10 Dinara

Serbia's Privileged National Bank had been in existence for barely five years when this note was commissioned, and the decision to engage the Banque de France printing works — rather than a commercial security printer — gave the series an institutional weight the young bank was keen to project. Mouchon was at this point producing some of the finest intaglio work in Europe; his engraving for French postage stamps of the same decade is still regarded as technically exemplary.

Pick 9 is the scarcer of the two denominations in the 1887 issue. The watermark is the sole mechanical security feature — no serial numbering system of any complexity, no colored threads.