaria, Cyprus, Skopje, Malta, Romania, Serbia and South Africa.

Early denominations issued by the National Bank of Greece ranged from 10 to 500 Drachma. Smaller denominations of 1, 2, 3 and 5 drachmae were issued from 1885.

Following a currency crisis during the 1st World War, 10 drachma banknotes were cut in half and used as 5 drachmae! The left half was used in circulation as 5 drachmae and the right half was changed with 20 years bonds. Later new notes replaced these bisected notes and they had a stamp on them with the word "NEON" that means new.

The NBG also printed paper money in the denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae between 1917 and 1920. And also was instrumental in introducing the 1000-drachma notes in 1901.

Isn’t it all interesting?