IONIAN ISLANDS, Septinsular Republic. Under partial British occupation. 1809-1814. 25 Paras 1813/4 (Silver, 22 mm, 2.02 g), struck on a 1689 Carlino of Charles II of Naples and Sicily, Zante (Zakynthos). Countermarked on the host reverse with an oval indent containing a laureate and draped bust of George III above the denomination 25. Rev. Countermarked on the host obverse with a square indent containing the denomination 25. Karamitsos I.6b. KM 18. Lambros 18. Host Coin: Fair, Countermark: Good very fine. Graded by NGC "Fair 2". Cert number: 2909009-007.

From the El-Greco Collection of Modern Greek Rarities.

Great Britain took over the Ionian Islands in 1809 and the usual island problems of the export of good silver soon began. Spanish Dollars were imported for military use, but almost immediately went out again for supplies, thus leaving only poor quality minors for the inhabitants. In 1813 the government imported large numbers of Sicilian silver fractions and countermarked them with Para values on a fixed exchange ratio. Needless to say, these initial countermarks, being only a numeral within a square frame, were immediately forged. The coins were then recalled and countermarked with the head of George III above the value within an oval indent. Despite the execrable artistic quality of these countermarks, the coins continued in circulation until 1821 when they were finally withdrawn in favor of the new denomination system.