20 Para

Municipal fractional notes of this kind emerged across Yugoslavia in the early 1920s because the new Kingdom's monetary unification was badly mismanaged — small-denomination coins were chronically absent from circulation, and local governments stepped in to fill the gap. Belgrade's municipality was among dozens that printed their own emergency scrip during this period, with no central coordination and wildly inconsistent redemption guarantees.

The 20 Para denomination sits at the bottom of practical utility, worth one-fifth of a Dinar at a moment when the Dinar itself was under severe inflationary pressure following the war.