How much was an ancient drachma worth?

However, some historians have estimated that in the 5th century BC a drachma had a rough value of 25 U.S. dollars (in the year 1990 – equivalent to 40 USD in 2006). A skilled worker in Athens or a hoplite could earn about one drachma a day. Sculptors and doctors were able to make up to six drachmae daily.

Was the drachma the oldest currency?

Drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. The drachma was one of the world’s earliest coins. Its name derives from the Greek verb meaning “to grasp,” and its original value was equivalent to that of a handful of arrows.

Why did the drachma end?

In 1954, in an effort to halt inflation, the country joined the Bretton Woods fixed currency system until it was abolished in 1973. 1, 2002, the Greek drachma was officially replaced as the circulating currency by the euro. The exchange rate was fixed at 340.75 drachmas to 1 euro.

How many dollars is 50000 drachmas?

Convert Greek Drachma to US Dollar

How much money is 75 drachmas?

Julius Caesar’s will specified a gift of 75 Attic drachma’s for every roman citizen. The income at the time for a skilled worker was 1 drachma a day wiki. At a wage of $20 USD/hr that is approximately $12,000 USD.

When was the drachma first used in Greece?

The Greek drachma is the former basic unit of currency in Greece. The Greek drachma was also an ancient currency unit used in many Greek city-states. The drachma was re-introduced in 1832 following the creation of the modern country of Greece, where it replaced the phoenix, the first currency of the modern Greece introduced in 1828.

How did the drachma currency get its name?

Drachma. Its name derives from the Greek verb meaning “to grasp,” and its original value was equivalent to that of a handful of arrows. The early drachma had different weights in different regions. From the 5th century bc, Athens gained commercial preeminence, and the Athenian drachma became the foremost currency.

When did the Guldengroschen replace the drachma?

This was especially noteworthy as it would not be until the introduction of the Guldengroschen in 1486 that coins of substantial size (particularly in silver) would be minted in significant quantities. For the Roman successors of the drachma, see Roman provincial coins .

What was the weight of a Greek drachma coin?

The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma coin containing 5.8 g of gold. In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc.