500 Denari

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.