1 Perper

Montenegro's 1914 emergency issues were produced domestically in Cetinje under extremely constrained wartime conditions — the Balkan Wars had only just ended when the First World War began, leaving the treasury little capacity for anything sophisticated. The underprint is the sole security measure, a reflection of what local printing facilities could realistically manage rather than any deliberate policy of economy.

These notes circulated through the Austro-Hungarian occupation of 1916 and most did not survive intact. Paper attrition from that period is significant across the entire P#14 series.