MUSEUM OF THE BANK OF GREECE
Welcome to the Museum of the Bank of Greece.The Museum is an important centre for highlighting the role, functions and contribution of the Bank of Greece to the development of the Greek economy. At the same time, it sheds light on aspects of the country's recent economic and monetary history that are useful for the understanding of phenomena of the modern era, with emphasis on education on economic terms that we use in everyday life and that relate mainly to the functioning of the financial system.
The Bank of Greece is one of the country’s most important economic institutions. Operating since 1928, it has its headquarters in Athens, and maintains branches and agencies throughout the Greek territory. It is the “central” financial institution of Greece, which coordinates and supervises the commercial banks in the country, and at the same time has the “issuing privilege”, i.e. the exclusive right to issue currency. It is also a member of the Eurosystem, which comprises the European Central Bank and the National Central Banks of the EU Member States that have adopted the euro as their currency. Its primary objective is to safeguard the stability of the general level of prices. With a view to the overall economic development of the state, it is also responsible for carrying out surveys and statistical studies on the economic life of the country. Institutionally and functionally independent, it remains subject to democratic control by the Greek Parliament, and operates protectively for the country’s economy, securing the public interest. But over and above its pivotal role for the economy – by gathering in its archives and collections historical documents and works of art – it preserves and shows up important evidences and examples, not only of the economic and political development, but also of the social and cultural expression of the modern Greek state.
The Bank of Greece, in addition to Treasury of the Greek State, also acts as guardian of the country’s history and culture. Ancient and newer coins, banknotes, works of art, rare books, medals and badges of honour, like those you see on the screens, as well as other cultural heritage mementos, feature among its collections. The year 2013 saw the official establishment of the “CCRD”, the “Centre for Culture, Research and Documentation”, as an autonomous Department of the Bank of Greece. In addition to the “Museum”, the CCRD also manages · the “Historical Archive”, with a plethora of historical documents, · the “Library”, which is the richest in our country in the field of economics, · the art collection, with significant works of modern Greek art, · the numismatic collection, numbering more than 150,000 pieces, · as well as the special “Publications” of the Bank, regarding books, texts and papers in a wide range of subjects, not necessarily of an economic nature. The goal of the CCRD is to highlight – through a variety of cultural activities, events and exhibitions, coupled with the Museum’s educational programs – the multifaceted role of the Greek central banking institution in the economic, social and cultural development of the country.
One and a half million Euro! Or, to be more precise: “worn-out banknotes” that once represented half a million euro! The paper for their printing is made of pure cotton fibres, similar to those used in clothing items. Thus, when worn-out, euro banknotes are withdrawn from circulation, invalidated, and, nowadays, unlike earlier times, recycled. The European Central Bank and the national central banks of the euro area are making great efforts for the prudent use of natural resources, the preservation of the quality of the environment, and the protection of human health. Recent studies suggest that the environmental impact of the euro – overall, during production, disposal, use and destruction of its banknotes – are negligible, as they are equivalent to the consequences that would arise if every European citizen were to leave a 60-watt lamp on for half a day.
Money was treated differently by different peoples.In the first display case, to your right, the tooth of a whale, the tusk of a boar, as well as the shells, are items used in trade transactions by societies in Africa or Oceania which – although younger – were at any rate primitive.The first major development in the history of transactions occurred half way through the 3rd millennium BC, when, with the adoption of metal, the mere direct exchange of products, the so-called practice of “barter”, was gradually displaced.Metal is ascribed a specific value based on weight, while it’s also divisible, and easy to use and store.In Greece and other regions of the Mediterranean basin, copper “talents” and later on iron spits, called “obols”, as they appear in the photographs, were used in trade.
The invention of coinage, i.e. the construction of money in the form that it still has today, can be traced back to the late 7th century BC, in western Asia Minor, in the regions of Lydia and Ionia. Originally, the coins were produced “unstamped”, as they had no representations on them, just like the stater of Samos island in the photograph. Soon enough, however, these small metal discs started being marked by each “issuing authority” with impressed symbols. This stamp was a guarantee of the coins’ specified value and of their status as legal tender, so that they no longer had to be weighed in the course of every new transaction. The proliferation of coinage, both in mainland Greece and in the rest of the Mediterranean, has been a purely Greek achievement. Through the sea trade routes, powerful city-states such as Aegina, Corinth and Athens spread the use of money in the form of coins. In the display case you can see an ancient “glafka” (owl), the silver four-drachma coin of Athens, depicting an owl. This “tetradrachm” was the first “hard” currency of antiquity, the dollar of its time as it were, which travelled to distant countries, all over the Mediterranean but also to the depths of Asia. In ancient times, coins were also issued by prominent kings, such as Philip the Second, the father of Alexander the Great. The silver and gold coins cut in his name, like those you can see here, continued to be issued even after his death. They penetrated Europe, and were gradually imitated by the Celtic peoples along the Danube, but also by the Gauls. The fourth coin in row, a bronze “hemilitron” from the Sicilian city of Himera, marks another important development in the history of currency. Starting from the mid-5th century BC, the Greek city-states adopt for the first time the use of lower-value metal in everyday transactions. The “khalkus”, or copper coins of the ancient Greeks exemplify the first form of “representative” or credit money, in the sense that the value of the metal contained in each coin is lower than the one that the coin represents as currency. The use of copper was also favoured by other peoples, either under the influence of Greco-Roman tradition, or independently. For example, in China, already since the late 7th century BC, bronze coins were being issued in the shape of a spade or two-pronged hand hoe, like the one you can see in the display case, or of a small machete knife, such as that in the photograph.
The unusual square copper coin in the middle of the display case is a Swedish “daler”. The dalers – or “platmynts” as they are called because of their shape, which resembles a panel, or a plate – are directly linked to the adoption of paper money bills in Sweden. In the early 17th century, the country had a great shortage in silver, whereas its numerous rich mines were producing two thirds of all European copper. Thus, rough and ready pieces of this metal began to be stamped and converted into coins. Copper had a very low value in relation to silver, on which the Swedish monetary system was based at the time. But this way, the bronze coins that emerged were particularly large and heavy, considering that a 10-daler coin weighed about 20 kilos. Such bulky ready-money was bound to start being deposited with the Bank of Sweden, which of course provided in turn a corresponding “written proof” to the depositors. This is how the first banknotes arrive on the scene in the European area. Today, platmynts are very rare! This is because after 1771, when their production ceased, at a time when copper was particularly valuable worldwide, most of them were melted. For example, out of the almost 27 thousand 10-daler coins that were cut in total, nowadays just ten are known. Most of the platmynts saved today have been found in wrecks of ships that carried them as marketable raw material. The best-known example involves the commercial ship Nicobar of the Danish East India Company that went under in 1783 near South Africa, from which approximately 3,000 coins have been recovered.
Currency in the form of coins, which originated in Greek antiquity, still plays a leading role in transactions today. Roman and Byzantine numismatic standards were adopted by Western European states, but also by the Middle East and the Islamic world in medieval times. A second major milestone in the history of trading was the adoption of the paper money bill. The Chinese – the inventors of paper – were, of course, the first to use it. The banknote that you see in the photograph was issued by the Imperial Treasury in the late 13th century. Its value corresponded to 1,000 copper coins, as depicted in strings in its centre. Quite noteworthy is the inscription at the bottom, clarifying that forgery will be punished by decapitation, while anyone who denounces a counterfeiter would obtain a claim on the latter’s property. In the West, the first banknotes began to be issued in the 17th century, in Scandinavia, Britain and America.
Banknotes of different sizes, colours, and aesthetics in general, with varied decorations, elaborate background fields and designs in colourful prints, are not only small-size works of art, but also emblems of the identity of each nation. Over the centuries, portraits of monarchs and royal coats of arms, ancient temples and cultural heritage sites, eminent personalities, rare animals, historical snapshots, sources of wealth such as agriculture, commerce or industry, but also allegorical scenes such as the dance of death – the notorious “danse macabre” – convert each paper money bill into a powerful message-carrier, which later also serves as a source of historical information.
In 1933 the Bank of Greece issued for the first time banknotes under its trade name: the 500 and the 5,000 drachma bills, printed by the American Banknote Company in the United States. Aesthetically, they appear quite similar to the previous issues of the National Bank. This is because their production involved the same printing company and works of the same artist, painter Michael Axelos, who, since 1928, had been appointed Head of the Banknote Design Section at the newly established central bank. However, observing more closely the background fields of the banknotes, we can see that for the first time the Bank’s trade name is used in the composition. Also, on the front side, inside a richly decorated circular outline, stands the goddess Athena. Not yet another print from all those that had been used before, but part of the emblem of the Bank of Greece which was designed by Axelos himself. This “inaugural” release is supplemented by three more denominations, of 50, 100 and one thousand drachma banknotes, produced by the Banque de France in 1935. The difference in the visual perception of the two countries, the USA and France, is more than obvious. Here, we have the Art Deco style, which, of course, featured on all French banknotes of the inter-war period. The designing manner and the colour palette used bring to mind watercolours or lithographed posters of the time. The themes are derived from antiquity, but also from agriculture, trade, shipping and industry.
At the turn of the 20th to the 21st century, the age-long history of money and transactions is going through its latest evolutionary stage: the transition from banknotes to electronic currencies, or “e-money”. Nowadays, money gradually becomes immaterial. Plastic credit cards, payments and fund transfers carried out electronically via smart phones or the Internet, and the use of digital currencies (such as “bitcoins”), now represent the most modern and increasingly popular way of making transactions.
The currency lies at the crossroads of economy and politics. This historical timeline lists the most decisive political and economic developments that have taken place since the establishment of the modern Greek state and up to its inclusion in the EU. The “phoenix”, the first coin of modern Greece, and the drachma, reappearing during the reign of king Otto, are introduced in an effort to displace the circulation of foreign currencies from the Greek territory. The first banknotes of the National Bank and several other issuing banks follow the gradual territorial expansion of the Greek state. Historical successes and disappointments, reflected in the course of the economy. The monetary system functions as a political tool and a means to financing national policies and development efforts. Major milestones in this respect are the liberation struggles of the 19th century, the two World Wars of the 20th, the Asia Minor Campaign, the rehabilitation of the refugees, and post-war reconstruction. After periods of economic crises – such as that during German occupation, when inflation spiralled completely out of control – successive monetary reforms signalled various phases of re-launching the economy. And later, membership in a broader monetary union and the adoption of the euro were aimed at consolidating economic and monetary stability. In this historical narrative, the Bank of Greece first appears in 1928. For the first time, the country acquires an independent central bank, solely responsible for monetary policy-making and the supervision of the banking system. Although faced with a number of international as well as domestic challenges, the Bank of Greece has been able to make a crucial and substantial contribution to the financing of the economy. Especially during the accession of Greece to the European Union, it was the one who co-ordinated the gradual deregulation of the financial system and participated in the preparation of the economy for the euro. Since 2001 and the country’s inclusion in the euro area, the Bank of Greece is a member of both the European System of Central Banks and the Eurosystem.
The currency lies at the crossroads of economy and politics. This historical timeline lists the most decisive political and economic developments that have taken place since the establishment of the modern Greek state and up to its inclusion in the EU. The “phoenix”, the first coin of modern Greece, and the drachma, reappearing during the reign of king Otto, are introduced in an effort to displace the circulation of foreign currencies from the Greek territory. The first banknotes of the National Bank and several other issuing banks follow the gradual territorial expansion of the Greek state. Historical successes and disappointments, reflected in the course of the economy. The monetary system functions as a political tool and a means to financing national policies and development efforts. Major milestones in this respect are the liberation struggles of the 19th century, the two World Wars of the 20th, the Asia Minor Campaign, the rehabilitation of the refugees, and post-war reconstruction. After periods of economic crises – such as that during German occupation, when inflation spiralled completely out of control – successive monetary reforms signalled various phases of re-launching the economy. And later, membership in a broader monetary union and the adoption of the euro were aimed at consolidating economic and monetary stability. In this historical narrative, the Bank of Greece first appears in 1928. For the first time, the country acquires an independent central bank, solely responsible for monetary policy-making and the supervision of the banking system. Although faced with a number of international as well as domestic challenges, the Bank of Greece has been able to make a crucial and substantial contribution to the financing of the economy. Especially during the accession of Greece to the European Union, it was the one who co-ordinated the gradual deregulation of the financial system and participated in the preparation of the economy for the euro. Since 2001 and the country’s inclusion in the euro area, the Bank of Greece is a member of both the European System of Central Banks and the Eurosystem.
The major monetary reform in our country, the change of our monetary system through the adoption of the euro, is reflected in this unique exhibit. It is the white board from the Dealing Room of the Bank of Greece, which lists the last exchange rates of the drachma. The exchange rate policy and the foreign exchange market in Greece have first experienced a significant reform in 1980, when the system of freely negotiable rates was applied. Since then, the Bank of Greece was responsible for organising on a daily basis the so-called “fixing” meeting, where – based on market fluctuations – the official exchange rate of the drachma was established, set against certain strategically selected foreign currencies such as the US dollar, the pound sterling, the Japanese yen, the Deutsche mark, the French franc, and, later on, the euro. On the 29th of December 2000, the last working day prior to the adoption of the euro in cash form, the last fixing meeting took place at the Bank of Greece. And this board, frozen in time, will always stand as a witness to the conclusion of the dramatic journey of the drachma, the currency unit that for more than a century and a half has sealed the fate of the modern Greek state.
Currency production has always been extremely expensive. The method of “overprinting” the bills – with a stamp placed later on – has been adopted several times in Greek banknotes, in order to validate them, alter their value, or even cancel them. In 1928, when the newly founded Bank of Greece took over the issuing privilege, it overprinted the existing notes of the National Bank, marking them with its own trade name, in a red arch-like layout, before placing them in the market as legal tender. Look at the 25-drachma proof print on the wall. The red lines indicate some tiny “encoded” imprinted points, well hidden in the banknote’s design. These are typographical “security features”. There are various kinds of elements that are typically incorporated in the paper, the design, or the actual printing of each bill, in order to protect it against counterfeiting and to allow easy verification of its authenticity. More generally, on almost all the exhibits of this level, please observe the “fields” of the banknotes, i.e. the elaborate decorative backgrounds with their multiple intricate symmetrical cross-lines. See also the seemingly white surfaces, that are not empty but printed with watermarks, as well and the metal strips contained in the paper. All these are types of “security features”.
In the period 1940-41 the Bank of Greece issued a new series of banknotes, in four different denominations, printed in London. These notes are the first to have experienced the adventures of the Second World War. With the outbreak of hostilities in October 1940, the Bank realised that there was a shortage of thousand-drachma bills in the market, but it was impossible to place a new order abroad. Thus, it decided to convert the unreleased 100-drachma banknotes it had in stock. With a corrective typographic cliché – which is exhibited on the table behind you – it “overprinted” them with dense decorative lines that covered the areas featuring the value 100, while printing on both sides the new value: one thousand drachmas.
War- and occupation-time banknotes stand as an irrefutable witness to the harsh reality of the period. During the years of German occupation, the drachma has experienced the greatest depredation in its history, under the pressure of the economic collapse of the country. Due to hyperinflation, new issues with ever higher denominations were constantly being printed. In just 4 years, 20 different series of banknotes were put into circulation, with their values ranging from 50 drachmas to 100 billion drachmas...! This, the largest Greek bill ever produced that you see on the top right, was released immediately after the country’s liberation in 1944 and was withdrawn a few days later, along with all the other inflationary banknotes. It was totally disreputable and unacceptable in transactions, as its purchase value was close to nil. During the period of the occupation, in order to cope with the vertiginous needs of issuing inflationary notes, their printing was entrusted to private Greek companies. These notes lacked any kind of security features, a fact that inevitably resulted in numerous cases of forgery. Towards the end of the occupation period, there was no time even to simply design new series. Watching better, we can see that the banknotes of two hundred million and two billion drachmas, printed in 1944, are identical, just in a different colour.
In 1944, upon its return to Greece the post-war government implemented a program for the stabilisation of the economy in order to overcome the chaotic monetary situation that prevailed. A law fixed the exchange rate of the drachma pegged to the pound sterling. Each “new” drachma now corresponded to 50 billion occupation-time drachmas, and 600 new drachmas to one paper English lira. The new banknotes that were gradually put into circulation had already been printed in London, before the liberation of Greece, by the legitimate Administration of the Bank of Greece. As it was impossible to know exactly when the country would be liberated, these banknotes are not dated and continue the numbering of the pre-war versions – i.e. all the occupation-time series are omitted. Their iconography is full of symbolism. For example, the winged Nike of Samothrace, as well as the Phoenix, the mythical bird that is regenerated from its ashes, refer to the liberation of Greece from the occupying forces. Especially interesting is the illustration on the 5,000 drachmas, a paper bill devoted to motherhood. The representation of a female figure with two children, on the front side, symbolises the struggle of Greek women during the Second World War. On the other side, Thetis riding a horse and accompanied by another Nereid, carries to her son, Achilles, the weapons that god Hephaestus had forged using divine powers. The post-war series is completed in 1951 with the issue of two new banknotes. At the bottom right, the 50,000- and 5,000-drachma bills are the first that have been entirely designed, engraved and printed in our country, at the “IETA”, the Banknote Printing Works Department of the Bank of Greece.
In 1955, the Bank prints banknotes of a so-called “definitive type”, which did not bear an issue number, but were only marked by the date of their release. The iconography of this first series highlights Greece’s decisive contribution to Western culture, with themes inspired from history, philosophy, science, intellect, democracy, and art. Large-scale works of art are miniaturised on the surface of the banknotes without losing anything from their aesthetic excellence. Plato’s symposium, the funeral oration of Pericles in Pnyka, the naval battle at Navarino, Paul the Apostle preaching at the Areopagus, represent creations by foreign artists of global renown. The one-thousand drachma note, dedicated to Alexander the Great, stands out. On the back side it depicts part of the famous mosaic in Pompeii, with the representation of the great army leader at the battle of Issus.
In 1964 sees the inauguration of a new classification method, which will be applied in the last two issues of drachma banknotes by the Bank of Greece. To make it easier for the public to recognise the banknotes, each different denomination acquires its own size, colour and theme. · The 50 drachmas, in a light blue colour, underscore the importance of shipping, with representations from antiquity, such as the nymph Arethousa and god Poseidon, as well as from modern Greece, such as heroine Bouboulina, a naval commander in the Greek War of Independence of 1821, and a modern-day shipyard. · The 100 drachmas, in red, glorify education. They depict Democritus and the University of Athens, the goddess Athena and Adamantios Korais. · The 500 drachmas, in green tones, are dedicated to agriculture, as suggested by the relief of mythical Triptolemus (who made land cultivation known to mortals) and the portrait of governor Kapodistrias (who brought the potato to Greece). · Finally, the 1,000 drachmas, in a brown colour, reflect themes related to tourism and antiquity, with landscapes from Hydra and ancient Olympia. In the 1980s, three more thematic units are adopted, for three new denominations: · The 200 drachmas, in orange, with Rigas Feraios and the representation of the “secret” or “underground” school, refer to the Greek Enlightenment. · The 5,000 drachmas, in dark blue, highlight the national liberation struggle of 1821, with the characteristic figure of general Theodoros Kolokotronis, the pre-eminent leader in the Greek War of Independence of 1821, and the historic town of Dimitsana. · Finally, the 10,000 drachmas, in violet tones, are dedicated to science and health, from antiquity with Hippocrates, to modern times with Dr. George Papanikolaou.. On the last drachma banknotes issued, we can discern another change that has affected the lives of everyone in our country. After a century and a half of disputes over the notorious “language issue”, Modern Greek is officially established by law. On the banknotes, the archaic word “drachmae” is now written as “drachmas”, and instead of “en Athinae” as the indication of the place of production, the print simply reads “Athens”. Exceptions to this are the 50- and 100-drachma banknotes, which were circulated in 1980 but had been printed in 1978. Nowadays, for the production of euro banknotes, · besides chalcography techniques, · both the embossing and intaglio methods are also used, · along with watermarks, · holograms, · security tapes with micro-prints discernible only with the help of a magnifying glass, · and invisible inks with built-in “micro-fibres” that shine and change their colour depending on the ultraviolet light to which they are exposed.
The silver “phoenix” – exhibit 1 – the first coin of the modern Greek state, was cut by governor Ioannis [τονισμός στην παραλήγουσα] Kapodistrias and corresponded to 100 bronze “lepta” [τονισμός στη λήγουσα], or cents. Its name and iconographic type, the mythical bird that is regenerated from its ashes, symbolises the liberated Greece that is reborn after the heroic national struggle of 1821. The drachma – exhibit 13 – reappears in modern Greek history with the monetary reform under King Otto. The first coins of this period are produced in Munich. However, around the same time the Greek Royal Mint is established, which operated at Klafthmonos [τονισμός στην παραλήγουσα] Square until 1858. The change of the ruling dynastic house is reflected in the coins of king George the First, with the depiction of the new coat of arms, that of the Glücksburg dynasty – exhibit 33. At that time, the drachma was equated to the French franc. With the accession of Greece to the Latin Monetary Union, in 1868, formal specifications were put in place, which strictly followed the French standards regarding the dimensions of the coins and their metal quotas. The reign of Constantine the First is represented by only one coin, of 10 lepta – exhibit 60. As a result of the involvement of Greece in the Balkan wars, and then in World War One, the economy of the country only allowed the issuance of very few coins, in lower-value metal, mainly aluminium, after 1921. The Greek coins continued to be cut in large European mints even after the establishment of the kingless republic – exhibit 61. The iconography of these new coins, free of royal symbols, focuses on ancient Greek themes. The first deviation from the royal symbols with the fixed diptych of the monarch’s portrait and the dynasty’s coat of arms is found on the one- and two-drachma coins of George the First – exhibits 41 and 43 – which were cut in 1910 and 1911. They depict works by Georgios Iakovidis, with Thetis carrying to Achilles in Troy the weapons forged by Hephaestus. The famous “hole-ridden nickels and dimes” of king George, denominated in 20-, 10- and 5-lepta coins – exhibits 47, 51 and 55 – also feature representations inspired by antiquity: the statue of “the Varvakeion Athena Parthenos” and the owl stepping on an inclined amphora, a symbol of the Hellenistic Athenian tetradrachm. The 5-drachma coin of the kingless republic – exhibit 67 – depicts the phoenix. Not only as an indirect tribute to the Kapodistrian phoenixes, but also as a symbol of the new revival of the Greek state, this time at the state level, with the establishment of the Republic. The iconography of the rest of the coins is once again reminiscent of representations found on other ancient Greek coins. · The coins of two drachmas, one drachma, fifty lepta and twenty lepta – exhibits 61 to 64 – reproduce the head of the helmet-bearing goddess Athena, as depicted in the Corinthian staters of the 4th century BC. · The silver twenty-drachma coin – exhibit 65 – dedicated to shipping, depicts the head of Poseidon and the “Prora”, the prow of a trireme, from a Macedonian tetradrachm of the Hellenistic times. · Finally, the silver “decadrachm” (or ten-drachma-coin) – exhibit 66 – dedicated to the rural economy, depicts the head of the goddess Demeter, from a stater of the Delphic Amphictyony, and a wheat-ear from a coin of Metapontion n Lower Italy.
The production process always involved many different stages. Initially, the artist would study the theme of the coin in a series of drawings. The final maquette of the design that emerged would have to get approval by the Administration of the Bank of Greece and the Ministry of Finance. Then, always guided by the painting model, the sculptor would make an embossed replica in plasticine. Through a series of successive castings for corrective interventions, the artist would end up in a plaster cast like those you see in the display case. A final casting in “Araldit” – an extremely durable epoxy resin – would give the final relief pattern used in the process of “downscaling”, i.e. miniaturisation. At this point, a special piece of machinery called “pantograph” would ensure accurate copying of the representation during the creation of the so-called “positive” or “original” metal die, the matrix, to the natural size of the coin. From this basic, “mother” die, the so-called “working dies” would then be constructed. These, unlike the original, were impressed, and then, adapted to special mechanical presses, they would emboss the coins onto the corresponding metal discs. Carefully observe the dies at the base of the display case. Can you tell which of them are original and which are simple working dies? Many of the stages we have just described are now computerised, but even today, the coins’ design and production process remains basically the same. Nevertheless, technology is constantly advancing. Over the years, the cutting presses have evolved to a great extent and – whereas their previous speed did not exceed 300 strokes per minute – today they are able to print up to 800 coins per minute.
After World War Two, the Greek state issued circulation coins only in 1954. During the reigns of Paul and Constantine the Second the coins once again depict hegemonic symbols. The portraits, the dynastic coat of arms, the royal crown, are all works by sculptor Vassos Falileas. Standing out are the anniversary silver 30-drachma coins of the two kings. The first, of Paul – exhibit 1 – was issued on the occasion of the centenary of the Glücksburg reign in Greece. On the one side it features the coat of arms and the portraits of the five kings of the dynastic house, while the other side shows a geographical map of Greece. In 1964, the 30-drachma coin of Constantine – exhibit 11 – commemorates his marriage to Anna Maria. It is the only time that the figure of a queen appears on Greek coins. Selene, the goddess of the moon, sitting on a horse, emerging from the sea and accompanied by a dolphin, adorns the 20-drachma coins of the two kings – exhibits 2 and 12. The image copies a representation from an ancient “katoptron”, or reflector, that is kept in the National Archaeological Museum. In 1971, the installations of a Mint are also accommodated in the building of the IETA. The Greek State had assigned to the Bank of Greece the production of metal circulation coins, on behalf of the Ministry of Finance. The first coins that were issued at the time capture the peculiar combination of kingship and dictatorship. On the front side, the portrait of Constantine the Second is preserved. But the dynastic coat of arms, on the reverse side, is alternated with the emblem of the dictatorship, the phoenix with the soldier – exhibits 13 to 22. Two years later, with the departure of the king, the coins of 1973 acquire new representations, inspired by ancient Greek art, such as the head of Athena of Piraeus, Pegasus, Glafka and the Anthemion – exhibits 28, 29, 31 and 33. These are works by sculptor Nikos Perantinos.
After the country’s return to democracy in 1974, the first coins to be cut are those of 10 and 20 lepta – exhibits 43 and 44 – which depict for the first time the national emblem of the Hellenic Republic. During this period, an extensive study of the iconography of coins is carried out at the Greek Mint. Coins now draw their symbols from 2 thematic units. First of all, from antiquity. In addition to the head of a horse and the butting bull, which are copies of ancient coins, the new series now also celebrate renowned personalities from the fields of philosophy, poetry and politics: Aristotle, Democritus, Homer, Pericles, Solon, and Alexander the Great. For the smaller denominations, the themes are drawn for the first time from the revolution of 1821, with the figures of Karaiskakis, Kanaris, Botsaris, Bouboulina, Rigas Feraios, Makrygiannis, Solomos and others. Observe a small anthemion, the symbol of the Greek mint, discreetly embedded on the surface of all the coins. Shortly before the adoption of the euro, the Greek coins are iconographically enriched. They not only refer back to the glorious past of the country, but also portray contemporary international sporting events. The three 100-drachma coins of 1997, 98 and 99 – exhibits 59 to 61 – are dedicated to major athletic events, the basketball, track and field, and Greco-Roman wrestling world championships. Respectively, in 2000, a commemorative series of circulation coins of 500 drachmas – exhibits 53 to 58 – was dedicated to the Athens Olympics.
Euro coins have one common and one nation-specific side, which denotes the issuing country. Both sides are fixed and unchanging. For the eight Greek coins, contemporary works by George Stamatopoulos [τονισμός στην προπαραλήγουσα], a sculptor at the Mint of the Bank of Greece, the iconography once again refers back to antiquity, the national liberation struggle of 1821, and the shipping sector. Greece was the first country that was allowed to cut 2-euro coins with a different national side, in 2004, on the occasion of the Athens Olympics. Since then, all euro area countries have the right to issue two commemorative 2-euro coins each year with a renewed theme. This practice gives to the euro area nations the opportunity to express themselves through the iconography of their coins. Historic anniversaries, contemporary significant events, major sporting tournaments, and figures from the fields of intellect, science and art, continue to be imprinted on these coins. Observe the anniversary 2-euro coin of 2009, dedicated to the 10 years of EMU – exhibit 41. Its deliberately primitive style brings the euro to the fore as the last step in an age-long history of trade transactions, stretching from the prehistoric exchanges in kind to today’s Economic and Monetary Union. This design by George Stamatopoulos has won the first prize in a relevant European competition.
In addition to the coins we use in our daily transactions, large mints also issue commemorative coins, in limited quantities, intended for collectors. Their design and production process is particularly thorough. They are cut in precious metals, mostly gold and silver, using special presses. Their embossed representations, in matte texture, are strongly contrasted over the glossy, shiny background fields of the coins. The Greek Mint, part of the IETA of the Bank of Greece, for the first time cut commemorative coins in 1978, for the 50th anniversary of the central banking institution’s operation – exhibit 7. They depict the Bank’s official logotype: goddess Athena, seated, holding an olive branch, and having beside her the guardian of gold, the griffin, the winged mythical monster with an eagle’s head and the body of a lion. Today, the IETA continues its remarkable activity in the field of commemorative coins production, by issuing collectible series of euro coins.
In 2001, the single European currency, the euro, became a reality for Greeks as well. The iconography of these banknotes, common to all euro area member states, reflects the cultural heritage of Europe and common ideals, highlighting values such as the open spirit and the spirit of co-operation. Each banknote has a dominant colour and is devoted to a different architectural style, from the classic rhythms to modern 20th-century architecture. On the front side, the euro bills depict windows and gates, while on the back side bridges, which symbolise the communication between the peoples of Europe as well as of Europe with the rest of the world. Finally, before the serial number, there is a coded indication of the country where each banknote has been printed. Greece is characterised by the capital letter Y. Following the latest technological advances, in order to create the security features of the banknotes increasingly sophisticated methods are being adopted. Nowadays, for the production of euro banknotes, besides chalcography techniques, both the embossing and intaglio methods are also used, along with watermarks, holograms, security tapes with micro-prints discernible only with the help of a magnifying glass, and invisible inks with built-in “micro-fibres” that shine and change their colour depending on the ultraviolet light to which they are exposed.
Feel free to open the drawers and discover small pieces of art, compositions in fine drawing pen, pencil, or mixed media, and watercolour paints... The “production elements” of the banknotes – from the painters’ sketches and maquettes, or replicas, to the proof engravings and the corresponding steel plates or the printing tin plates that you see around you in the display cases – narrate the course of the Greek banknote through time, completing our knowledge regarding the artistic and design trends, but also the technological breakthroughs of each period. Please also walk around the table behind you. Observe the tools with which the artists gave their etching solutions, the typographical clichés, as well as the various machines used for testing the resilience of the bills, which checked the strength of the paper in conditions of tensile stretching or double-folding. Scattered throughout this level, you can also see some of the artists’ inspirational sources. These, coupled with the plethora of “unexecuted” banknote proposals at our disposal, provide us with a wealth of information on the climate of each era, the preferences, the goals, but also the final choices of the themes.
Gold is a soft, shiny yellow metal that melts at a very high temperature. Although solid, it is so flexible that it can be stitched, while a gram of gold can be stretched to a distance of more than two kilometres. As it is “chemically inactive”, it remains practically unaltered and never rusts. Although it has been found on all continents, it is extremely rare. To date, only about 170,000 tonnes have been mined worldwide, which is less than the steel that we process every hour. It has always been of great value as a raw material for jewellery and other precious artefacts. It has been a dominant means of transactions, and for a long time it formed the basis of monetary policy at international level. Nowadays it also has various industrial applications, such as in dentistry, the electronics technology, or the manufacturing of cables and coloured glass. In jewels it is deliberately mixed with added components, and so the quality of all golden items is measured based on the weight of pure gold in the alloy. The so-called “solid” gold – of 24 “carats” – is very rarely used because it is extremely soft and fragile. The word carat comes from the ancient Greek “keratio”, the lobe of the carob or locust tree, which has an unchanging weight and for centuries has been the standard for weighing small quantities in the Mediterranean region.
Current Temporary Exhibition “Personal Finance”
It all started with a money tree, which the Museum “planted” two years ago, a move that inspired the planning of a new interactive exhibition of an educational nature for the Museum of the Bank of Greece. The temporary exhibition “Personal Finance” addresses the way in which a household (individual or family) chooses to take care of its finances giving Museum visitors the opportunity to discover the most efficient way of managing their available resources in order to meet both the needs and some of the desires of their household.
Current Temporary Exhibition “Personal Finance”
It all started with a money tree, which the Museum “planted” two years ago, a move that inspired the planning of a new interactive exhibition of an educational nature for the Museum of the Bank of Greece. The temporary exhibition “Personal Finance” addresses the way in which a household (individual or family) chooses to take care of its finances giving Museum visitors the opportunity to discover the most efficient way of managing their available resources in order to meet both the needs and some of the desires of their household.
