5 Perpera

Montenegro's wartime financial position in 1914 was precarious enough that the state treasury resorted to printing emergency notes domestically in Cetinje rather than commissioning a foreign security printer. The result was a deliberately simple production — the official stamp served as the primary authentication device, a mark applied by hand at the treasury itself.

Montenegro was overrun by Austro-Hungarian forces in early 1916, and much of the circulating currency was either confiscated or rendered worthless during the occupation. Surviving 1914 treasury issues are correspondingly scarce, particularly in anything approaching unhandled condition.