VOLUME 56, NUMBER 2, 2017

INTERNATIONAL
BANK NOTE SOCIETY JOURNAL
Pietro Augusto Adami:
A Coherent Man

Six Unknown Greek

ABNC Proofs from 1922

Bank of Madras:
A Detailed Study
After 175 Years

Circular Letters
of Credit, Part 2:
Continental Europe

A Story of a WWII
Soldier, Told Through
Short Snorter
Banknotes

Banknote of the
Year 2016
SIX UNKNOWN GREEK ABNC PROOFS
FROM 1922
Fysikas Evangelos (11195)

the campaign in Asia Minor and since

there was no intention of introducing
fresh banknotes in circulation to avoid
inlation, it came up with an original
way of solving the problem. Under Law
2749/ 25 March 1922 it was mandatory
for all banknotes in circulation to be
bisected. he let halves bearing the por-
trait of George Stavros (irst Governor
of National Bank of Greece) remained
in circulation at half of their initial face
value whereas the right halves, bearing
the royal coat of arms were exchanged,
a little later, for twenty-year maturity
interest-bearing state bonds of equal
value. his measure enabled the state to
immediately ind the necessary funds for
the ongoing war.
Immediately ater this bisection, a new
series of banknotes replaced the bisected
ones. hese were already reserved in Na-
tional Bank of Greece (NBG) facilities,
ready for use. he main common feature
of this series is the overprint “NEO-
N”(=NEW) on the royal coat of arms. All
banknotes were printed by A.B.N.C. except
for the ones of 100 drachmas which were
printed by Bradbury Wilkinson & Co.
Obviously National Bank of Greece
couldn’t keep this provisional issue in cir-
culation for an extended amount of time.
A pair of bisected 10 drachmas banknotes (1914), P-59, Fysikas #58b, left; a pair of So in the end of spring of 1922 NBG made
bisected 25 drachmas banknotes (1917). P-60, Fysikas #59c, right. two diferent orders for new banknotes
designs. he irst order was made at Brad-
bury Wilkinson and Co. and the second
HISTORICAL BACKGROUND paign was fought between Greece and one at A.B.N.C.. his article deals with
the Turkish National Movement during only the ABNC issue.
he act of Greece entering the World War the partitioning of the Ottoman Empire
I and the preceding events resulted in a ater World War I between May 1919 and 1922 PHOTOGRAPHIC PROOFS
deep political and social division during October 1922.
the 1910-1920’s. he country’s foremost Some months ago, Mr. Roman Guhr sent
political formations, the Venizelist Lib- he catastrophe of Smyrna deepened the me an email regarding his interest on
erals (led by prime minister Eletherios political crisis, with the returning army banknotes printed by ABNC. He notiied
Venizelos) and the Royalists (by King rising up under Venizelist oicers and me about the existence of many black
Constantine I), already involved in a long forcing King Constantine I to abdicate and white photographs of unadopted
and bitter rivalry over pre-war politics, again, in September 1922, in favor of ABNC proofs for the years 1910’s to
reached a state of outright hatred towards his irstborn son, George II. Finally on 1940’s. Among these photographs there
each other. his enmity inevitably spread 25/3/1924 king George let Greece and the were many for Greece and immediately
throughout Greek society, creating a Second Hellenic Republic was proclaimed. one set of them caught my attention.
deep rit that contributed decisively to his photographic set included 6 obverse
the failed Asia Minor campaign (Ca- PREVIOUS BANKNOTES ISSUES paste-up proofs bearing the portrait of
tastrophe of Smyrna – September 1922) King of Greeks, Constantine I. Never be-
Due to the fact that Greece found itself
and resulted in much social unrest in the fore any Greek banknote had the portrait
in great need of cash in order to inance
inter war years. he Asia Minor Cam- of a king printed on it. his happened only

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.2 21

 once in 1954-55, with the 10 drachmas
banknote bearing King George I (as-
sassinated in 1913).
he main common characteristics of
these six proofs are the portrait of King
Constantine I, the absence of the image
of George Stavros, the date 10th May
1922 and the missing royal coat of arms.
It must be noticed that it was traditional
of National Bank of Greece banknotes to
have on the obverse the image of George
Stavros (1788-1869) next to the royal coat
of arms. his practice seems that changed
in 1922 discarding the coat of arms. It is
not yet clariied why this had happened
that year, although monarchy changed to
republic in 1924, two years later. If the or-
der for printing the new notes were given
A 5 drachmas NEON (=NEW) banknote (1918). P-64, Fysikas #63b.

B/W photograph of the 5 drachmas obverse proof (1922). Obverse of the issued 5 drachmas banknote (1923), P-73, Fysikas #72b.

B/W photograph of the 25 drachmas obverse proof (1922). Obverse of the issued 25 drachmas banknote (1923), P-74s, Fysikas #73.

B/W photograph of the 50 drachmas obverse proof (1922). Obverse of the ssued 50 drachmas banknote (1923), P-75s, Fysikas #74.

22 INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.2

in 1924, it would be obvious the lack of the
royal coat of arms. Reading the notes writ-
ten on the album which the photographs
were attached, it seemed that these were
archived there in August 1922.
It is clear that NBG did not agree with
these proposed banknotes’ design from
ABNC and the traditional portrait of
Stavros returned back. Comparing the
proofs with the inally issued notes, we
can see only minor diferences especially
in the ornaments and the bank’s name
on top of the banknotes. Also the dates
forthe issued notes are between January
and July of 1923, instead of May 1922. B/W photograph of the 100 drachmas obverse proof (1922).
he main design layout stayed the same.
here is no evidence that the 1922 origi-
nal proofs are extant today.
I would like to thank Mr. Roman Guhr
(IBNS LM-228), who kindly provide me the
ABNC photographic proofs presented in
this article.
Bibliography/Sources:
1. Evangelos Fysikas, “Catalogue of Greek
Paper Money, 1822-2002”
2. Wikipedia
Author email greeknotes@gmail.com
Obverse of the issued 100 drachmas banknote (1923), P-76s, Fysikas #75.

B/W photograph of the 500 drachmas obverse proof (1922). Obverse of the issued 500 drachmas banknote (1923), P-77s, Fysikas #76.

B/W photograph of the 1000 drachmas obverse proof (1922). Obverse of the issued 1000 drachmas banknote (1923), P-78s, Fysikas

INTERNATIONAL BANK NOTE SOCIETY JOURNAL 56.2 23