Death of the Drachma - Greece for Visitors Travel Information

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Death of the Drachma

An ancient currency succumbs to modern times It has been a long fight but the battle is finally over. The Euro and the Greeks have won, and the drachma again will slide into obscurity. As one of the major coinages of the ancient world, it enjoyed an extraordinary run until Ottoman times, when it was removed from circulation. In the 1830s, with the restoration of Greek independence, the drachma was restored as the official currency of Greece. Now, after a determined battle by the Greek government to stabilize the country's economy sufficiently to become a full financial partner in the European Union, something that was initially denied Greece, the Greek Euro yearning is fulfilled.

What You Should Know
The final official date for dual drachma/euro use (when either currency can be used): Feb 28th.

Thousands of exchange kiosks will be set up, ready to cater to primarily Greeks converting on-hand currency, but tourists in Greece with drachmas from before the changeover can use them as well.

The government will begin distributing Euros the morning of December 31st, but they won't be in official circulation until after midnight January 1st.

A majority of Greeks report that they are still confused about the impact of the change in currencies, and that they worry about potential scams. Bear this in mind in any dispute over charges - any discrepancy is probably genuine bewilderment on the part of one or both parties, not any desire to cheat anyone.

Depicting Greek themes, the notes provided instant visual aids for lessons taught at Papa or Mama's knee.

Merchants in Greece will officially accept drachmas at least through February, 2002, though there may be variations as individuals favor either euros or drachmas. Expect continued use of drachmas to linger longest in more remote areas, and to clear out of more popular tourist destinations earlier than the target date. Greek financial institutions are expected to continue exchanging drachmas for Euros through July 2002, but it would be unwise to wait that long to take care of any outstanding exchanges.

While some versions of the Euro will feature images of Greek cultural objects, the rich array of Greek historical figures which now adorn various denominations will disappear. The Euro is determined to be politically acceptable, and any images which another nation might be uncomfortable about are excluded from the design process. As can be imagined, this leaves the number of acceptable subjects rather limited.

Lady pirates turned freedom fighters against the Ottoman empire will not make the cut for the Euro "Politically Correct" image list.

What to Expect from the Switch

The average traveler won't see much change. Prices are officially supposed to shift to Euro-only in January, but expect drachma-equivalent price listings (and old price tags) to persist beyond that time.

While the Euro is a stabilizing influence for Greece, its own up and down swings have been greater than expected. But both EU and non-EU travelers will still find excellent bargains on travel in Greece. The prices aren't going up - they're just being expressed in a different, more stable currency.

In financially volatile periods, visitors to Greece could see a 20% swing up or down in the value of their home currency against the drachma during an average trip. Those wild, sudden changes should be a thing of the past. The changes in the value of the Euro tend to be much less drastic. Finding out "Today's Exchange Rate" won't be as crucial a part of making major purchases in Greece, since it will generally be pretty much what it was yesterday, or last week, or next week.

Held to the light, the Charioteers' head appears on the 50 drachma note

For small amounts of drachmas, most visitors to Greece will probably find that keeping the engraved, colorful bills and Alexander-headed coins as souvenirs makes more sense than exchanging them back into their home currencies.

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