100 Denari

Macedonia declared independence from Yugoslavia in September 1991, but the denar wasn't introduced until April 1992, replacing the Yugoslav dinar at par. This 1993 issue came just as the country was navigating a double crisis: an economic embargo imposed by Greece over the naming dispute, and the collapse of Yugoslav trade networks that had underpinned Macedonian industry. Oberthur's Rennes facility handled the printing — a logical choice given French printing houses had long supplied newly independent states seeking credible currency production outside their immediate region.

The watermark is the sole listed security feature, which reflects the budgetary constraints of a very young central bank.