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Serbian dinar

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The dinar (Serbian: динар, pronounced [dînaːr]; paucal: dinara / динара; abbreviation: DIN (Latin) and дин (Cyrillic); code: RSD) is the currency of Serbia. The dinar was first used in Serbia in medieval times, its earliest use dating back to 1214. The dinar was reintroduced as the official Serbian currency by Prince Mihailo in the 1868. One dinar was formerly subdivided into 100 para. As of 24 August 2024, 1 US dollar worth 104.57 dinars.

Dinar
динар (Serbian)
din. 2,000 banknotedin. 20 coin
ISO 4217
CodeRSD (numeric: 941)
Subunit0.01
Unit
Pluralдинари / dinari ("dinars")
SymbolDIN / дин‎
Denominations
Subunit
 1⁄100пара / para (defunct)
Banknotes
 Freq. useddin. 10, din. 20, din. 50, din. 100, din. 200, din. 500, din. 1,000, din. 2,000[1]
 Rarely useddin. 5,000
Coins
 Freq. useddin. 1, din. 2, din. 5
 Rarely useddin. 10, din. 20
Demographics
ReplacedYugoslav dinar
User(s) Serbia[2][3][4][5][6]
Issuance
Central bankNational Bank of Serbia
 Websitewww.nbs.rs
PrinterInstitute for Manufacturing Banknotes and Coins - Topčider
 Websitezin.rs?lang=en
MintInstitute for Manufacturing Banknotes and Coins - Topčider
 Websitezin.rs?lang=en
Valuation
Inflation8.0% (2023)
 SourceNBS

History

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Medieval Serbian dinar

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Main article: Medieval Serbian coinage
 
Dinar of King Stefan Dragutin

The first mention of a "Serbian dinar" dates back to the reign of Stefan Nemanjić in 1214. Until the fall of Despot Stjepan Tomašević in 1459, most of the Serbian rulers minted silver dinar coins. The first Serbian dinars, like many other south-European coins, replicated Venetian grosso, including characters in Latin (the word 'Dux' replaced with the word 'Rex').[7] It was one of the main export articles of medieval Serbia for many years, considering the relative abundance of silver coming from Serbian mines. Venetians were wary of this, and Dante Alighieri went so far as to put the Serbian king of his time, Stephen Uroš II Milutin of Serbia, in Hell as a forger (along with his Portuguese and Norwegian counterparts):[7]

E quel di Portogallo e di Norvegia lì si conosceranno, e quel di Rascia che male ha visto il conio di Vinegia.

First modern Serbian dinar (1868–1920)

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Following the Ottoman conquest, different foreign currencies were used up to the mid-19th century. The Ottomans operated coin mints in Novo Brdo, Kučajna and Belgrade. The subdivision of the dinar, the para, is named after the Turkish silver coins of the same name (from the Persian پاره pāra, 'money, coin'). After the Principality of Serbia was formally established (1817), there were many different foreign coins in circulation. Eventually, Prince Miloš Obrenović decided to introduce some order by establishing exchange rates based on the groat (Serbian groš, French and English piastre, Turkish kuruş, قروش) as money of account. In 1819 Prince Miloš Obrenović published a table rating 43 different foreign coins: 10 gold, 28 silver, and 5 copper.[8]

After the last Ottoman garrisons were withdrawn in 1867, Serbia was faced with multiple currencies in circulation. Thus, the prince Mihailo Obrenović ordered a national currency be minted. The first bronze coins were introduced in 1868, followed by silver in 1875 and gold in 1879. The first banknotes were issued in 1876. Between 1873 and 1894, the dinar was pegged at par to the French franc. The Kingdom of Serbia also joined the Latin Monetary Union and adhered to a bimetallic standard up until 1914. Attempts to put the Serbian dinar solely onto the gold standard were hampered by widening budget deficits, significant government foreign debt and poor gold reserves.[9]

In 1920, the Serbian dinar was replaced at par by the Yugoslav dinar, with the Yugoslav krone also circulating together.

 
Obverse and reverse of paper money (5 dinar) from the Kingdom of Serbia from World War I (1917), Museum in Smederevo, featuring Miloš Obilić

Coins

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In 1868, bronze coins were introduced in denominations of 1, 5, and 10 paras. The obverses featured the portrait of Prince Mihailo Obrenović III. Silver coins were introduced in 1875, in denominations of 50 paras, 1 and 2 dinars, followed by 5 dinars in 1879. The first gold coins were also issued in 1879, for 20 dinars, with 10 dinars introduced in 1882. The gold coins issued for the coronation of Milan I coronation in 1882 were popularly called milandor (French: Milan d'Or). In 1883, cupro-nickel 5, 10, and 20 para coins were introduced, followed by bronze 2 para coins in 1904.

Banknotes

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In 1876, state notes were introduced in denominations of 1, 5, 10, 50, and 100 dinars. The Chartered National Bank followed these notes from 1884, with notes for 10 dinars backed by silver and gold notes for 50 and 100 dinars. Gold notes for 20 dinars and silver notes for 100 dinars were introduced in 1905. However, gold-backed notes were not received well by the public. Lack of public faith in the Serbian dinar, bartering and immediate exchange for gold coins meant that the notes fell out of circulation. Silver-backed notes were however well received and made up 95% of total note circulation. During the Balkan Wars and on the eve of World War I, bank note conversions to gold and silver were temporarily suspended.[10] During World War I, silver notes for 50 and 5 dinars were introduced in 1914 and 1916, respectively. In 1915, stamps were authorized for circulation as currency in denominations of 5, 10, 15, 20, 25, 30, and 50 paras.

Second modern Serbian dinar (1941–1944)

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In 1941, the Yugoslav dinar was replaced, at par, by a second Serbian dinar for use in the German occupied Serbia. The dinar was pegged to the German reichsmark at a rate of 250 dinars = 1 reichsmark. This dinar circulated until 1944, when the Yugoslav dinar was reintroduced by the Yugoslav Partisans, replacing the Serbian dinar rate of 1 Yugoslav dinar = 20 Serbian dinars.

Coins

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In 1942, zinc coins were introduced in denominations of 50 paras, 1 and 2 dinars, with 10 dinar coins following in 1943.

Banknotes

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In May 1941, the Serbian National Bank introduced notes for 10, 20, 50, 100, 500, and 1,000 dinars. The 100 and 1,000 dinar notes were overprints, whilst the 10 dinar design was taken from an earlier Yugoslav note. Other notes were introduced in 1942 and 1943 without any new denominations being introduced.

Third modern Serbian dinar (2003–present)

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The Serbian dinar replaced the Yugoslav dinar in 2003 when the Federal Republic of Yugoslavia was transformed into the State Union of Serbia and Montenegro. Both Montenegro and the disputed territory of Kosovo had already adopted the Deutsche Mark and later the euro when the mark was replaced by it in 2002. The Serbs in North Kosovo and the enclaves within it continue to use the dinar.[2][3][4][5][6] However, in February 2024, the Kosovan government banned the use of the dinar for payment, making the euro the sole legal tender nationwide.[11][12] The Prime Minister of Kosovo, Albin Kurti, later clarified that the currency was not banned but that the euro would be the only legal currency for commercial transactions and that there would be a months-long transition period to ease in the new legislation.[13]

Between 2003 and 2006, the Serbian dinar used the ISO 4217 code CSD, with CS being the ISO 3166-1 country code for Serbia and Montenegro. When the State Union was dissolved in 2006, the dinar's ISO 4217 code was changed to the current RSD.

Coins

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Coins currently in circulation are din. 1, din. 2, din. 5, din. 10, and din. 20 coins. All coins feature identical inscriptions in Serbian, using the Cyrillic and Latin scripts. The din. 10 and din. 20 coins are uncommon in circulation, as banknotes of the same value are used instead.

Coins[14]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
din. 1 20 mm 4.34g 70% Cu, 12% Ni, 18% Zn reeded Denomination, relief of the building of the National Bank of Serbia, year of minting Issuer's symbols, logo of the National Bank of Serbia 2003,2004 2 July 2003 Current
din. 1 20 mm 4.26g 75% Cu, 0,5% Ni, 24,5% Zn reeded Coat of arms of Serbia, issuer's symbols 2005-2009 2 July 2005
din. 1* 4.2g Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass 2009~present 20 March 2009
din. 2 22 mm 5.24g 70% Cu, 12% Ni, 18% Zn reeded Gračanica monastery Issuer's symbols, logo of the National Bank of Serbia 2003 2 July 2003
din. 2 22 mm 5.15g 75% Cu, 0,5% Ni, 24,5% Zn reeded Coat of arms of Serbia, issuer's symbols 2006~2010 27 December 2006
din. 2* 5.05g Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass 2009~present 20 March 2009
din. 5 24 mm 6.23g 70% Cu, 12% Ni, 18% Zn reeded Krušedol monastery Issuer's symbols, logo of the National Bank of Serbia 2003 2 July 2003
din. 5 24 mm 6.13g 75% Cu, 0,5% Ni, 24,5% Zn reeded Coat of arms of Serbia, issuer's symbols 2005~2012 2 July 2005
|  din. 5* 5.78g Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass 2013~present 5 July 2013
din. 10 26 mm 7.77 g 70% Cu, 12% Ni, 18% Zn reeded Studenica monastery Logo of the National Bank of Serbia 2003 2 July 2003 current
din. 10 Serbian coat of arms 2005~present 2 July 2005
| din. 10 26 mm 7.77 g reeded 2009 Summer Universiade logo Serbian coat of arms 2009 26 June 2009
|   din. 20 28 mm 9.00 g reeded Church of Saint Sava Logo of the National Bank of Serbia 2003 2 July 2003
|   din. 20 28 mm 9.00 g reeded Portrait of Nikola Tesla Serbian coat of arms 2006 30 July 2006
|   din. 20 28 mm 9.00 g reeded Portrait of Dositej Obradović, Serbian writer, philosopher, dramatist, librettist, translator, linguist, traveler, polyglot and the first minister of education of Serbia Serbian coat of arms 2007 10 December 2007
| din. 20 28 mm 9.00 g reeded Portrait of Milutin Milanković Serbian coat of arms 2009 26 June 2009
| din. 20 28 mm 9.00 g reeded Portrait of Đorđe Vajfert, industrialist, Governor of the National Bank of Serbia and Humanitarian Serbian coat of arms 2010 16 June 2010
|  din. 20 28 mm 9.00 g reeded Portrait of Ivo Andrić, Serbian nobel prize winner from modern day Bosnia Serbian coat of arms 2011 20 May 2011
| din. 20 28 mm 9.00 g reeded Portrait of Mihajlo Pupin, Serbian physicist, physical chemist and philanthropist Serbian coat of arms 2012 8 June 2012
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
  • In 2011, the coat of arms of Serbia was slightly modified. In 2013 the metal content was slightly altered.[15]

Banknotes

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In 2003, banknotes of the (re-established) National Bank of Serbia were introduced in denominations of din. 100, din. 1,000, and din. 5,000. din. 500 followed these in 2004, din. 50 in 2005, din. 10, din. 20 and din. 200 in 2006, din. 2,000 in 2011.

Denomination Obverse image Reverse image Main colour Obverse Reverse Remark
din. 10
131 × 62 mm 		    Ochre-yellow Vuk Stefanović Karadžić (1787 – 1864), philologist and linguist Member of the First Prague Slavic Congress, 1848 and a vignette of the letters Vuk introduced. Replaced with a slightly lighter 2006 issue. A revised issue entered circulation in 2011.
din. 20
135 × 64 mm 		    Green Petar II Petrović-Njegoš (1813 – 1851), metropolitan, statesman, philosopher, and poet His figure on the back, instead of the statue from the Mausoleum on Mount Lovćen. Replaced with a slightly darker 2006 issue. A revised issue entered circulation in 2011.
din. 50
139 × 66 mm 		    Violet Stevan Stojanović Mokranjac (1856 – 1914), composer and music educator Figure of Stevan Stojanović Mokranjac, a motif of Miroslav Gospels illumination scores. Redesigned in 2005. A revised issue entered circulation in 2011.
din. 100
143 × 68 mm 		    Blue Nikola Tesla (1856 – 1943), inventor A detail from the Tesla electro-magnetic induction engine. Redesigned in 2003, 2004 and 2006. A revised issue entered circulation in 2012.
din. 200
147 × 70 mm 		    Brown Nadežda Petrović (1873 – 1915), painter Silhouette of the Gračanica Monastery. Redesigned in 2005. A revised issue entered circulation in 2011.
din. 500
147 × 70 mm 		    Cyan Jovan Cvijić (1865 – 1927), geographer Stylized ethnic motifs. Redesigned in 2007. A revised issue entered circulation in 2011.
din. 1,000
151 × 72 mm 		    Red Đorđe Vajfert (1850 – 1937), industrialist An outline of Weifert's beer brewery, hologram image of St. George slaying a dragon; details from the interior of the main building of the National Bank of Serbia. Redesigned in 2003 and 2006. A revised issue entered circulation in 2011.
din. 2,000
155 × 74 mm 		    Grey Milutin Milanković (1879 – 1958), mathematician, astronomer and geophysicist Milanković's figures while at the desk (below: a graphical representation of his calculations of snow boundary movement for the past Quaternary) and from his student days in Vienna (behind: a stylised Sun disk drawing fragment and an illustration of Milanković's work). Entered circulation in 2011.[1]
din. 5,000
159 × 76 mm 		    Purple Slobodan Jovanović (1869 – 1958), jurist, historian, university professor and politician Stylized representation of the interior of the assembly hall; silhouette of the National Assembly. Redesigned in 2010. A revised issue entered circulation in 2016.[16]

See also

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References

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  1. ^ a b New 2000 dinars and revised 1000 and 500 dinars banknotes in circulation, National Bank of Serbia.
  2. ^ a b Mitchell, Lawrence: Travel Guide Serbia, p. 324-325.
  3. ^ a b "Kosovo's bitter enemies look to heal old wounds". TheGuardian.com. 28 April 2018.
  4. ^ a b "Points of dispute between Kosovo and Serbia". France 24. 9 November 2018. Archived from the original on 26 November 2021. Retrieved 26 November 2021.
  5. ^ a b "Kosovo loses millions of euros from the use of the Serbian dinar". Kosova Press. 12 September 2020. Archived from the original on 26 November 2021. Retrieved 26 November 2021.
  6. ^ a b "Foreign travel advice Kosovo". www.gov.uk. UK Government. Archived from the original on 26 November 2021. Retrieved 26 November 2021.
  7. ^ a b Dejan Djokić (2023). A Concise History of Serbia. Cambridge University Press. p. 108. ISBN 978-1-107-02838-8.
  8. ^ Wieser, F. (1965). Contributions to the monetary history of Serbia, Montenegro and Yugoslavia. London: Spink & Son, Ltd. p. 3.
  9. ^ Šojić, Milan; Đurđević, Ljiljana (2007). "Dinar Exchange Rate in the Kingdom of Serbia 1882–1914" (PDF). Oesterreichische Nationalbank. 17. Retrieved 26 February 2024.
  10. ^ Hinić, Branko; Đurđević, Ljiljana; Šojić, Milan. "South-Eastern European monetary and economic statistics from the 19th century to World War II". National Bank of Serbia. Retrieved 26 February 2024.
  11. ^ BOUISSOU, Camille. "Kosovo Says Dinar 'Not Banned' Amid New Row With Serbia". www.barrons.com. Retrieved 2024-02-08.
  12. ^ Smith, Helena; O'Carroll, Lisa (2024-02-06). "Kosovo accused of raising ethnic tensions by banning use of Serbian dinar". The Guardian. ISSN 0261-3077. Retrieved 2024-02-08.
  13. ^ "Kosovo says dinar 'not banned' amid new row with Serbia". RFI. Agence France-Presse. 7 February 2024.
  14. ^ National Bank of Serbia. Available at:http://www.nbs.rs/internet/english/75/index.html
  15. ^ National Bank of Serbia. Available at:http://www.nbs.rs/internet/english/75/75_1/k-1.html
  16. ^ Serbia new 5,000 dinar note confirmed BanknoteNews.com. Retrieved 2011-12-23

Sources

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