Greece 1944 Hyperinflation: The Occupation Drachma
Between 1941 and 1944, the Axis occupation of Greece, a wartime blockade, and the costs of war destroyed the drachma. Monthly inflation peaked at approximately 13,800 percent in October 1944 (Hanke-Krus World Hyperinflation Table, Cato Institute), and the currency was reissued in ever-larger denominations that reached 100 billion drachmai. These occupation-era notes are among the most historically charged artifacts a collector can hold.
Axis occupation October 1944 ~13,800% monthly 100 billion drachmai
Last updated: July 2026
Greece's hyperinflation struck in 1944 under Axis occupation, when monthly inflation reached approximately 13,800 percent in October 1944 (Hanke-Krus World Hyperinflation Table, Cato Institute) and the highest banknotes climbed to 100 billion drachmai. This page is the record of that wartime collapse and the occupation drachma notes it left behind.
What was Greece's 1944 hyperinflation?
Greece's 1944 hyperinflation was the collapse of the drachma during the Axis occupation of the Second World War, when the costs of occupation and a wartime blockade drove prices to double in a matter of days.
Occupied Greece had to fund the presence of Axis forces while a naval blockade choked imports and domestic production fell apart. The shortfall was met by printing money, and the drachma lost value faster and faster through 1943 and into 1944. By the autumn of 1944 the currency had effectively stopped working as a store of value, and everyday transactions raced to stay ahead of the next price rise. For the wider view of how this episode ranks against other currency collapses, see every hyperinflation ranked.
How bad did the collapse get?
At its peak in October 1944, monthly inflation in Greece reached approximately 13,800 percent, according to the Hanke-Krus World Hyperinflation Table published by the Cato Institute.
That figure places Greece among the most severe hyperinflations ever recorded, though it sits below the astronomical peaks of Hungary in 1946 and Zimbabwe in 2008. Rates at this scale are best read as order-of-magnitude: the precise percentage matters less than the fact that prices were doubling every few days. The result was a currency reissued in denominations that would have been unthinkable a few years earlier, culminating in the 100 billion drachmai note.
What is the timeline of the drachma's collapse?
The drachma's collapse played out across the occupation years, peaked in the autumn of 1944, and ended with a currency reform that November. The milestones below each carry a named source.
| Date | Event | Source |
|---|---|---|
| 1941 | Axis powers occupy Greece; occupation costs and a wartime blockade begin to unravel the drachma | Historical record |
| 1943 to 1944 | Prices accelerate as the occupation drags on and note printing expands | Historical record |
| October/November 1944 | Peak monthly inflation reaches approximately 13,800 percent | Hanke-Krus World Hyperinflation Table, Cato Institute |
| 1944 | The highest Greek notes reach 100 billion drachmai | Documented record |
| November 1944 | The old drachma is replaced by a new drachma at a rate of 50 billion to one | Bank of Greece |
Inflation figures per the Hanke-Krus World Hyperinflation Table, Cato Institute. Rates are order-of-magnitude and the peak marks the documented worst of the crisis.
What were the highest-denomination Greek notes?
The highest Greek banknotes of the 1944 hyperinflation reached 100 billion drachmai, the record denomination of the crisis.
As the drachma fell, the issuing authority printed notes in ever-larger amounts, moving from thousands to millions to billions across the occupation. The 100 billion drachmai note of 1944 stands at the top of that ladder. It is a smaller face value than Germany's 100 trillion mark or Hungary's 100 quintillion pengő, but it belongs to the same family of wartime and postwar collapses, and it is far scarcer in most collections than the more common modern hyperinflation notes.
How does Greece compare to other hyperinflations?
Greece's roughly 13,800 percent monthly peak ranks it among the great hyperinflations, alongside Germany (1923), Hungary (1946), and Yugoslavia (1994), all of which Planet Banknote stocks.
| Country | Peak monthly inflation | Peak date | Highest note | Currency |
|---|---|---|---|---|
| Greece | ~13,800 percent | October/November 1944 | 100 billion drachmai | Drachma |
| Germany (Weimar) | ~29,500 percent | October 1923 | 100 trillion marks | Papiermark |
| Hungary | Prices doubled about every 15 hours | July 1946 | 100 quintillion pengő | Pengő |
| Yugoslavia | Hundreds of millions of percent | January 1994 | 500 billion dinara | Yugoslav dinar |
Inflation rates and peak dates per the Hanke-Krus World Hyperinflation Table, Cato Institute. Figures are order-of-magnitude; Hungary is shown as a price-doubling interval because its monthly percentage is astronomically large.
For the full ranking of the worst hyperinflations in history and the record-breaking notes each one left behind, see every hyperinflation ranked, or hold several crises side by side with a curated hyperinflation set.
What replaced the old drachma?
In November 1944 the old drachma was replaced by a new drachma at a documented rate of 50 billion old drachmai to one new drachma (Bank of Greece).
The reform retired the hyperinflated occupation notes, though Greece's monetary difficulties did not end overnight and further adjustments followed in the postwar years. For collectors, that reform is what fixed the surviving supply: once the old notes were demonetized, no more were printed, so the examples that remain are historical artifacts rather than spendable money.
Can you still collect Greek occupation drachma notes?
Yes. Planet Banknote stocks genuine Greek notes from the occupation era and pairs them with other crises in curated hyperinflation sets.
Browse the full country selection in the Greece banknotes collection, or hold several collapses at once with a hyperinflation set that spans Greece, Germany, Yugoslavia, and beyond. If you want the strongest guarantee of condition, look for examples already certified by PMG or PCGS in our graded banknotes.
Explore the collection
- Every hyperinflation ranked: the cross-crisis severity ranking and the notes each collapse produced.
- Hyperinflation sets: curated crisis-currency collections spanning Greece, Germany, Yugoslavia, Hungary, and more.
- Greece banknotes: the complete Greek country collection.
- Germany hyperinflation: the Weimar Papiermark and the 100 trillion mark note.
- Hungary hyperinflation: the 1946 pengő collapse, the worst on record.
- Yugoslavia hyperinflation: the 1994 dinar spiral and its 500 billion dinara note.
Frequently asked questions
How bad was Greece's 1944 hyperinflation?
At its peak in October 1944, monthly inflation in Greece reached approximately 13,800 percent, according to the Hanke-Krus World Hyperinflation Table published by the Cato Institute. The crisis unfolded under Axis occupation, when a wartime blockade and the costs of occupation destroyed the value of the drachma.
What was the highest-denomination Greek banknote?
The highest Greek notes of the 1944 hyperinflation reached 100 billion drachmai. The drachma was reissued in ever-larger denominations through the occupation, and the 100 billion drachmai note stands as the record for the crisis. That is a smaller face value than Germany's 100 trillion mark or Hungary's 100 quintillion pengo, but far scarcer in most collections.
What caused Greece's hyperinflation in 1944?
The hyperinflation was driven by the Axis occupation of Greece during the Second World War. A wartime blockade, the costs the occupation imposed, collapsing production, and the printing of ever more currency combined to destroy the drachma's value, with prices peaking in October 1944.
What replaced the old Greek drachma?
In November 1944 the old drachma was replaced by a new drachma at a documented rate of 50 billion old drachmai to one new drachma (Bank of Greece). The reform retired the hyperinflated occupation notes, and once they were demonetized no more were printed, which fixed the surviving supply that collectors hold today.
Can I still collect Greek occupation drachma notes?
Yes. Planet Banknote stocks genuine Greek notes from this era and pairs them with other crises in curated hyperinflation sets. Every note is inspected through our Planet Banknote Verified process and ships with a free Certificate of Authenticity.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.