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20 Perpera
| Issuer | Glavna Državna Blagajna (General State Treasury) of Montenegro |
|---|---|
| Year | 1914-1915 |
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| In circulation to | Yes |
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|---|---|
| Obverse lettering | Главна Државна Благајна исплатиће доносиоцу ове упутнице ДВАДЕСЕТ ПЕРПЕРА ДВАДЕСЕТ ПЕРПЕРА Вриједи за годину дана. Цетиње, 25. јула 1914. Предсједник Главне Државне Контроле. Министар финансија. |
| Reverse description | Cream ground with uniform brown guilloche underprint and ornamental border; the denomination numeral "20" appears in all four corners within octagonal frames. A central vignette shows the Montenegrin royal coat of arms with double-headed eagle beneath a crown, overlaid by the large Cyrillic denomination inscription. Subsidiary Cyrillic text gives the authorising law date and a counterfeiting warning. |
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| Comments |
Montenegro's General State Treasury issued this note as the kingdom mobilized against Austria-Hungary. The timing is everything: the 1914–1915 dates bracket Montenegro's initial advance into Hercegovina and its subsequent catastrophic military collapse under the Austro-Hungarian winter offensive of early 1916. Notes from this series were effectively the last paper currency issued under Nikola I before the Austrian occupation suspended Montenegrin financial administration entirely.
Thin paper stocks reflect wartime supply constraints, not a design choice. Many examples show stress folds consistent with field use rather than commercial circulation.