Greece 500 Drachmai – Justinian Coin & Paraportiani Church (1950 Issue)
Historical setting
Printed between 1950 and 1953, this note circulated during a period of economic recovery following WWII and the Greek Civil War. The design reflects a deliberate return to national heritage: Byzantine imperial imagery on the front and iconic Aegean architecture on the back. It was later demonetized after the 1953 monetary stabilization.
Obverse design
The front of the note presents a rich blend of Byzantine symbolism and decorative Greek motifs.
Byzantine coin of Emperor Justinian I at left, representing Greece’s deep historical and cultural ties to the Byzantine Empire.
Floral and bird decorative panel at centre, echoing traditional Greek ornamental art.
Large denomination 500 ΔΡΑΧΜΑΙ ΠΕΝΤΑΚΟΣΙΑΙ at right.
Official inscription ΒΑΣΙΛΕΙΟΝ ΤΗΣ ΕΛΛΑΔΟΣ (Kingdom of Greece).
Payment clause dated 10 July 1950, signed by Minister of Finance Giorgos Kartalis.
The layout is balanced and ornate, typical of early Bank of Greece engraving.
Reverse design
The reverse highlights one of the most iconic churches in the Aegean:
Paraportiani Church, Mykonos — a whitewashed, asymmetrical complex considered a masterpiece of Cycladic architecture.
Denomination repeated on both sides.
Greek inscriptions identifying the Kingdom of Greece and the note’s First Issue.
Printer credit: Banknote and Currency Printing Office of Greece.
The imagery captures the simplicity and beauty of traditional island architecture, contrasting with the Byzantine theme of the obverse.
Key specifications
Feature Details
Country Greece
Issuer Kingdom of Greece
Reign King Paul (1947–1964)
Type Standard circulation banknote
Years 1950–1953
Denomination 500 Drachmai
Currency Second Modern Drachma (1944–1953)
Composition Paper
Size 112 × 56 mm
Shape Rectangular
Script Greek
Watermark “ΒΑΣΙΛΕΙΟΝ ΤΗΣ ΕΛΛΑΔΟΣ”
Printer Banknote & Currency Printing Office (Greece)
References Pick 325
Demonetized Yes
Artistic and cultural significance
This note stands out for its dual celebration of Greek identity:
Byzantine imperial heritage through Justinian’s coin.
Cycladic spirituality and architecture through Paraportiani Church.
Traditional Greek ornamentation tying both themes together.
It is one of the most culturally layered designs of the early 1950s.
Collecting appeal
Collectors value this note for:
Its attractive, historically rich artwork.
The combination of Byzantine and Cycladic themes.
Its short circulation period before the 1953 reform.
Increasing scarcity in high‑grade examples.
It remains a key piece for anyone building a mid‑20th‑century Greek banknote collection.
