SHAPE:  Most 
cities of both 
greek alphabet groups used the 
I shape, few ones a crooked line.
SOUND: In ancient greek, it was a 
dichronic (two-valued) vowel.  Could be either short or long /i/.  Later it is always pronounced short,  normal [i].  Iota had a very busy life both as a letter symbol and a sound.  The 
/i/ sound was very important at the '
iotacistic' tendency of pronunciation that prevailed after the first pre-christian centuries: it swallowed up, so to speak, all sorts of old vowel-utterances: 
H [ε:]   
Y [y]   
EI [
ei]   
YI [
yi]   
OI [
oi] 
(but their historical spelling remains the same till today)  and 
HI [ε:i]. The 
iotacistic pronunciation is the counterpart of the '
etacistic' or 
Erasmic, that tends to preserve the analytical utterance of vowel combinations.
In modern greek, Iota is uttered as 
[j] in some <ια, ιε , ιo, ιoυ> cases:   [ja,je,jo,ju] 
or sometimes as fast diphthong [ ia,ie,io,iu]. (
phaenomenon of synizesis explained). Hence its name [`jota] instead of [
i`ota] or  [i`ota].  
NAME: ETYMOLOGY:  from northsemitic (phoenician):  jōdh = (the) hand.  This letter had a semiphonic function (as /i/ and /j/) which survived in greek.
NAME: SPELLING: The 
hellenistic greek spelling used 
psile for the iota and 
perismpomene for the omega:  

 τα
τα
COMBINATIONS:  The letter 'I' was  very busy: 
DIGRAMMES: AI (with short A), EI, OI, YI used to be pronounced as 
diphthongs (as in 
erasmic) but later ended up as 
monophthongs.
For the so-called 'long diphthongs' 
AI αι  HI ηι  and 
ΩI ωι, the mediaeval manuscripts prefer a different form:
adscribe the 
I after a capital letter:  (ιώτα πρoσγεγραμμένoν) 
iota prosgegrammenon =nearbywritten)  Hι
subscribe it under a small letter:   (ιώτα υπoγεγραμμένoν) 
(iota hypogegrammenon=underwritten) 
Look how many occurrences of the hypogegrammene there are in 
polytonic script!
MORE GREEK WORDS STARTING WITH IOTA
•ίδιo=same/itself - idio(syncracy), ιδίωμα-idiom
•ίσo=equal - isotope 
•ισθμός=isthmus
Iota with daseia < breathing mark:   •ιστoρία=history
•ίππoς (ancient greek)=horse, (modern greek=άλoγo) - ιππόδρoμoς=hippodrome