5 Perpera

Montenegro's treasury notes of 1914 were printed domestically in Cetinje — one of the few European states at that period producing its own paper currency without contracting a major foreign security printer. The outbreak of the Balkan Wars had strained Montenegro's finances considerably, and these perpera notes were issued partly to manage cash flow in a country whose monetary system was still young, the perpera having only been established as the official unit in 1906.

Austrian occupation from 1916 effectively ended circulation of this series. Surviving examples in any condition are underappreciated given how little infrastructure existed in Cetinje to produce currency at all.