15 Para

Serbia's 1915 emergency issues were produced under extraordinary pressure — by late 1914 and into 1915, the Serbian government was dealing with two Austro-Hungarian invasions, catastrophic casualties, and a treasury stretched to collapse. The 15 Para denomination is an unusually small fractional value for a national emission, reflecting the acute shortage of hard coin rather than any banking policy decision.

The government was forced into exile later in 1915 following the joint Central Powers offensive; notes from this period that survived did so largely outside Serbia itself, carried by refugees or troops during the Albanian retreat.