Paper Phoenix (5 Phoenix note)

A 5 phoenix banknote from circa 1830. The face bears "ΦΟΙΝΙΚΕΣ 5" and states that it is to be accepted in lieu of coin by government resolution. The place of issue is Aegina. Lacking metallic currency, the government suspended the silver standard in 1831 amidst a fiscal collapse and resorted to unbacked paper phoenixes, but the notes were widely refused. Of the one million phoenixes authorised, less than half were actually issued. The illustration is a scan from Paparrigopoulos's "History of the Greek Nation", showing the banknote uncut.