10 Makedonki

Macedonia declared independence in September 1991 and spent much of 1992 without a functioning national currency — the Yugoslav dinar was still nominally in use while the new state scrambled to establish monetary infrastructure. These makedonki coupons, printed domestically by Feniks Tabak rather than contracted to an established security printer, were a stopgap issued through Infopres rather than a conventional central bank. The choice of a local tobacco enterprise as printer reflects how improvised the whole operation was.

The makedonka series was replaced by the denar later in 1992. Short lifespan, local print run, no foreign security printing — surviving examples in any condition are underrepresented in Western collections.