Catalog
500 Denari
| Issuer | National Bank of the Republic of Macedonia |
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| Year | 1993 |
| Type | Standard circulation banknote |
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| Obverse description | Samuel's Fortress in Ohrid occupies the upper centre of the obverse, rendered as an intaglio vignette against a multicolour guilloche underprint. The issuer's name and denomination appear in Cyrillic script, with the numeral value integrated into the overall design. |
|---|---|
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| Reverse lettering | НАРОДНА БАНКА НА РЕПУБЛИКА МАКЕДОНИЈА ПЕТСТОТИНИ ДЕНАРИ СВ. ЈОВАН КАНЕО – ОХРИД XII ВЕК 500 |
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| Comments |
Macedonia's first banknote series, introduced following independence from Yugoslavia in 1991, faced an immediate credibility problem: the denar was initially pegged to the German mark at 1000:1, but chronic inflation through 1992–93 forced rapid redenomination. This 500-denomination note belongs to that unstable transitional period before the currency was reformed in 1995, when the "new denar" replaced the original at 100:1 — effectively rendering the entire first series obsolete within two years of issue.
Todoroski designed the full inaugural series, a rare instance of a newly independent state entrusting its entire first currency program to a single domestic designer rather than contracting a foreign security printer.