25 Denari

Macedonia's first domestic currency issue followed independence from Yugoslavia in 1991, but the transition was not clean. The country initially continued using the Yugoslav dinar, and it wasn't until 1992 that the denar was introduced — initially as a transitional currency pegged at parity with the Yugoslav dinar before hyperinflation in Belgrade made that arrangement untenable. These low-denomination notes were issued almost simultaneously with the new state itself.

The watermark security on this series was notably minimal by contemporary standards, reflecting both the urgency of the print run and the limited procurement options available to a newly independent central bank with no established supplier relationships.