Currency of the MR

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  • The matter of currency was not of great importance to the Monastic Republic until the immigrants began to arrive in 1885. As the population began to grow, so did the need for hard cash. The Holy Synod decided at the time that it would be just as easy to use the Greek Kingdom’s currency. But the desire to simplify the currency and at the same time to do away with another dependency on the Greek Kingdom led the Holy Synod to ask to join the cooperative effort that led to the Unified Currency Convention in 1988. In 1990, the Monastic Republic became a signatory nation of the Convention.
  • In keeping with the European Federation currency pattern, the Monastic Republic denominations are: 1 mina (M) = 20 drachmae (δ) = 240 lepta (λ), thus, e.g., M10,δ18,λ4.
  • The bills are in denominations of M200, 100, 50, 20, 10, 5, and 1.
  • Coins are minted in denominations of δ20, 10, 5, 2, and 1; and λ6.
  • On the reverse:
    • All the coins will have a large numeral denoting the denomination. Along the upper circumference will be the MR’s full abbreviation (in Greek, of course) ΓΜΔΑΟ (GMDAO), and in the lower circumference the denomination spelled out.
  • On the obverse:
    • The 20 drachmae will have the coat-of-arms complete with crossed olive branches. The common name for it will be ικόσιμ (ikósim, coat-of-arms).
    • The 10 drachmae will have a picture of the Frankish tower which is now a museum. The common name for it will be πυργ (purg, tower).
    • The 5 drachmae will have a picture of the first monastery, that of St. Athanasius. The common name for it will be λαυρ (lavr, monastery).
    • The 2 drachmae will have a picture of the national bird, the golden eagle, grasping an olive branch in its talons. The common name for it will be αέτ (aét, eagle).
    • The 1 drachma will have a picture of one of the three lighthouses in the MR. The common name for it will be φαρ (far, lighthouse).
    • The 6 lepta will bear an image of St. Athanasius. The common name for it will be λεπτ (lept), since there is only one.
    • Along the upper circumference will be the motto Ιρίν δια Πίςτ, “Peace through Faith.”
    • Along the lower circumference will be the date of issuance.
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