50 Dinara

Issued under the Nazi-backed Government of National Salvation installed after the April 1941 invasion and Yugoslavia's rapid collapse, this note was printed domestically at ZIN in Belgrade — one of the few functioning institutions the occupation authorities chose to keep running rather than replace. The serial print run of over twelve million kept the Serbian economy nominally liquid during a period when the occupiers were simultaneously extracting resources and issuing their own Reichskreditkassenscheine alongside local currency.

Engraver Veljko Andrejević Kun later became one of Yugoslavia's most celebrated graphic artists. His work here predates that recognition by a decade.