5 Perpera

Montenegro printed its own currency at Cetinje under genuinely difficult conditions — the kingdom lacked a central bank entirely, and the Glavna Državna Blagajna functioned as both treasury and de facto bank of issue. This note appeared in 1914, the same year Montenegro mobilized against Austria-Hungary, and the wartime circumstances show: domestic printing meant no access to the intaglio presses or security paper that neighboring states took for granted.

The official stamp is the primary anti-counterfeiting measure — a blunt solution, but the only practical one available locally. Notes from this series are frequently found with uneven stamping or misaligned impressions, which are production features, not damage.