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.
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.