1 Dinar M. Fogina, Karlovac

M. Fogina was a Karlovac-based printing house, bookshop, and bookbinding operation — not a bank, not a municipality, not any kind of monetary authority. That a commercial stationer issued a 1 Dinar note in 1925 places this firmly in the tradition of privately printed token currency, likely emergency scrip circulating among local traders or employees when small-denomination Yugoslav dinars were in short supply or simply inconvenient to handle.

Yugoslavia's interwar coinage was chronically inadequate at the lowest denominations throughout the 1920s, which created real space for exactly this kind of stopgap instrument. Whether Fogina's scrip had any redemption guarantee behind it is unknown.