Demise
Only a small number of coins were minted and most transactions in Greece continued to be carried in foreign currency. Lacking precious metals to mint more coins, the government in 1831 issued an additional 300,000 phoenixes as paper currency with no underlying assets to back them. As a result, the paper notes were universally rejected by the public. In 1832, with the arrival of King Otto as monarch, the currency system was reformed and the drachma was introduced to replace the phoenix at par.
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