5 Perpera

Montenegro's 1914 note issues were produced entirely domestically in Cetinje — an unusual circumstance born of necessity, as the country lacked any established relationship with the major European security printers. The Austro-Hungarian invasion later that year disrupted the entire monetary apparatus, and significant quantities of these notes never reached normal circulation channels.

The microtext underprint is notable precisely because it was executed locally rather than by a specialist security printer. How effectively it functioned as an anti-counterfeiting measure under those production conditions remains an open question among specialists.