1 Perper

Montenegro's decision to print its own paper currency in Cetinje was itself a wartime improvisation. When the First Balkan War gave way almost immediately to the Second, and then to the mobilization of 1914, the small kingdom's financial infrastructure was under severe strain. The Glavna Državna Blagajna — effectively the state cashier's office rather than a proper central bank — stepped in as issuing authority out of necessity rather than institutional design.

Locally printed notes from this period are prone to uneven ink distribution and inconsistent stamp placement, both of which are common enough on the 1914 issues that they should not be mistaken for forgery indicators.