Slovenia the Republic of Slovenia, is a sovereign state located in southern Central Europe at a crossroads of important European cultural and trade routes. It is bordered by Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the southeast, the Adriatic Sea to the southwest, it has a population of 2.07 million. One of the successor states of the former Yugoslavia, Slovenia is a parliamentary republic and a member of the United Nations, of the European Union, of NATO; the capital and largest city is Ljubljana. Slovenia has a mountainous terrain with a continental climate, with the exception of the Slovene Littoral, which has a sub-Mediterranean climate, of the northwest, which has an Alpine climate. Additionally, the Dinaric Alps and the Pannonian Plain meet on the territory of Slovenia; the country, marked by a significant biological diversity, is one of the most water-rich in Europe, with a dense river network, a rich aquifer system, significant karst underground watercourses.
Over half of the territory is covered by forest. The human settlement of Slovenia is uneven. Slovenia has been the crossroads of Slavic and Romance languages and cultures. Although the population is not homogeneous, Slovenes comprise the majority; the South Slavic language Slovene is the official language throughout the country. Slovenia is a secularized country, but Catholicism and Lutheranism have influenced its culture and identity; the economy of Slovenia is small and export-oriented and has been influenced by international conditions. It has been hurt by the Eurozone crisis which started in 2009; the main economic field is services, followed by construction. The current territory of Slovenia has formed part of many different states, including the Roman Empire, Byzantine Empire, Carolingian Empire and the Holy Roman Empire, the Habsburg Monarchy, the Republic of Venice, the French-administered Illyrian Provinces of Napoleon I, the Austrian Empire and Austria-Hungary. In October 1918 the Slovenes exercised self-determination for the first time by co-founding the State of Slovenes and Serbs.
In December 1918 they merged with the Kingdom of Serbia into the Kingdom of Serbs and Slovenes. During World War II Germany and Hungary occupied and annexed Slovenia, with a tiny area transferred to the Independent State of Croatia, a Nazi puppet state. In 1945 Slovenia became a founding member of the Federal People's Republic of Yugoslavia, renamed in 1963 as the Socialist Federal Republic of Yugoslavia. In the first years after World War II this state was allied with the Eastern Bloc, but it never subscribed to the Warsaw Pact and in 1961 became one of the founders of the Non-Aligned Movement. In June 1991, after the introduction of multi-party representative democracy, Slovenia became the first republic that split from Yugoslavia and became an independent country. In 2004, it entered the European Union. Slovenia's name means the "Land of the Slavs" in Slovene and other South Slavic languages; the etymology of Slav itself remains uncertain. The reconstructed autonym *Slověninъ is derived from the word slovo denoting "people who speak," i. e. people who understand each other.
This is in contrast to the Slavic word denoting German people, namely *němьcь, meaning "silent, mute people". The word slovo and the related slava and slukh originate from the Proto-Indo-European root *ḱlew-, cognate with Ancient Greek κλέος, as in the name Pericles, Latin clueo, English loud; the modern Slovene state originates from the Slovene National Liberation Committee held on 19 February 1944. They named the state as Federal Slovenia, a unit within the Yugoslav federation. On 20 February 1946, Federal Slovenia was renamed the People's Republic of Slovenia, it retained this name until 9 April 1963, when its name was changed again, this time to Socialist Republic of Slovenia. On 8 March 1990, SR Slovenia removed the prefix "Socialist" from its name, becoming the Republic of Slovenia. Present-day Slovenia has been inhabited since prehistoric times. There is evidence of human habitation from around 250,000 years ago. A pierced cave bear bone, dating from 43100 ± 700 BP, found in 1995 in Divje Babe cave near Cerkno, is considered a kind of flute, the oldest musical instrument discovered in the world.
In the 1920s and 1930s, artifacts belonging to the Cro-Magnon, such as pierced bones, bone points, a needle were found by archaeologist Srečko Brodar in Potok Cave. In 2002, remains of pile dwellings over 4,500 years old were discovered in the Ljubljana Marshes, now protected as a UNESCO World Heritage Site, along with the Ljubljana Marshes Wooden Wheel, the oldest wooden wheel in the world, it shows that wooden wheels appeared simultaneously in Mesopotamia and Europe. In the transition period between the Bronze age to the Iron age, the Urnfield culture flourished. Archaeological remains dating from the Hallstatt period have been found in southeastern Slovenia, among them a number of situl
Institutions of the European Union
The institutions of the European Union are the seven principal decision making bodies of the European Union. They are, as listed in Article 13 of the Treaty on European Union: the European Parliament, the European Council, the Council of the European Union, the European Commission, the Court of Justice of the European Union, the European Central Bank and the Court of Auditors. Institutions are distinct from advisory bodies to the European Union, agencies of the European Union. Most EU institutions were created with the establishment of the European Community in 1958. Much change since has been in the context of shifting the balance of power away from the Council and towards the Parliament; the role of the Commission has been to mediate between the two or tip the balance. However the Commission is becoming more accountable to the Parliament: in 1999 it forced the resignation of the Santer Commission and forced a reshuffle of the proposed Barroso Commission in 2004; the development of the institutions, with incremental changes from treaties and agreements, is testament to the evolution of the Union's structures without one clear "master plan".
Some such as Tom Reid of the Washington Post said of the institutions that "nobody would have deliberately designed a government as complex and as redundant as the EU". The first institutions were created at the start of the 1950s with the creation of the ECSC, based on the Schuman declaration, between six states; the ECSC was designed to bring the markets of coal and steel, the materials needed to wage war, under the control of a supranational authority with the aim of encouraging peace and economic development. It established the first institutions. At its core was an independent executive called the "High Authority" with supranational powers over the Community; the laws made by the Authority would be observed by a Court of Justice in order to ensure they were upheld and to arbitrate. During the negotiations, two supervisory institutions were put forward to counterbalance the power of the High Authority; the "Common Assembly" proposed by Jean Monnet to act as a monitor, counterweight and to add democratic legitimacy was composed of 78 national parliamentarians.
The second was the Council of Ministers, pushed by the smaller states to add an intergovernmental element and harmonise national policies with those of the authority. In 1957 the Treaties of Rome established two similar communities, creating a common market and promoting atomic energy co-operation; the three institutions shared the Court of Justice and the Parliament, however they had a separate Council and High Authority, called the Commission in these Communities. The reason for this is the different relationship between the Council. At the time the French government was suspicious of the supranationalism and wanted to limit the powers of the High Authority in the new Communities, giving the Council a greater role in checking the executive; the three communities were merged in 1967, by the Merger Treaty, into the European Communities. The institutions were carried over from the European Economic Community. Under the Treaties of Rome, the Common Assembly was supposed to become elected; however this was delayed by the Council until 1979.
Since it gained more powers via successive treaties. The Maastricht Treaty gave further powers to the Council by giving it a key role in the two new pillars of the EU which were based on intergovernmental principles; the 2009 Lisbon Treaty brought nearly all policy areas under the codecision procedure, hence increasing the power of the Parliament. The rules for the distribution of seats in the parliament were changed to a formula system; the High Representative merged with the European Commissioner for External Relations and joined the Commission. The appointment of the Commission President became dependent upon the last EU elections; the Council of Ministers adopted more qualified majority voting and the European Council was made a distinct institution with a permanent president. The Court of Justice had adjustments. In addition, the central bank became a full institution. There are three political institutions which hold the legislative power of the Union; the Council of the European Union represents governments, the Parliament represents citizens and the Commission represents the European interest.
The Council of the European Union, Parliament or another party place a request for legislation to the Commission. The Commission drafts this and presents it to the Parliament and the Council of the European Union, where in most cases both must give their assent. Although the exact nature of this depends upon the legislative procedure in use, once it is approved and signed by both bodies it becomes law; the Commission's duty is to ensure it is implemented by dealing with the day-to-day running of the Union and taking others to Court if they fail to comply. The European Parliament shares the legislative and budgetary authority of the Union with the Council of the European Union, its 751 members are elected every five years by universal suffrage and sit according to political allegiance. They form the only directly elected body in the Union. Despite forming one of the two legislative chambers of the Union, it has weaker powers than the Council in some sensitive areas, does not have legislative initiative.
It does, however
Banknotes of the euro, the currency of the euro area and institutions, have been in circulation since the first series was issued in 2002. They are issued by the national central banks of the European Central Bank. In 1999 the euro was introduced and in 2002 notes and coins began to circulate; the euro took over from the former national currencies and expanded around the European Union. Denominations of the notes range from €5 to €500 and, unlike euro coins, the design is identical across the whole of the Eurozone, although they are issued and printed in various member states; the euro banknotes are pure cotton fibre, which improves their durability as well as giving the banknotes a distinctive feel. They measure from 120 by 62 millimetres to 160 by 82 millimetres and have a variety of colour schemes; the euro notes contain many complex security features such as watermarks, invisible ink and microprinting that document their authenticity. While euro coins have a national side indicating the country of issue, euro notes lack this.
Instead, this information is shown by the first character of each note's serial number. According to European Central Bank estimates, in August 2018, there were about 21.737 billion banknotes in circulation around the Eurozone, with a total value of about €1.193 trillion. On 8 November 2012, the European Central Bank announced that the first series of notes would be replaced by the Europa series, starting with the 5 euro note on 2 May 2013. Estimates suggest that the average life of a euro banknote is about three years before it is replaced due to wear, but individual lifespans vary depending on denomination, from less than a year for €5 banknote to over 30 years for €500 banknote. High denomination banknotes last longer; the Europa series is designed to last longer than the previous one. The euro came into existence on 1 January 1999; the euro's creation had been a goal of its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark.
In 1999, the currency was born and in 2002 notes and coins began to circulate. It took over from the former national currencies and expanded around the rest of the EU. In 2009, the Lisbon Treaty formalised the Euro's political authority, the Euro Group, alongside the European Central Bank. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015. There are seven different denominations of the euro banknotes: €5, €10, €20, €50, €100, €200 and €500; each has a distinctive size. The designs for each of them have a common theme of European architecture in various artistic eras; the obverse of the banknote features windows or gateways while the reverse bears different types of bridges. The architectural examples are stylised not representations of existing monuments. All the notes of the initial series of euro notes bear the European flag, a map of the continent on the reverse, the name "euro" in both Latin and Greek script and the signature of a president of the ECB, depending on when the banknote was printed.
The 12 stars from the flag are incorporated into every note. The notes carry the acronyms of the name of the European Central Bank in five linguistic variants, covering all official languages of the EU in 2002, now 19 out of 24 official languages of the EU28, in the following order: BCE ECB EZB ΕΚΤ EKP The order is determined by the EU country listing order, with BCE ahead of ECB because of the national precedence of Belgium's two main languages, followed by the remaining languages of Germany and Finland, in that order; the euro banknote initial designs were chosen from 44 proposals in a design competition, launched by the Council of the European Monetary Institute on 12 February 1996. The winning entry, created by Robert Kalina from the Oesterreichische Nationalbank, was selected on 3 December 1996; the euro banknotes are pure cotton fibre, which improves their durability as well as giving the banknotes a distinctive feel. In the first and Europa series, the Azores, French Guiana, Madeira, Martinique, Réunion, the Canary Islands, overseas territories of the eurozone member states, which use the euro, are shown under the map in separate boxes.
Cyprus and Malta were not shown on the first series because they were not in the EU in 2002, when the banknotes were issued though they joined the Eurozone in 2008. The map did not stretch as far east as Cyprus, while Malta was too small to be depicted.2. However, both Cyprus and Malta are depicted on the Europa series note; the Europa series banknotes to the first series, bear the European flag, a map of the continent on the reverse and the signature of Mario Draghi, since 1 November 2011 president of the ECB. The 12 stars from the flag are incorporated into the notes. On 4 May 2016 the European Central Bank decided not to issue a 500 euro banknote for the Europa series; the banknote has the name "euro", but in three scripts: Lat
The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, counts about 343 million citizens as of 2019; the euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents; the currency is used by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro; the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.
S. dollar. The name euro was adopted on 16 December 1995 in Madrid; the euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit at a ratio of 1:1. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, by March 2002 it had replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency; the euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem. As an independent central bank, the ECB has sole authority to set monetary policy; the Eurosystem participates in the printing and distribution of notes and coins in all member states, the operation of the eurozone payment systems.
The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 1 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated; the ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB; these liabilities carry interest at the main refinancing rate of the ECB.
The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union population and national share of EU GDP weighted. The euro is divided into 100 cents. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are sometimes used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway, Belarus, Russia or Turkey.
The 1-, 2- and 5-cent coins, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx; the coins have a national side showing an image chosen by the country that issued the coin. Euro coins from any member state may be used in any nation that has adopted the euro; the coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland and in Finland; this practice is discouraged by the Commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin; these include both issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, nationally i
A serial number is a unique identifier assigned incrementally or sequentially to an item, to uniquely identify it. Serial numbers need not be numerical, they may contain letters and other typographical symbols, or may consist of a character string. Serial numbers identify otherwise identical individual units with obvious uses. Serial numbers are a deterrent against theft and counterfeit products, as they can be recorded, stolen or otherwise irregular goods can be identified; some items with serial numbers are automobiles and appliances. Banknotes and other transferable documents of value bear serial numbers to assist in preventing counterfeiting and tracing stolen ones, they are valuable in quality control, as once a defect is found in the production of a particular batch of product, the serial number will identify which units are affected. Serial numbers may be used to identify individual intangible objects; the purpose and application is different. A software serial number, otherwise called product key, is not embedded in the software, but is assigned to a specific user with a right to use the software.
The software will function. The vast majority of possible codes are rejected by the software. If an unauthorised user is found to be using the software, the legitimate user can be identified from the code, it is not impossible, for an unauthorised user to create a valid but unallocated code either by trying many possible codes, or reverse engineering the software. The term serial number is sometimes used for codes which do not identify a single instance of something. For example, the International Standard Serial Number or ISSN used on magazines and other periodicals, an equivalent to the International Standard Book Number applied to books, is assigned to each periodical, it takes its name from the library science use of the word serial to mean a periodical. Certificates and certificate authorities are necessary for widespread use of cryptography; these depend on applying mathematically rigorous serial numbers and serial number arithmetic, again not identifying a single instance of the content being protected.
The term serial number is used in military formations as an alternative to the expression service number. In air forces, the serial number is used to uniquely identify individual aircraft and is painted on both sides of the aircraft fuselage, most in the tail area, although in some cases the serial is painted on the side of the aircraft's fin/rudder; because of this, the serial number is sometimes called a tail number. In the UK Royal Air Force the individual serial takes the form of two letters followed by three digits, e.g. BT308—the prototype Avro Lancaster, or XS903—an English Electric Lightning F.6 at one time based at RAF Binbrook. During the Second World War RAF aircraft that were secret or carrying secret equipment had "/G" appended to the serial, denoting that the aircraft was to have an armed guard at all times while on the ground, e.g. LZ548/G—the prototype de Havilland Vampire jet fighter, or ML926/G—a de Havilland Mosquito XVI experimentally fitted with H2S radar. Prior to this scheme the RAF, predecessor Royal Flying Corps, utilised a serial consisting of a letter followed by four figures, e.g. D8096—a Bristol F.2 Fighter owned by the Shuttleworth Collection, or K5054—the prototype Supermarine Spitfire.
The serial number follows the aircraft throughout its period of service. In 2009, the U. S. FDA published draft guidance for the pharmaceutical industry to use serial numbers on prescription drug packages; this measure is intended to help prevent counterfeiting. Serial numbers are used in network protocols. However, most sequence numbers in computer protocols are limited to a fixed number of bits, will wrap around after a sufficiently many numbers have been allocated, thus allocated serial numbers may duplicate old serial numbers, but not other allocated serial numbers. To avoid ambiguity with these non-unique numbers, RFC 1982 "Serial Number Arithmetic", defines special rules for calculations involving these kinds of serial numbers. Lollipop sequence number spaces are a more recent and sophisticated scheme for dealing with finite-sized sequence numbers in protocols. Elz, R. and R. Bush, RFC 1982 "Serial Number Arithmetic", Network Working Group, August 1996. Plummer, William W. "Sequence Number Arithmetic".
Cambridge, Massachusetts: Bolt Beranek and Newman, Inc. 21 September 1978. ISSN International Centre
History of the euro
The euro came into existence on 1 January 1999, although it had been a goal of the European Union and its predecessors since the 1960s. After tough negotiations due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark; the currency was formed in 1999. It took over from the former national currencies and expanded behind the rest of the EU. In 2009, the Lisbon Treaty finalised its political authority, the Eurogroup, alongside the European Central Bank. First ideas of an economic and monetary union in Europe were raised well before establishing the European Communities. For example in the League of Nations, Gustav Stresemann asked in 1929 for a European currency against the background of an increased economic division due to a number of new nation states in Europe after World War I. At this time memories of the Latin Monetary Union involving principally France, Italy and Switzerland and which, for practical purposes, had disintegrated following the First World War, figured prominently in the minds of policy makers.
A first attempt to create an economic and monetary union between the members of the European Economic Community arrived with an initiative by the European Commission in 1969, which set out the need for "greater co-ordination of economic policies and monetary cooperation." This was followed up at a meeting of the European Council at The Hague in December 1969. The European Council tasked Pierre Werner, Prime Minister of Luxembourg, with finding a way to reduce currency exchange rate volatility, his report was published in October 1970 and recommended centralisation of the national macroeconomic policies entailing "the total and irreversible fixing of parity rates and the complete liberation of movements of capital." But he did not propose central bank. An attempt to limit the fluctuations of European currencies, using a snake in the tunnel, failed. In 1971, US President Richard Nixon removed the gold backing from the US dollar, causing a collapse in the Bretton Woods system that managed to affect all of the world's major currencies.
The widespread currency floats and devaluations set back aspirations for European monetary union. However, in March 1979 the European Monetary System was created, fixing exchange rates onto the European Currency Unit, an accounting currency, to stabilise exchange rates and counter inflation, it created the European Monetary Cooperation Fund. In February 1986, the Single European Act formalised political co-operation within the EEC, including competency in monetary policy; the European Council summit in Hannover on 14 June 1988 began to outline monetary co-operation. France and European Commission backed a monetary union with a central bank, which British Prime Minister Margaret Thatcher opposed; the Hannover European Council asked Commission President Jacques Delors to chair an ad hoc committee of central bank governors to propose a new timetable with clear and realistic steps for creating an economic and monetary union. This way of working was derived from the Spaak method. France and the UK were opposed to German reunification, attempted to influence the Soviet Union to stop it.
However, in late 1989 France extracted German commitment to the Monetary Union in return for support for German reunification. The Delors report of 1989 set out a plan to introduce the EMU in three stages and it included the creation of institutions such as the European System of Central Banks, which would become responsible for formulating and implementing monetary policy, it laid out monetary union being accomplished in three steps. Beginning the first of these steps, on 1 July 1990, exchange controls were abolished, thus capital movements were liberalised in the European Economic Community. Leaders reached agreement on currency union with the Maastricht Treaty, signed on 7 February 1992, it agreed to create a single currency, although without the participation of the United Kingdom, by January 1999. Gaining approval for the treaty was a challenge. Germany was cautious about giving up its stable currency, i.e. the German Mark, France approved the treaty by a narrow margin and Denmark refused to ratify until they got such an opt-out from monetary union as the United Kingdom, an opt-out that they maintain as of 2019.
On 16 September 1992, known in the UK as Black Wednesday, the British pound sterling was forced to withdraw from the fixed exchange rate system due to a rapid fall in the value of the pound. Delors' second stage began in 1994 with creation of the European Monetary Institute, succeeding the EMCF, under Maastricht, it was created as the forerunner to the European Central Bank. It met for the first time on 12 January under Alexandre Lamfalussy. After much disagreement, in December 1995 the name euro was adopted for the new currency, on the suggestion of then-German finance minister Theo Waigel, they agreed on the date 1 January 1999 for its launch. On 17 June 1997 the European Council decided in Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after creation of the euro, a new exchange rate mechanism was set up to provide stability above the euro and the national currencies of countries that hadn't yet entered the eurozone. On 3 May 1998, at the European Council in Brussels, the 11 initial countries that would participate in the third stage from 1 January 1999 were selected.
To participate in the new currency
Drachma was the currency used in Greece during several periods in its history: An ancient Greek currency unit issued by many Greek city states during a period of ten centuries, from the Archaic period throughout the Classical period, the Hellenistic period up to the Roman period under Greek Imperial Coinage. Three modern Greek currencies, the first introduced in 1832 and the last replaced by the euro in 2001; the euro did not begin circulating until 2002 but the exchange rate was fixed on 19 June 2000, with legal introduction of the euro taking place in January 2002. It was a small unit of weight; the name drachma is derived from the verb δράσσομαι. It is believed that the same word with the meaning of "handful" or "handle" is found in Linear B tablets of the Mycenean Pylos. A drachma was a fistful of six oboloí or obeloí used as a form of currency as early as 1100 BC and being a form of "bullion": bronze, copper, or iron ingots denominated by weight. A hoard of over 150 rod-shaped obeloi was uncovered at Heraion of Argos in Peloponnese.
Six of them are displayed at the Numismatic Museum of Athens. It was the standard unit of silver coinage at most ancient Greek mints, the name obol was used to describe a coin, one-sixth of a drachma; the notion that drachma derived from the word for fistful was recorded by Herakleides of Pontos, informed by the priests of Heraion that Pheidon, king of Argos, dedicated rod-shaped obeloi to Heraion. Similar information about Pheidon's obeloi was recorded at the Parian Chronicle. Ancient Greek coins had distinctive names in daily use; the Athenian tetradrachm was called owl, the Aeginetic stater was called chelone, the Corinthian stater was called hippos and so on. Each city would mint its own and have them stamped with recognizable symbols of the city, known as badge in numismatics, along with suitable inscriptions, they would be referred to either by the name of the city or of the image depicted; the exact exchange value of each was determined by the quantity and quality of the metal, which reflected on the reputation of each mint.
Among the Greek cities that used the drachma were: Abdera, Alexandria, Antioch, Chios, Corinth, Eretria, Catana, Maronia, Pella, Rhegion, Smyrni, Syracuse, Thasos, Tenedos and more. The 5th century BC Athenian tetradrachm coin was the most used coin in the Greek world prior to the time of Alexander the Great, it featured the helmeted profile bust of Athena on an owl on the reverse. In daily use they were called γλαῦκες glaukes, hence the proverb Γλαῦκ’ Ἀθήναζε,'an owl to Athens', referring to something, in plentiful supply, like'coals to Newcastle'; the reverse is featured on the national side of the modern Greek 1 euro coin. Drachmae were minted on different weight standards at different Greek mints; the standard that came to be most used was the Athenian or Attic one, which weighed a little over 4.3 grams. After Alexander the Great'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.
The Arabic unit of currency known as dirham, known from pre-Islamic times and afterwards, inherited its name from the drachma or didrachm. The Armenian dram derives its name from the drachma, 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 calculations difficult. S. dollars, whereas classical historians say that in the heyday of ancient Greece the daily wage for a skilled worker or a hoplite was one drachma, for a heliast half a drachma since 425 BC. Modern commentators derived from Xenophon that half a drachma per day would provide "a comfortable subsistence" for "the poor citizens". Earlier in 422 BC, we see in Aristophanes that the daily half-drachma of a juror is just enough for the daily subsistence of a family of three. 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.
Fractions and multiples of the drachma were minted by many states, most notably in Ptolemaic Egypt, which minted large coins in gold and bronze. Notable Ptolemaic coins included the gold pentadrachm and octadrachm, silver tetradrachm and pentakaidecadrachm; this was noteworthy as it would not be until the introduction of the Guldengroschen in 1486 that coins of substantial size would be minted in significant quantities. For the Roman successors of the drachma, see Roman provincial coins; the weight of the silver drachma was 4.3 grams or 0.15 ounces, although weights varied from one city-state to another. It was divided into six obols of 0.72 grams, which wer