Debasement the intrinsic value of the coinage and so more coins can be made with the same quantity of precious metal. If done too frequently, debasement may lead to a new coin being adopted as a standard currency, as when the Ottoman Akçe was replaced by the kuruş (1 kuru = 120 akçe), with the para (1/40 kuruş) as a subunit. The kuruş in turn later became a subdivision of the lira. Debasement Debasement is the practice of lowering the value of currency. It is particularly used in connection with commodity money such as gold or silver coins. A coin is
Phoenix (currency) Phoenix (currency) The phoenix (, "foinix") was the first currency of the modern Greek state. It was introduced in 1828 by Governor Ioannis Kapodistrias and was subdivided into 100 "lepta". The name was that of the mythical phoenix bird and was meant to symbolize the rebirth of Greece during the still ongoing Greek War of Independence. The "phoenix" replaced the Ottoman "kuruş" (called "grosi" γρόσι, plural γρόσια "grosia" by the Greeks) at a rate of 6 phoenixes = 1 "kuruş". The creation of a national currency was one of the most pressing issues for the newborn Greek state, so that