Melt Value: $2.83 (3/4/2016)
Obverse: Prow of ancient ship
Reverse: Poseidon head right
The name drachma is derived from the verb dratto ("to grasp"), as initially a drachma was a fistful (a "grasp") of six oboloi (metal sticks), which were used as a form of currency as early as 1100 BC. The 5th century BC Athenian tetradrachmon ("four drachmae") coin was the most widely used coin in the Greek world prior to the time of Alexander the Great.
After Alexander the Great's conquests, the name drachma was used in many of the Hellenistic kingdoms in the Middle East, including the Ptolemaic kingdom in Alexandria. The Arabic unit of currency known as dirham known from pre-Islamic times and afterwards, inherited its name from the drachma; 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.