100 Perpera

Montenegro's Glavna Državna Blagajna issued this note in 1914 as the kingdom mobilized for what would become its final years of independent existence. The General State Treasury was not a central bank in any modern sense — it was a state cashier's office, and these notes were fiscal instruments of a government with extremely limited hard currency reserves and no domestic printing industry to speak of.

The series was printed abroad, almost certainly in Vienna or a comparable European facility, though attribution remains disputed among specialists. Montenegro was overrun by Austro-Hungarian forces in early 1916, and the perpera as a currency effectively ceased with the kingdom's absorption into Yugoslavia after the war. Notes from this issue survived largely because occupation and political collapse interrupted normal redemption.