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 King of Greece, the currency system was reformed and the Drachma was introduced to replace the Phoenix at par - 1 Drachma = 1 Phoenix. References External links National Mint of Aegina (in Greek) Phoenix Modern obsolete currencies Economic history of Greece 1828 establishments in Greece 1832 disestablishments in Greece Ioannis Kapodistrias