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500 Denari
| Issuer | National Bank of the Republic of Macedonia |
|---|---|
| Year | 1993 |
| Type | Standard circulation banknote |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse lettering | НАРОДНА БАНКА НА РЕПУБЛИКА МАКЕДОНИЈА ПЕТСТОТИНИ ДЕНАРИ СВ. ЈОВАН КАНЕО – ОХРИД XII ВЕК 500 |
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| Protection type | Log in to see details |
| Protection description | Image of the 12th-century Orthodox Church of St. John at Kaneo, Ohrid; embedded security thread |
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| Comments |
Macedonia's first banknote series, introduced following independence from Yugoslavia in 1991, faced an immediate credibility problem: the denar was initially pegged to the German mark at 1000:1, but chronic inflation through 1992–93 forced rapid redenomination. This 500-denomination note belongs to that unstable transitional period before the currency was reformed in 1995, when the "new denar" replaced the original at 100:1 — effectively rendering the entire first series obsolete within two years of issue.
Todoroski designed the full inaugural series, a rare instance of a newly independent state entrusting its entire first currency program to a single domestic designer rather than contracting a foreign security printer.