100 Dinara

This note was issued under the German-backed puppet administration installed after the April 1941 invasion and rapid collapse of Yugoslavia. The Serbian National Bank continued to function under occupation, but its emissions from this period were tightly controlled by German military authorities, who used the local currency apparatus partly to extract resources from Serbia through occupation costs levied on the population.

The plate design predates the occupation — Fraipont's work and Deloche's engraving were carried over from earlier interwar emissions, which is why the note looks institutionally continuous with pre-war Serbian issues despite the radically different political circumstances of its production at ZIN.