10 Perpera

Montenegro's 1914 note issue was driven by the immediate fiscal pressure of the First Balkan War's aftermath and the opening of the First World War — the Montenegrin state had no central bank, so the Main State Treasury issued currency directly. These perpera notes circulated alongside Serbian dinars and Austro-Hungarian crowns in a small kingdom whose monetary infrastructure was never fully independent in practice.

Austria-Hungary occupied Montenegro in January 1916, after which these notes were suppressed. Surviving examples in any condition above heavy wear are genuinely uncommon given the brevity of the issue period and the disruptions that followed.