Catalog
20 Denari
| Issuer | National Bank of the Republic of Macedonia |
|---|---|
| Year | 1993 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Paper |
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|---|---|
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| Protection type | Watermark |
| Protection description | Ilinden monument watermark visible when held to light |
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| Comments |
Macedonia's first currency series followed the country's 1991 declaration of independence, but printing and release were delayed by a combination of international non-recognition disputes and the logistical difficulty of establishing a new central bank from scratch. The denari replaced the Yugoslav dinar at par in 1992, and this note entered circulation the following year as part of that founding series.
P#10 is among the lower-denomination pieces in that inaugural set — modest by design, since hyperinflationary pressure in the former Yugoslav states made high-value notes the priority. The watermark is the sole security measure, which reflects the constrained budget and the speed at which the series had to be produced.