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*Prior to 1990, the Monastic Republic used Greek currency. In that year, the Monastic Republic signed the Unified Currency Convention of the European Federation. Since it was difficult to coordinate the new currency with the denominations of the Greek stamps then in use, the Monastic Republic began to print its own postage stamps. The first stamps were issued on July 2, 1991. The stamps were printed by a printing firm in Athens.

*The following denominations were printed:
**M1, M2, M3, M4, M5, M7, M9, M11
**δ3, δ6, δ12, δ18, δ24, δ30
**λ2, λ4, λ6, λ7, λ8, λ10, λ13, λ14, λ16, λ18, λ22
*The following postal rates were established:
**1. Internal mail
***a. First class: λ6 for 2 oz.; λ4 for each additional 2 oz.
***b. Second class: λ4 for 2 oz.; λ3 for each additional 2 oz.
***c. Third class: λ2 for 2 oz.; λ2 for each additional 2 oz.
**2. Mail within Europe
***a. First class: λ10 for 2 oz.; λ6 for each additional 2 oz.
***b. Second class: λ6 for 2 oz.; λ4 for each additional 2 oz.
***c. Third class: λ4 for 2 oz.; λ3 for each additional 2 oz.
***d. Air mail: M1, δ3 for 2 oz.; M1 for each additional 2 oz.
**3. Mail outside of Europe
***a. First class: M2,δ6 for 2 oz.; M1,δ6 for each additional 2 oz.
***b. Second class: M1,δ6 for 2 oz.; M1 for each additional 2 oz.
***c. Air mail: M3 for 2 oz.; M2 for each additional 2 oz.
*The lepta denominations were printed as definitives. Each stamp was square. The design was a white background and a border compony of 20 gold and red as appears on the Monastic Republic’s flag. The denomination’s numeral, along with the symbol '''λ''', was printed in green and filled the white background.
*The other denominations were issued as commemoratives of a larger size than the definitives, but still square. As with the definitives, each denomination had the border compony of 20 gold and red. The following illustrations were printed:
**M1 – a painting of the Panagia of Mt. Athos.
**M2 – the Cape Arapis lighthouse.
**M3 – the Museum of Athonite Antiquities.
**M4 – an aerial view of the Xerxes Canal from the west.
**M5 – the cypress of St. Athanasius.
**M7 – the Mt. Athos Performing Arts Center.
**M9 – the water between Prosforion and Ammouliani showing the ferry boat headed for Ammouliani and other water traffic.
**M11 – the Hospital of the Holy Spirit.
**δ3 – the Holy Mountain in profile viewed from the east.
**δ6 – the government house in Karyes.
**δ12 – the icon of St. Athanasius.
**δ18 – the fishing fleet leaving Ammouliani harbor at dawn.
**δ24 – an olive branch bearing both flowers and fruit.
**δ30 – an evzone at attention in front of the Prosforion government house.
*First-day covers were made available on the first day of issue. Collectors were permitted to order these covers by mail. The collectors were free to request any combination of stamps on the covers that they wished and any amount of FDCs they wished. These were then sent to the collectors either packaged and uncancelled or through the postal system and cancelled. The Philately Section of the Post Office had to hire extra part-time employees to handle the amount of orders requested.
*The commemorative cachet was of the Holy Mountain from the east, showing the location of the Monastery of St. Athanasius and the Cape Akrothis lighthouse.