20 Dinara

The April 1941 German invasion of Yugoslavia lasted just eleven days. This note was issued by the Serbian National Bank under the collaborationist government established immediately after the Kingdom of Yugoslavia's capitulation — the same institution rebranded under occupation conditions, printing through the state's own Zavod za izradu novčanica facility in Belgrade. The continuity of the domestic printer gave the occupying administration a ready-made production infrastructure from day one.

Inflation hit quickly as German requisitioning drained Serbian goods. The 20 Dinara denomination circulated heavily at the lower end of daily transactions, and high-grade survivors are accordingly uncommon.