500 Dinara

Printed in occupied Belgrade by the state note-printing works, this note was issued under the Serbian puppet government installed by the German military administration following the April 1941 invasion. The Srpska Narodna Banka continued to function in name, but monetary policy was effectively subordinate to German economic extraction — occupation costs were billed to the Serbian administration and paid in locally issued notes, inflating supply rapidly.

Andrejević Kun, a painter and graphic artist, designed and engraved the plate himself. Finding circulated examples with clean paper is genuinely difficult; wartime hoarding and the severe inflation of 1942–1943 meant high denominations changed hands constantly before losing purchasing power entirely.