2 Euro (Union of Crete and Greece) – Greece
Circulating commemorative coins
Commemoration: 100th Anniversary of the Union of Crete and Greece
Greece
Context
Material
References
KM: #Click to copy to clipboard253
Numista: #49944
Value
Exchange value: 2 EUR = $2.36
Inflation-adjusted value: 2.27 EUR
Obverse
Description:
The inner design shows Cretan rebels raising the Greek flag, symbolizing the struggle for union. Above, in Greek, is "HELLENIC REPUBLIC"; below is "100 years of the union of Crete with Greece," with "1913-2013" and the Mint's monogram to the right. The outer ring features the 12 stars of the EU.
Inscription:
ΕΛΛΗΝΙΚΗ ΔΗΜΟΚΡΑΤΙΑ
1913-2013
100 ΧΡΟΝΙΑ ΑΠΟ ΤΗΝ ΕΝΩΣΗ ΤΗΣ ΚΡΗΤΗΣ ΜΕ ΤΗΝ ΕΛΛΑΔΑ
1913-2013
100 ΧΡΟΝΙΑ ΑΠΟ ΤΗΝ ΕΝΩΣΗ ΤΗΣ ΚΡΗΤΗΣ ΜΕ ΤΗΝ ΕΛΛΑΔΑ
Translation:
HELLENIC REPUBLIC
1913-2013
100 YEARS FROM THE UNION OF CRETE WITH GREECE
1913-2013
100 YEARS FROM THE UNION OF CRETE WITH GREECE
Script: Greek
Language: Greek
Engraver: Geogios Stamatopoulos
Reverse
Edge
Mints
| Name | Mark |
|---|---|
| National Mint of the Bank of Greece | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2013 | — | 742,500 | ||
| 2013 | — | 4,000 | Proof |
Historical background
By 2013, Greece was in the depths of a profound economic and social crisis, having endured five consecutive years of recession. The currency situation was defined by its membership in the Eurozone; Greece used the euro, which remained its official and only legal tender. However, the severe austerity measures imposed as conditions for international bailouts from the European Commission, European Central Bank, and International Monetary Fund (the "Troika") had crippled the economy. This led to widespread bank withdrawals, capital flight, and intense speculation about a possible "Grexit"—a forced exit from the euro and a return to a devalued national currency, the drachma.
The fear of Grexit created a paradoxical environment where the physical euro was both ubiquitous and potentially under threat. While euros circulated normally for daily transactions, there was a pervasive sense of fragility. Many citizens and businesses, fearing bank collapses or a sudden currency conversion, withdrew large sums, leading to significant deposit outflows from the banking system. This forced the government to impose capital controls in the coming years, but in 2013, the tension was building. The government's solvency depended entirely on continued Troika funding, which was frequently paused due to missed reform targets, keeping the country on a financial cliff-edge.
Ultimately, Greece remained in the Eurozone in 2013, avoiding the catastrophic scenario of a forced currency switch. The commitment to the euro was seen as essential for maintaining financial stability within the broader European project, despite the immense domestic cost. The year concluded with the economy still contracting and unemployment near 28%, but with the immediate threat of currency collapse deferred. The situation underscored the extreme strain of maintaining a shared currency without full fiscal or political union, leaving Greece in a state of suspended crisis, using a currency whose future for the country felt perpetually in question.
The fear of Grexit created a paradoxical environment where the physical euro was both ubiquitous and potentially under threat. While euros circulated normally for daily transactions, there was a pervasive sense of fragility. Many citizens and businesses, fearing bank collapses or a sudden currency conversion, withdrew large sums, leading to significant deposit outflows from the banking system. This forced the government to impose capital controls in the coming years, but in 2013, the tension was building. The government's solvency depended entirely on continued Troika funding, which was frequently paused due to missed reform targets, keeping the country on a financial cliff-edge.
Ultimately, Greece remained in the Eurozone in 2013, avoiding the catastrophic scenario of a forced currency switch. The commitment to the euro was seen as essential for maintaining financial stability within the broader European project, despite the immense domestic cost. The year concluded with the economy still contracting and unemployment near 28%, but with the immediate threat of currency collapse deferred. The situation underscored the extreme strain of maintaining a shared currency without full fiscal or political union, leaving Greece in a state of suspended crisis, using a currency whose future for the country felt perpetually in question.
Series: Greece 2 euro commemoratives
🌱 Very Common