10 Perpera

Montenegro's paper currency experiment was brief and politically charged. The perpera had only been introduced as an official unit of account in 1906, pegged to the French franc, and the government's decision to issue treasury notes rather than bank notes reflected the absence of a central bank — the Main State Treasury handled emissions directly. Prague was chosen for printing almost certainly because of existing commercial relationships within the Habsburg sphere, an irony given Montenegro's fierce insistence on independence from outside powers.

The 1912 issue landed in the middle of the First Balkan War, in which Montenegro was a combatant from October of that year. Notes printed that same year circulated under wartime conditions almost immediately.