The bird Phoenix at the obverse represents the rebirth of Greece while the word "αωκα" is referring to the year 1821 (the year of the Greek revolution). There are varieties for both obverse and reverse side.
There is some uncertainty regarding the weight and fineness of this coin. The weight shown here is that given by the Standard Catalog of World Coins but the fineness quoted there, .943, is considered to be an error, with most other sources recording it as .900, a value in agreement with elemental analysis of the surface. Regarding the weight, it is well recorded that these coins were found to have been produced below the expected standard but there is little agreement as to what weight the coins actually have.