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Montenegro's nickel coinage of 1906–1908 represents the first indigenous struck currency of the principality, issued under Nikola I shortly before he elevated the state to a kingdom in 1910. Prior to this series, the principality had relied almost entirely on foreign coins — primarily Austrian and Ottoman issues — circulating by custom rather than legal decree.

KM#3 was struck at the Vienna Mint, which held the contract for Montenegro's early coinage program.