What does drachma mean?
The drachma was the basic monetary unit of Greece until 2002, when it was replaced by the euro as part of European monetary union. Divided into 100 lepta, it served as the country's official currency from 1833, shortly after Greek independence, until the changeover. The name reaches back far further: in ancient Greece, the drachma was a silver coin whose value as a unit of account made it one of the most widely recognized currencies of the classical world. The word derives from the Greek 'drax,' meaning a handful, originally referring to a handful of metal rods or obols. Today the term survives mainly in historical, archaeological, and economic contexts. It also resurfaces periodically in political discussion, whenever debates arise about whether Greece might leave the eurozone and restore its old currency.
The former basic monetary unit of modern Greece, equal to 100 lepta, replaced by the euro in 2002.
"Prices in Athens were still quoted in drachmas only weeks before the euro arrived."
The standard English plural is 'drachmas'; 'drachmae' occurs rarely in scholarly writing.
The chief silver coin and unit of currency of ancient Greece.
"Excavations at the agora uncovered hoards of silver drachmas dating to the fifth century BC."
'Drachmas' is the standard plural in English; the Latinate 'drachmae' appears occasionally in academic or numismatic contexts but is uncommon in general use.
"He kept a jar of old drachmas on his desk as a souvenir of pre-euro Greece."
Greece's beloved drachma survived nearly 3,000 years — from ancient Athens to 2002 — making it one of the longest-serving currencies in history before the euro retired it.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Etymology of drachma
The English word 'drachma' comes via Latin from the Greek 'drachme', which derives from 'drassesthai', meaning to grasp or take in the hand. The original sense referred to a handful of six obols, the small iron rods that served as early Greek money. The term entered English in the late 16th century through Latin texts describing ancient Greek coinage. It is cognate with 'drachm' and 'dram', related units of weight in apothecaries' systems that preserve the same underlying sense of a hand-measured quantity.
How drachma is actually used
The word is now largely historical, used when discussing Greek economic history or the pre-euro era. The plural is 'drachmas' in English; 'drachmae' appears occasionally in learned contexts. In ancient usage, 'drachma' referred both to the coin itself and to its value as a unit of account.
Easily confused with drachma
A drachm (or dram) is a small unit of weight used in apothecaries' measure, whereas a drachma is a unit of Greek currency.