Discover the banknotes issued between 1912 and 1914

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Historical context

Montenegro (1) is located in the Balkans. The country became an independent state in 1355 following the break-up of the Serbian Empire. During the Turkish invasion of the 15th century, the Montenegrins moved their capital to the remote mountain village of Cetinje, from which they managed to maintain independence by containing two centuries of intermittent attacks. The country will remain the only one of the Balkan states not to be occupied by the Turks.

The banknotes in our catalog correspond to a short period between 1912 and 1914. At that time, the country, named Kingdom of Montenegro, was ruled by King Nikola I Petrović-Njegoš since 1910. During the First World War, the Montenegro is an ally of the Triple Entente (France, United Kingdom and Russia) against Germany, Austria-Hungary and Italy. From January 1916 to October 1918, the country was occupied by Austria-Hungary. The military government in place took back the banknotes issued in 1914 by overprinting them with a purple or black stamp (2). In 1918, the defeat of the central powers allows the Serbs to settle and maintain the occupation. Montenegro then joined the kingdom of the Serbs, Croats and Slovenes, which would later become Yugoslavia ...

Discover now the two shows of 1912 and 1914:


Above: front of the 100 Perpera type 1912. 1000 issued notes: undoubtedly the rarest banknote from Montenegro with around ten banknotes currently listed! The banknote pictured was sold for € 3,978.00 at Katz in January 2021 (lot # 1685).


(1) Montenegro can literally be translated as “Montagne Noire (Black Mountain)” in reference to the dark forests that once covered the Dinaric Alps (source: Wikipedia).
(2) These banknotes are not presented in the catalog.

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