The United States of the Ionian Islands was formed on 14 November 1815 and was made up of seven principal islands: Corfu, Cephalonia, Zante, Santa Maura, Ithaca, Cerigo and Paxo. These islands are represented by the seven arrows held by the winged lion of St. Mark (a Venetian symbol reflecting the Venetian control of the islands from 1401 until 1797).
Initially the Obol was subdivided into four Lepta (singular Lepton), so the first Lepton coin of 1821 is listed in some sources as a "Quarter Obol". The denomination was indicated on the coin by the number 4, indicating "one fourth". This one-year type was struck locally and was relatively crude.
According to Remick's Guide and Catalogue of British Commonwealth Coins, they were overstruck on Turkish planchets; Krause says the host coins were Venetian.