20 Perpera

Montenegro's Glavna Državna Blagajna — the Main State Treasury — issued this note in 1914, just as the kingdom was being drawn into the First World War alongside Serbia. Printing in Cetinje rather than contracting a foreign security printer was a practical necessity, not a policy choice; Montenegro simply lacked the infrastructure and the time. The result was a note secured by little more than an official stamp, a fragile arrangement that reflected the treasury's limited means.

The kingdom ceased to exist as an independent state by 1918, absorbed into the Kingdom of Serbs, Croats and Slovenes. Notes from this final emission never had a long redemption window.