100 Denari

Macedonia's first independent banknote series followed the declaration of independence from Yugoslavia in late 1991. The denar was introduced in 1992 to replace the Yugoslav dinar at par, though the country had been using transitional coupons — the "macedonian denar" stamps affixed over Yugoslav notes — in the immediate interim period before printed issues arrived.

Pick 4 belongs to that inaugural denar series, printed before the country had secured widespread international recognition. The notes were produced under tight logistical constraints, and the series as a whole was quickly superseded by a 1993 revaluation that replaced the denar with a new denar at 100:1.