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When did the Greek drachma become the Euro? It was originally set at 1/6 drachma by Pericles, until, Cf. The drachma was the Greek monetary unit, during Antiquity, but also before the arrival of the euro from 1831 to 2000. During the GermanItalian occupation of Greece from 1941 to 1944, catastrophic hyperinflation caused much higher denominations to be issued, culminating in 100,000,000,000 notes in 1944. The reverse of all coins was altered in 1971 to reflect the military junta which was in power from 1967 to 1974. Drachmae were used by the Greeks and Romans during the time of ancient Rome. The answer is, um, yes. We know from many sources that a silver drachma or denarius was a typical days minimum wage for a manual worker. Pious Jews questioned the morality of such an act. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Jefferson said it best, If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conqueredI believe that banking institutions are more dangerous to our liberties than standing armies The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.. How much was a drachma worth in Caesar's time? The first coins were minted in central Greece (Aegina, Athens and Corinth), in the north and on the island of Siphnos. Modern commentators derived from Xenophon[11] that half a drachma per day (360 days per year) would provide "a comfortable subsistence" for "the poor citizens" (for the head of a household in 355BC). Smaller denominations (1, 2, 3 and 5) were issued from 1885, with the first 5 notes being made by cutting 10 notes in half. Check send rates. What is the Best Melee Weapon in Minecraft Dungeons? To know how many drachmas are in $8, look at the currency exchange rates. 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). The birth of coinage in wider Greece, though, was not really an invention of convenience but a necessity, driven by the need to . This is how the Greeks got their name drachma. Many of the restaurants in the area . Price history of USD / GRD. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The drachma (Greek: Modern: , Ancient: [drakm]; pl. The first coinage consisted of copper denominations of 1, 2, 5 and 10, silver denominations of 14, 12, 1 and 5 and a gold coin of 20. Dalka, Mike. Drachmas were issued in the 5th century BC. For the moth genus, see, Above: Six rod-shaped obeloi (oboloi) displayed at the. Previously, the unit of currency was iron cooking-spits. International Standard Bible Encyclopedia DRACHMA; DRAM The following year a non-circulating coin of this value was produced to commemorate the royal wedding. Keep in mind that when we compare labor equivalent values across the centuries, we are comparing an ancient world where muscle power was a primary energy source, to a modern world largely powered by engines, motors, and data networks. If your knowledge of ancient finances is comparable to mine, that is to sayapproximately zero, please feel free to join me on a journey to learn a few details. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Money and Measures in Ancient Greece. 70 drachmae = 1 mina, or later it was 100 drachmae, 17,010 g = 17.01 kg = 1 Athenian talent = 60 minae = 4,200 drachmae, 1 Athenian talent would have 17.01 kg pure silver or 18.9 kg at face weight. The highest price on record for a modern horse is US$16 million. A skilled worker in Athens or a hoplite could earn about one drachma a day. Drachma: were worth 6 obols, weighing 4.3 grams. Not minted but remained legal tender (not in actual use in 2002). That is, how common was it for a person of moderate means able to, over a lifetime, retire relatively rich? 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). This is an order of magnitude larger than the $186 USD-1998 arkenberg. A serving of table wine cost 1/16 of a denarius, while vintage wine cost 1/4 denarius. [12] Bucephalus, the famous horse tamed and ridden by Alexander the Great, cost 13 talents, equivalent to 78,000 silver drachmai. Johns Hopkins (1996), Hendin, David. These cookies will be stored in your browser only with your consent. Credit: Peeperman/Fair use. A failed Roman imperial experiment in price controls in the early fourth century CE gives us a remarkably detailed snapshot of what money was worth, at least officially. That $3600 could have been exchanged for 3600 Morgan silver dollars upon demand at any US Federal bank. The Armenian dram (Armenian: ) also derives its name from the drachma. The drachma was one of the world's earliest coins. These accomplishments were only possible due to his great wealth and ability to attract soldiers. Harris, ed. The Greek drachma is divided into 100 lepta and the United States Dollar is divided into 100 cents. Julius Caesar's will specified a gift of 75 Attic drachma's for every roman citizen. A range of Drachma coins issued by Greece. Athens and Corinth soon followed Aegina's lead. . 320.68 631 Greek Drachmae. Home | About | Contact | Copyright | Report Content | Privacy | Cookie Policy | Terms & Conditions | Sitemap. a unified approach to interpreting model predictions lundberg lee. At a wage of $20 USD/hr that is approximately $12,000 USD. $19.20 US silver coins per $1.00 face value Silver coins at $14,787 for $1,000 face, which is $14.78 per $1 face, at 77% silver that is $19.20, 70.5:1 American Eagle to US silver coins. That translates to almost $12,000 USD today. The exchange rate was updated on August 18, 2022. When did the drachma become legal tender in Greece? A skilled worker in Athens or a hoplite could earn about one drachma a day. Our online exchange service is quick, easy, secure and free of charge. The chalkos is in bronze and the smallest known division. The conversion factor has 6 significant digits. drachma, silver coin of ancient Greece, dating from about the mid-6th century bc, and the former monetary unit of modern Greece. Cupro-nickel 50 coins were introduced in 1980. I suspect that the poor remained poor and never retired, the middle class remained there until death, infrequently retiring, and the rich probably had more to fear of displeasing the politicians (if they werent politicians themselves, as they would probably not be in a money-losing deal for very long. and our It is one of the earliest forms of currency known , dating back to the 5th century B.C. Our editors will review what youve submitted and determine whether to revise the article. In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. CoinWeek Ancient Coins Series by Mike Markowitz .. ONE OF THE MOST frequently asked questions that classical numismatists encounter is What was this ancient coin worth back then?, A meaningful answer must usually begin: Its complicated. A more complete answer might include It depends. This was also the price of a lion, if you happened to be in the market for one. Ancient drachma: a thousand-year-old currency. Sources :Muse de la banque nationale de BelgiqueHorizonWikipedia, Numismatics is also a way to immerse oneself in iconography. Gold closed this week at US$1,200 per Troy ounce[4], so a 7.0-gram ancient Greek gold stater from the time of Alexander the Great (died 323 BCE) represents a bullion value of $270.04. [5] Bullion prices as of the close of business on Tuesday, 04 September 2018. W.V. [6] On the London Metal Exchange, the price of copper was $6,670 per tonne on 04 OSept 2018. 1 ruble from 2005), in Mongolia (e.g. An 8.18-gram Roman gold aureus from the time of Julius Caesar (died 44 BCE) would contain gold worth $330.50. He grew up to become one of the most influential men in Roman history. 1 How much was a drachma worth in ancient Greece? Your email address will not be published. The drachma was first used in Aegina after 600 BCE, and it spread throughout Greece. Archaeological researches place the appearance of the drachma around 550 BC. It does not store any personal data. You won't receive this rate when sending money. The rough valuation ofone drachma based on the Wikipedia article are: On the other hand, Professor Frank Holt provides a rough comparability of twodrachmae being equal to about onedays wages for a skilled worker. At a wage of $20 USD/hr that is approximately $12,000 USD. 1 Greek drachma = 0.0028161 US dollar. The International Monetary Fund last updated the exchange rate on August 18, 2022. How much was an ancient drachma worth? I dont think so. The drachma was one of the world's earliest . An obol is an ancient Greek coin that has one-sixth the value of a drachma . What Things Cost in Ancient Rome. The Unjust Steward in the story of Jesus was thrown into prison for overdue debt of a hundred denarii. Location 1797 says guests at a banquet could eat 160 drachma of food which was 80 days pay for a mercenary of the day. Proudly powered by. We exchange both Greek Drachma banknotes, as well as Greek Drachma coins. However, as Chiron stated in The Lightning Thief, the gods never use anything less than pure gold. It is difficult to estimate comparative exchange rates with modern currency because the range of products produced by economies of centuries gone by were different from today, which makes purchasing power parity (PPP) calculations very difficult; however, some historians and economists 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 US$46.50 in 2015[8]), whereas classical historians regularly say that in the heyday of ancient Greece (the fifth and fourth centuries) the daily wage for a skilled worker or a hoplite[9] was one drachma, and for a heliast (juror) half a drachma since 425BC.[10]. A stater weighed eight and a half grams. 1 January 2002 During the time of Julius Caesar, a skilled worker could earn one drachma a day, or about $20 USD per hour. Omissions? Coins in denominations from 50 lepta to 20 carried a portrait of King Paul (19471964). The notion that drachma derived from the word for fistful was recorded by Herakleides of Pontos (387312BC) who was informed by the priests of Heraion that Pheidon, king of Argos, dedicated rod-shaped obeloi to Heraion. This manipulation enriches for wealthiest 1% along with the banks, as the working man in the US is beggared. The word probably meant "a handful/ to grasp." In America and Canada a "dollar" is our currency. In declining times people are paid less with currency that has been debased whereas in prosperous times people are paid more with a more valuable currency. Throughout the history of ancient coins two contradictory concepts have competed with each other. 50 Greek Drachmas banknote (Poseidon) The 50 drachmai banknotes features a portrait of the Greek god of the sea, Poseidon. Read on to learn about Brutuss mistakes. One obol became the equivalent of one spit. A modern person might think of one drachma as the rough equivalent of a skilled worker's daily pay in the place where they live, which could be as low as US$1, or as high as $100, depending on the country. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 3 When did the Greek drachma become the Euro? But bullion equivalent value of ancient coins is a very shaky basis for comparing buying power across the centuries. The Greek Drachma was also an ancient currency used in many Greek city-states. the minimum on Tuesday, 27 September 2022. The largest Greek island by area is Crete, located at the southern edge of the Aegean Sea. This unit was divided into 16 digits or into 12 inches. Once you understand these mistakes, youll see why Antony is so hated in Rome. But opting out of some of these cookies may have an effect on your browsing experience. The (National Central Bank of Greece) exchanged drachma coins until 1 March 2004 and drachma banknotes until 1 March 2012. Vehicle traffic during the day was limited to carts and those with special licenses. What is the most popular religion in Greece today? [19] The Italian occupation authorities in the Ionian Islands printed their own currency, the Ionian drachma. What does drachma mean in English? The most famous is undoubtedly the Athenian drachma with the effigy of the goddess Athena on the obverse and an owl with an olive branch on the reverse. GRD replaced by EUR. Taking todays US$7.25 minimum hourly wage for comparison, a days labor would be worth $58[7]. Drachmas were issued in the 5th century BC. In 1986, aluminium-bronze 50 coins were introduced, followed by copper 1 and 2 pieces in 1988 and aluminium-bronze coins of 20 and 100 in 1990. Generally, the early Greek stater had a weight of 7 grams, and was normally divisible into three drachmas. In our world, a small and diminishing number of farmers can each feed themselves and over 50 others[8]. The ancient drachma was mainly minted in silver, some of them were produced in bronze later, in the 4th century BC, but they did not circulate for long. a one-foot cube.. But Solon, the leader of Athens at the beginning of the sixth century B.C., ordered the minting of 6,300 one-drachma coins from each talent of silver, an instant profit of 5 percent. The most popular Greek Mythology figures include Greek Gods like Zeus, Poseidon & Apollo, Greek Goddesses like Aphrodite, Hera & Athena and Titans like Atlas. Master Notes For Dawdle Draught in Harry Potter. Article says a drachma usually weighed around 4.3 or 4.5 grams and was 90% silver. When did the euro replace the drachma in Greece? This is for informational purposes only. "Dollar" comes from the 1550's word daler or taler which was a large silver coin in Germany. Didrachm: were worth 2 drachmae, weighing 8.6 grams. When Greece finally achieved its independence from the Ottoman Empire in 1828, the phoenix was introduced as the monetary unit; its use was short-lived, however, and in 1832 the phoenix was replaced by the drachma, adorned with the image of King Otto, who reigned as modern Greeces first king from 1832 to 1862. The coin has been minted, The 20 dollar coins are among the most famous American gold coins. EMMY NOMINATIONS 2022: Outstanding Limited Or Anthology Series, EMMY NOMINATIONS 2022: Outstanding Lead Actress In A Comedy Series, EMMY NOMINATIONS 2022: Outstanding Supporting Actor In A Comedy Series, EMMY NOMINATIONS 2022: Outstanding Lead Actress In A Limited Or Anthology Series Or Movie, EMMY NOMINATIONS 2022: Outstanding Lead Actor In A Limited Or Anthology Series Or Movie. A talent (Latin: talentum, from Ancient Greek: "scale, balance") is an ancient unit of mass; it corresponded generally to the mass of water in the volume of an amphora, i.e. A range of Drachma coins issued by Greece. Tetradrachm: were worth 4 drachmae, weighing 17.2 grams. Tetrobol: were worth 4 obols, weighing 2.85 grams. The euro banknotes and coins were introduced in Greece on 1 January 2002, after a transitional period of one year when the euro was the official currency but only existed as book money. Past travelers have spent, on average, 32 ($37) on meals for one day and 24 ($28) on local transportation. Among the Greek cities that used the drachma were: Abdera, Abydos, Alexandria, Aetna, Antioch, Athens, Chios, Cyzicus, Corinth, Ephesus, Eretria, Gela, Catana, Kos, Maronia, Naxos, Pella, Pergamum, Rhegion, Salamis, Smyrni, Sparta, Syracuse, Tarsus, Thasos, Tenedos, Troy and more. But, fate had other plans for him. Do Men Still Wear Button Holes At Weddings? How much is 75 drachmas worth today? What was in Caesars will for the Roman citizens in Julius Caesar by William Shakespeare? Below are the denominations of Ancient Greek coins: Dekadrachm: were worth 10 drachmae, weighing 43 grams. The Roman drachma is based on the ancient Greek drachma. (Very small numbers of 50 and 100 coins in gold were also issued.). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. It was a common amount in those days, but it still represents an exceptional sum for those who have never spent it. In 1922, the Greek government issued a forced loan in order to finance their growing budget deficit. The coin would have been born in Lydia, in Asia Minor. A Greek (or "Attic") talent was approximately the mass of water required to fill an amphora and weighed about 26 kilograms (57 lb), therefore a silver drachma should have weighed about 4.3 grams. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. This design included a soldier standing in front of the flames of the rising phoenix and the date of the coup d'tat, April 21, 1967. [18] The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20. In our global economy, where almost everything is instantly convertible into cash, we can state precise exchange rates: one US dollar is worth 0.86 euro or 0.97 Swiss francs, or 0.78 British pounds[2]. The currency of ancient Greece was the drachma, which is why its important to know the current exchange rates of the two currencies. Roman linear measures were based on the Roman standard foot (pes). The Drachma was reintroduced in 1832 after the formation of modern-day Greece. Collectors can own their own piece of history with Greek 20 Drachma gold coins.The modern gold coins date back to the 19 th Century, but the tradition and values date back to the time of ancient Greece. This will allow you to determine the value of each currency. The duration of the workday varied seasonally, according to the available daylight. Gradually, coins became the main payment methods throughout mainland Greece. First in silver, then in bronze, it is divided into eight chalkos or twelve depending on the region of Greece. Moreover, it is a significant amount for those who are just starting out in their careers. In 1954 the drachma was revalued for a second time at a rate of 1000 to 1 and the Finance Minister, Spyros Markezinis, dealt with the problem Alexander-fashion by chopping off three zeros. This is the coin rendered "pence" and "penny" in the King James Version. 1.00 Greek Drachma = 0.00 31084926 US Dollars 1 USD = 321.699 GRD GRD replaced by EUR We use the mid-market rate for our Converter. While the laws are incomplete, the first six sections deal with grain dole and eligibility for it. How much was an ancient drachma worth? Religion in Greece is dominated by the Greek Orthodox Church, which is within the larger communion of the Eastern Orthodox Church. The drachma was one of the world's earliest coins. That translates to almost $12,000 USD today. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Luke's Gospel includes a parable told by Jesus of a woman with 10 drachmae, who lost one and searched her home until she found it. The mayor would get around 1 drachma, the judge would get 3 oboloi and finally if you were a member of the parliament, then you would land up getting around 1 drachma too. The Greek Drachma is the currency in Greece (GR, GRC). Convert 1000 Drachmas to Pounds with real time Forex rates based on up-to-the-second interbank exchange rates. One EUR is equivalent to 340.750 GRD. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Learn how your comment data is processed. These cookies track visitors across websites and collect information to provide customized ads. The drachma was Greeces national currency from 1833 to 1 January 2002, when euro banknotes and coins were put into circulation in Greece, at the same time as in the other euro area countries. In the Levant, they used gold coins. Unenforceable, within a few years the edict was ignored, and the engraved stone tablets set up in the markets were recycled as building blocks which is how the text survived. You also have the option to opt-out of these cookies. These provisional coins carried the design of the phoenix rising from the flame on the obverse, and used the country's new designation as the "Hellenic Republic", replacing the coins also issued in 1973 as the Kingdom of Greece with King Constantine II's portrait. Citizens with certain types of property were excluded from the dole. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 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). He then meets Antonys army in Philippi, where he awaits the arrival of the enemy. This was to establish his power and show the power of the empire to the world, a form of propaganda of the royal ideology. We also use third-party cookies that help us analyze and understand how you use this website. Julius Caesars reign was short, but he was not without achievements. The drachma was an ancient Greek unit of currency that had roughly the same value as 25 U.S. dollars in the 5th century BC. spelling variant is also attested. Will also mention some comment by Prof. Holt. Some historians say that half a drachma per day would be a comfortable subsistence for a poor family. In our world, copper is a commodity used mainly for electric wiring[6]. Privacy Policy. Banknotes in circulation at the time of the adoption of the euro[23] were, 5,000,000 banknote during the Axis Occupation hyperinflation period, 1944, In Unicode, the currency symbol is .mw-parser-output .monospaced{font-family:monospace,monospace}U+20AF DRACHMA SIGN. A bunch of grapes or ten figs cost 1/16 denarius. You typically kept your coins in a leather pouch, tucked into your belt for ancient coins. How Much is 75 Drachmas Worth in Ancient Greece? The four-drachma (or shekel) coin would be exactly enough to pay the temple tax (two-drachma coin) for two people. Amphora (2010). Taking that place would require great skill at judging material quality and at designing and creating armor and weapons superior to all! By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This drachma also suffered from high inflation. But what were these drachmas worth then? It was the Greeks who first gave us the stater, a term that means simply "weight." The first staters were made of silver and bore the stamp of an authority authenticating its weight. According to a study undertaken by Bloomberg, drachmas worth an estimated 477.9 million are still safely tucked away all over Greece never to be . The drachma was used by the gods as a means of exchange. How to Get Livestock Upgrade Parts in Sims 4. [10] In practice this is usually increased significantly by various allowances such as housing. Entdecke GRIECHENLAND 1 DRACHME 1911 SILBER B46 #K3481 in groer Auswahl Vergleichen Angebote und Preise Online kaufen bei eBay Kostenlose Lieferung fr viele Artikel! Necessary cookies are absolutely essential for the website to function properly. The drachma not only testifies to the Greeks sense of aesthetics and craftsmanship, but also to Greeces commercial power. A good cloak cost 500. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2023 Ancient Finances. It does not work to use the current value of silver or gold to back into the value of the currency in Alexanders time. The symbol for GRD can be written Dr. After Alexander's conquests, the name drachma was used in many of the Hellenistic kingdoms in the Middle East, including the Ptolemaic kingdom in Alexandria and the Parthian Empire based in what is modern-day Iran. In 2002 the drachma ceased to be legal tender after the euro, the monetary unit of the European Union, became Greece's sole currency. They write new content and verify and edit content received from contributors. One Drachma is divided into 100 Lepta. Middle row, left to right: 5 coin, 10 coin, 20 coin, 50 coin. This mistake leads to his downfall, and he is forced to kill Antony in order to get the power back. [11] https://en.wikipedia.org/wiki/Edict_on_Maximum_Prices. Republic of Greece (Greek military junta) (1973-1974) Drachma=100 lepta 20 drachma 1973 copper-nickel 20 X / 1973 Coin value - $1-2 . Six of them are displayed at the Numismatic Museum of Athens. Minted but rarely used. The Euro is divided into 100 cents. This site uses cookies to improve your browsing experience. (This particular unit was paid in drachmas which was comparable to the denarii) Multiply that by three and he would have earned 641 drachmas in pay for a year.Remember that the pay of the Roman. The drachma was one of the worlds earliest coins. In todays currency, thats about $254 USD. Corrections? Historical US dollar / Greek drachma History of daily rates USD /GRD since Monday, 31 January 2022. At this price, the silver in an Athenian tetradrachm (the most important trade coin in the Mediterranean world of the fifth century BCE) would be worth $8.20, and a denarius of the Roman Republic from the time of Julius Caesar would be worth about $2 (these coins were nearly pure silver; modern silver coins are typically alloyed with about 10% copper for improved wear resistance). It was replaced with the Euro on January 1, 2002. The Ancient Economy. Theme: Newsup by Themeansar. 1, 2002, the Greek drachma was officially replaced as the circulating currency by the euro. Women in Greece. Its weight and fineness are of no intrinsic interest, except for the fact that if a coin is too valuable people will be tempted to melt it down for bullion. 2022 - 2023 Times Mojo - All Rights Reserved [13], Minae and talents were never actually minted: they represented weight measures used for commodities (e.g. Therefore, it is easy to recognize the origin of an ancient Greek coin. A barber was paid 2 d.c. per haircut. How much are drachma coins worth? Property owners were responsible for street maintenance, and aediles were responsible for overseeing it. How much was 75 drachmas worth in ancient Rome? ( n.) Among the ancient Greeks, a weight of about 66.5 grains; among the modern Greeks, a weight equal to a gram. TimesMojo is a social question-and-answer website where you can get all the answers to your questions. | The smaller coins were made of silver and had a 1:10 relationship with gold weight. Similar information about Pheidon's obeloi was also recorded at the Parian Chronicle. They were equal in value to about 25 U.S. dollars in 2006; however, the drachma was worth far more than this. Nevertheless, as foreign invaders gained control in Greece, the drachma disappeared from use. Gold Double louis d'or a la tte nue - 1786 K Bordeaux, Louis XVI - Ecu 6 Livres Franoise - 1793 A Paris - Countermark 40 Batzen - PCGS VG 10, Gold Aureus - Roma - NGC XF strike 5/5 - surface 1/5, Gold Double Excellente - Ferdinand and Isabel - Sevilla NGC AU 55. How much was an ancient drachma worth? Those Morgan dollars today based on silver content alone would be worth $11 each. Why is drachma significant? 47. ancient coins. A Modern Greek Coin 50 Drachma 1926 Specifically, the exchange rate was 50,000,000,000:1. The maximum was reached on Sunday, 6 February 2022. The National Bank of Greece introduced 1,000 notes in 1901, and the Bank of Greece introduced 5,000 notes in 1928. No, the sole difference is the pernicious effect of the fiat dollar on the wealth of the Middle Class of America. The first issues of banknotes were in denominations of 10, 20 and 50, soon followed by 100, 500 and 1,000 by 1956.