10 Perpera

Montenegro's Glavna Državna Blagajna issued these treasury notes in 1914 as the country mobilized for the First Balkan War's aftermath and then the opening of the First World War. Without a central bank of its own, Montenegro relied on the Royal Treasury to put paper into circulation — an arrangement that made these notes a direct instrument of state finance rather than orthodox banking.

The sole security feature was an official stamp, which made counterfeiting a genuine concern. Authenticated examples show considerable variation in stamp placement and ink depth.