Greek drachma 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half. When Greece finally achieved its independence from the Ottoman Empire in 1828, the phoenix was introduced as the monetary unit; its use was short-lived, however, and in 1832 the phoenix was replaced by the drachma, adorned with the image of King Otto of Greece, who reigned as modern Greece's first king from 1832 to 1862. The drachma was divided into 100 lepta. In 2002 the drachma ceased to be legal tender after the euro, the monetary unit of the European Union,
Greek drachma 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 (, 2 drachmae); the dirham is still the name of the official currencies of Morocco and the United Arab Emirates. The Armenian dram () also 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 (PPP) calculations