20 Perpera

Montenegro's 1914 issue came at the worst possible moment — the country had barely concluded the Balkan Wars when the First World War broke out, and these notes circulated under conditions of acute financial stress and eventual Austrian occupation. The Glavna Državna Blagajna was not a central bank in any formal sense; it was a state treasury issuing paper against silver perpera that increasingly could not be produced in the required quantities.

The thin paper used throughout the series is a known vulnerability — surviving examples frequently show fold breaks and edge fragility disproportionate to their apparent circulation wear.