1/4 Dinar

The Kingdom of Serbs, Croats and Slovenes faced an acute shortage of small-denomination currency in its early years, with the fractional dinar series of 1920–1921 filling a gap that coins could not — minting infrastructure was still being consolidated after the collapse of four different monetary systems across the newly unified territory. The choice to print this note in Zagreb at the HDT rather than in Belgrade was politically loaded: the new kingdom was still negotiating the internal balance between its constituent regions, and distributing production across printing facilities was one small concession to that tension.

Milenko D. Đurić, the engraver credited here, was among the first generation of Serbian artists formally trained in applied graphic arts, and his involvement in the fractional issues is well documented.