1 Perper

Montenegro's decision to print its own paper currency in Cetinje in 1914 was driven by the near-total disruption of financial flows at the outbreak of the First World War. The perper had been introduced in 1906 as Montenegro's first independent decimal currency, tied nominally to the gold franc standard, but by 1914 specie had essentially vanished from circulation and the government had no access to foreign printers.

Letterpress production in Cetinje meant limited security against counterfeiting — the official stamp was the primary authentication mechanism. The Austrian occupation of 1916 effectively ended this series' useful life.