5 Perpera - Nikola I

The 1909 Perpera series marks Montenegro's brief window as a formally proclaimed kingdom — Nikola I elevated the principality to kingdom status in August of that year, and the new coinage was part of the deliberate apparatus of that claim. The perpera itself was pegged to the Latin Monetary Union franc at par, an alignment that gave the tiny Adriatic state a veneer of European monetary legitimacy it could not have sustained independently.

Montenegro had no mint of its own; these were struck in Vienna.