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,
International status and usage of the euro of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. The euro is a major global reserve currency, sharing that status with the US dollar (USD), which continues to be the primary reserve of most commercial and central banks. Since its introduction, the euro has been the second most widely held international reserve currency after the US dollar. The euro inherited this status from the German mark, and since its introduction, it has increased its