10 Dinara 2nd coat of arms

Pick 54 reflects a specific constitutional moment: the "2nd coat of arms" designation distinguishes this printing from the earlier P#46 series, with the change driven by Serbia's 2006 declaration of independence following the dissolution of the state union with Montenegro. The arms were revised accordingly, and existing note designs were updated rather than redesigned from scratch. ZIN has handled Serbian banknote production domestically since the interwar period, one of the few smaller European nations to maintain continuous in-house printing capability across that span.