5 Perpera

Montenegro's 1914 emergency issues came out of sheer necessity — when war mobilization drained the treasury and disrupted commerce, the Montenegrin state had neither the time nor the infrastructure to commission a foreign security printer. The result was a locally produced note, printed in Cetinje using whatever means were available, which accounts for the rudimentary security: serial numbering alone, nothing more.

Montenegro was overrun by Austro-Hungarian forces in early 1916, and most circulating paper from this period was either destroyed, confiscated, or simply lost. The combination of wartime attrition and low-grade paper stock makes survivors genuinely uncommon.