Monday, November 14, 2011

Greece Economic Crisis

In short Greece said they owed a lot of money then they said whoops we owe twice as much. Their solution was having their citizens pitch in and work a little more. The people went crazy and rioted no way. At the end the rest of Europe held a bake sale or something and helped Greece out.

Here are three coins that illustrate the fall of Greece.

First on the left is a 1960 silver 20 Drachmai. It is 83.5% silver and has only gained value over the last 51 years. Made during the Kingdom time where the government was unstable but the economy grew steadily.
Current value: $7.00

The center coin is a 1984 copper-nickel 20 Drachmes. At this time Greece was part of NATO, the EU, and other groups with cool acronyms. Tourism and shipping ushered a golden age of work and prosperity for the Greeks. Oh but they wanted more. Modern Greeks had some of the best benefit packages ever and expanded by borrowing.
Current value: $0.50

Last on the right is a 2002 non-E in star 20 Euro Cents. To become part of the official European Union Greece showed it was strong and adopted the Euro and all that came with it. Sure the Euro soared but so did the debt and spending. Refusing to give up their somewhat lavish lifestyles Greece could not handle the recession. Shipping of oil and goods became dominated by other countries with better technologies. Tourism slowed as people stayed close to home instead of traveling.
Current value: $0.30

It is a bit more complicated but the coins share a similar fate. Staying strong because how it is made then making a few compromises here and there and finally relying on others to set the standard. At the end Greece will not collapse but they also will not shine bright. That golden Euro has no gold.

6 dollars worth, for Comments/Questions click here.:

cet4494 said...

i have a series 1928b ten dollar federal reserve note, sn:a17263778a. not the best condition

Man said...

1928b ten dollar federal reserve note, sn:a17263778a. not the best condition

About $20.00

Fenisnad said...

I have two 50-drachmae coins, one from 1986 and 1988, respectively. I also have a 1954 2-drach coin. What are they worth?

Man said...

50-drachmae coins
1986 about $0.50
1988 about $0.35

Also, I have that same 1984 20drach your picture a little off? Mine is a dull silver color.
--Yes, my lighting was bad. It should be silver colored.

1954 2-drach coin about $0.50

Fenisnad said...

Oh, I just remembered a 100drach coin from 1988...I'm guessing it's worth perhaps $0.70 or something like that?

Man said...

100drach coin from 1988 about $6.00