25 Dinara

Bosnia's currency infrastructure barely existed when this note was printed. The Narodna Banka Bosne i Hercegovine had only just been established following the declaration of independence in March 1992, and the war had already begun by the time the first series entered circulation. Printing was contracted to Cetis in Celje — a Slovenian security printer — because no domestic capacity existed, and Slovenia had itself only recently separated from Yugoslavia.

Dževad Hozo was a well-regarded Sarajevo artist and art theorist, an unusual choice for a wartime emergency issue, though the circumstances gave designers little room to execute anything elaborate. The watermark is the sole security feature — a thin line of defense for notes circulating under siege conditions.