Greece 5,000,000 Drachmai 1944 P-128 AUNC – Arethusa

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📸 Please Note: We have many of these banknotes in stock. The exact serial numbers and specific wear patterns will vary from the photographs, but the described condition and overall quality remain exactly the same.

Five million drachmai on a single note: this nearly uncirculated 1944 Greek note was printed at the height of one of the worst hyperinflations in history. It carries the nymph Arethusa from a famous ancient coin of Syracuse.

⚡ Extreme Index: 8.6 / 10
Why it’s extreme: Five million drachmai that bought almost nothing within weeks — a relic of Greece’s 1944 hyperinflation.

• History & drama (30%): 8.5/10
• Scarcity (25%): 3.1/10 (Numista rarity index 14/100)
• Wow factor (20%): 7/10
• Age (15%): 7/10
• Condition (10%): 8/10

Hyperinflation rule applied: notes from history’s great hyperinflations score between 8.0 and 9.4.

The Extreme Index is Extreme Banknotes’ own collector score based on history, scarcity, curiosity, age and condition — it is not a valuation or investment rating.

📦 Included Banknote(s):

1. 20 July 1944 Greece 5,000,000 Drachmai (P-128)

📖 History and Significance:
In the final months of the Axis occupation, Greek prices were doubling every few days; monthly inflation peaked at roughly 13,800% in late 1944. The Bank of Greece issued notes in millions and then billions of drachmai, printed by several Athens printers to keep up with demand. This 5,000,000 Drachmai, dated 20 July 1944, was overtaken within weeks by notes of 25 million, 500 million and 100 billion. After liberation, the new drachma introduced on 11 November 1944 was worth 50 billion old drachmai.

🎨 Design Details:
The obverse shows the head of the nymph Arethusa, copied from a celebrated silver decadrachm of ancient Syracuse, beside the huge numerals “5.000.000” and the words “Pente Ekatommyria” (five million). The reverse is a simple grey design with the value in an ornate central frame flanked by two large “5 Ekatommyria” rosettes and the words “Ekdosis Proti” (first issue).

🔍 Numismatic Features:

• Size: 140 x 62 mm

• Material: Paper

• Type: Hyperinflation Banknote (Occupation inflation series)

• Currency: Greek Drachma (1832–1944)

• Country: Greece

• Issuing Authority: Bank of Greece (Trapeza tis Ellados)

• Date: 20 July 1944

• Printer: Various Athens printing companies

✅ Condition Guide:
AUNC (About Uncirculated). An About Uncirculated note looks almost new: crisp paper, bright original colours and sharp corners, with at most a single light fold, corner flick or minor handling mark from counting. Because we hold multiple quantities in inventory, the exact serial numbers and specific wear patterns will vary. This condition guide represents our overall quality standard rather than the specific flaws of the photographed note.