100 Billion Drachma Note

The 100 billion drachma note, which began circulating on November 3, 1944. It is the highest denomination in the history of the drachma. Under the Axis occupation, the Bank of Greece continually covered occupation costs by printing more banknotes. The monthly inflation rate in October 1944 was between 7,459% and 13,800%, depending on the calculation series, with prices doubling approximately every 4.2 to 4.3 days. People abandoned banknotes and used the gold sovereign as a standard of value. One week later, on November 10, the era of this note ended with a currency reform where 50 billion old drachmae equaled one new drachma. This is an exhibit at the Numismatic Museum of Athens.