10 Drachma note (1926)

A 10 Drachma note issued by the National Bank in 1926. In January 1926, four years after the banknote bisection of 1922, a second cutting was carried out under the Pangalos dictatorship. This time, one-quarter of the face value of banknotes was cut off and converted into a forced loan. Holders of 1000 Drachma notes lost 250 Drachmas and received interest-bearing bonds with a 20-year maturity in return. This note was issued in the year of that reenactment. A fiscal policy of cutting banknotes with scissors—a method without parallel in its time was carried out twice in this country.