1 Perper

Montenegro's decision to issue its own paper currency in 1914 was driven by the near-total collapse of coin circulation following mobilization — silver and gold were being hoarded or disappearing into troop payments almost immediately. The Glavna Državna Blagajna had no central bank infrastructure behind it, which is precisely why these notes carry treasury rather than banking authority.

Over twelve million printed for a country with a population under 300,000. The oversupply relative to population, combined with the Austrian occupation beginning in early 1916, left enormous quantities unredeemed.