500 Dinara

Pick 35E belongs to a series issued by the Royal Yugoslav government-in-exile in London, with printing handled by De La Rue. By 1943, the Kingdom of Yugoslavia existed on paper only — the territory was carved between the Axis occupiers and their proxy administrations, and these notes were prepared in anticipation of liberation and postwar restoration of the monarchy.

That restoration never came. The communist-led Partisans emerged victorious, and the entire London-printed series was rendered politically obsolete before it could meaningfully circulate. Survivor quantities depend heavily on which consignments reached Yugoslav soil and which remained in storage abroad.