20 Denari

Macedonia's first currency series followed the country's 1991 declaration of independence, but printing and release were delayed by a combination of international non-recognition disputes and the logistical difficulty of establishing a new central bank from scratch. The denari replaced the Yugoslav dinar at par in 1992, and this note entered circulation the following year as part of that founding series.

P#10 is among the lower-denomination pieces in that inaugural set — modest by design, since hyperinflationary pressure in the former Yugoslav states made high-value notes the priority. The watermark is the sole security measure, which reflects the constrained budget and the speed at which the series had to be produced.