1 Perper

Montenegro's 1 Perper of 1912 was among the first paper currency issued by the principality — which had only formally declared itself a kingdom in 1910. The Main State Treasury, not a central bank, was the issuing authority, reflecting how rudimentary Montenegro's financial infrastructure remained at the time. The Unie printing house in Prague was a logical choice: Czech printers handled a disproportionate share of peripheral European state printing work in this period, and Austro-Hungarian facilities offered quality that Cetinje could not.

The timing matters. These notes entered circulation just as the First Balkan War began, meaning much of the early print run would have passed through a country actively at war within months of issue.