10 Perpera

Montenegro's 1914 emergency treasury notes were authorized as war financing instruments almost simultaneously with the outbreak of hostilities — the kingdom mobilized alongside Serbia against Austria-Hungary that August, and the Glavna Državna Blagajna issued this series to cover immediate state obligations when metallic reserves were needed elsewhere. The notes had no backing institution in the modern banking sense; the Main State Treasury issued them on the government's direct authority.

The entire Montenegrin paper currency program was short-lived. Austrian occupation of Cetinje in January 1916 rendered these notes effectively void within two years of issue, and post-war Yugoslav unification meant there was never a structured redemption. Surviving notes often show evidence of genuine circulation rather than hoarding.