Emprunt 5 francs or

These notes were issued against a state loan rather than as conventional circulating currency — the "emprunt" designation marks them as bearer bond fragments, redeemable at face value in gold francs, a deliberate hedge against the dinar's ongoing instability following Yugoslavia's departure from the gold standard in 1931. The Ministère des Finances issued them directly rather than through the Narodna Banka, which kept them off the central bank's balance sheet entirely.

The gold franc denomination was notional by the time of issue — actual redemption in specie was never straightforward, and holders frequently found themselves negotiating paper-for-paper settlements.