10 Perpera

Montenegro's fiscal position by mid-1914 was already precarious — the two Balkan Wars of 1912–13 had drained the treasury badly — and the outbreak of the First World War made outside credit nearly impossible to secure. The Glavna Državna Blagajna issued these notes as emergency treasury obligations rather than proper banknotes, since Montenegro never had a central bank of its own. The perpera, introduced in 1906 at parity with the Austro-Hungarian krone, was always a fragile currency with limited international standing.

Austrian occupation in January 1916 effectively ended the note's useful life, and much of the remaining stock was either destroyed or rendered worthless during the post-war absorption of Montenegro into the Kingdom of Serbs, Croats and Slovenes in 1918.