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Yugoslav dinar

Yugoslav dinar
динар / dinar (Serbo-Croatian)/ (Macedonian)
1 dinar (1938) 1000 dinara (1920)
User(s)  Kingdom of Yugoslavia
 SFR Yugoslavia
 FR Yugoslavia
 1/100 para
Symbol din. and дин.
Coins 5, 10, 20, 25, 50 para, 1, 2, 5, 10, 20 and 50 dinara
Banknotes 1, 5, 10, 20, 50, 100, 200, 500, 1000, 5000, and higher denominations up to 500 billion

The dinar (Cyrillic script: динар) was the currency of the three Yugoslav states: the Kingdom of Yugoslavia (formerly the Kingdom of Serbs, Croats and Slovenes), the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para (Cyrillic script: пара). In the early 1990s, there was severe and prolonged hyperinflation due to a combination of economic mismanagement and criminality. Massive amounts of money were printed; coins became redundant; inflation rates reached the equivalent of 8.51×1029% per year. The highest denomination banknote was 500 billion dinars; it was worthless two weeks after it was printed.[1] This hyperinflation caused five revaluations between 1990 and 1994; in total there were eight distinct dinari. Six of the eight have been given distinguishing names and separate ISO 4217 codes.


  • History 1
    • 1920–41; Serbian dinar 1.1
    • World War II (1941–45) 1.2
    • 1944–65; Federation dinar 1.3
    • 1966–89; Hard dinar, YUD 1.4
    • 1990–92; Convertible dinar, YUN 1.5
    • July 1992 – September 1993; Reformed dinar, YUR 1.6
    • October–December 1993 dinar 1.7
    • 1994 dinar 1.8
    • 1994–2003; Novi dinar, YUM 1.9
    • Replacement of the dinar 1.10
  • Coins 2
    • 1920 dinar 2.1
    • 1944 dinar 2.2
    • 1966 dinar 2.3
    • 1990 dinar 2.4
    • 1992 dinar 2.5
    • 1993 dinar 2.6
    • 1994 dinar 2.7
    • Novi dinar 2.8
  • Banknotes 3
  • See also 4
  • References 5
  • External links 6


National Bank of the Kingdom of Serbs, Croats & Slovenes, 10 Dinara (1920). Engraved and printed by the American Bank Note Company, Allegory "Progress" engraved by Robert Savage.

1920–41; Serbian dinar

Until 1918, the dinar was the currency of Serbia. It then became the currency of the Kingdom of Serbs, Croats and Slovenes, circulating alongside the krone in Croatia, Slovenia and Bosnia and Herzegovina, with 1 dinar = 4 kronen. The first coins and banknotes bearing the name of the Kingdom of Serbs, Croats and Slovenes were issued in 1920, until which time Serbian coins and banknotes circulated. In 1929, the name of the country changed to the Kingdom of Yugoslavia and this was reflected on the currency.[2]

In 1931, an exchange rate of 56.4 dinara = 1 U.S. Dollar was set, which changed to 44 dinara in 1933. In 1937, a tourist exchange rate of 250 dinara = 1 British pound was established.

World War II (1941–45)

In 1941, Yugoslavia was invaded and split up, with the dinar remaining currency in Nedić's Serbia as Serbian dinar). The kuna was introduced in Croatia and Bosnia and Herzegovina (Independent State of Croatia) at par with the dinar, whilst the Bulgarian lev, Italian lira and German Reichsmark circulated in those part of Yugoslavia occupied by these countries.

1944–65; Federation dinar

In 1944, as Yugoslavia began to be reconstituted, the Yugoslav dinar replaced the Serbian dinar, Independent State of Croatia kuna and other occupation currencies, with the rates of exchanged being 1 Yugoslav dinar = 20 Serbian dinara = 40 kuna. In May 1945, a peg of 50 dinara = 1 U.S. dollar was established but was not maintained.

1966–89; Hard dinar, YUD

On January 1, 1966, the first of five revaluations took place, at a ratio of 100 to 1. This currency was never very stable, suffering from an inflation rate of 15 to 25 percent per year [3]. In the late 1980s the inflation rate accelerated, causing the currency to be revalued at the beginning of 1990.

1990–92; Convertible dinar, YUN

Coat of arms of the Socialist Federal Republic of Yugoslavia.

The second revaluation took place on January 1, 1990, at a ratio of 10,000 to 1. During this period, the constituent republics began to leave the Socialist Federal Republic of Yugoslavia. Four of the six republics declared independence and issued their own currencies shortly after. This was the last dinar that bore the coat of arms and the name of the "Socialist Federal Republic of Yugoslavia" in multiple languages.

Country Currency ISO code Date Adopted Value
Slovenia Slovenian tolar SIT 8 October 1991 1 dinar of 1990
Croatia Croatian dinar HRD 23 December 1991 1 dinar of 1990
Macedonia Macedonian denar MKD 26 April 1992 1 dinar of 1990
Bosnia and Herzegovina Bosnian dinar BAD 1 July 1992 1 dinar of 1992

Serbian enclaves in Croatia and Bosnia and Herzegovina also issued currencies in dinar, equivalent to and revalued together with the Yugoslav dinar. These were the Krajina dinar and the Republika Srpska dinar.

July 1992 – September 1993; Reformed dinar, YUR

The third revaluation took place on 1 July 1992, at a ratio of 10 to 1. Hyperinflation began to occur during this currency's period of circulation. This dinar was issued in the then Federal Republic of Yugoslavia, which consisted of the remaining republics of Serbia and Montenegro. People started to use foreign hard currency, such as Deutschmarks, to mitigate some of the problems of hyperinflation. (This federation split in 2006 and Montenegro currently uses the Euro as its currency, though it does not mint it.)

October–December 1993 dinar

Yugoslavia re-denominated the dinar for the fourth time on 1 October 1993, at a ratio of 1 million to 1. This did not mitigate the hyperinflation, and the 1993 dinar (ISO 4217 code: YUO) lasted for only three months.

Coinage became redundant. The 1993 dinar had the largest denomination out of all incarnations of Yugoslavian currency: the banknote, featuring Jovan Jovanović Zmaj had a face value of 500 billion (5×1011) dinara (right). Wages became worthless; if paid in cash, workers had to rush out and spend their wages before they lost their value overnight. Many businesses started to pay wages in goods instead, and a simple barter system developed. Businesses with good connections to politicians could still get access to hard currency. Some shops, instead of rewriting their prices several times a day, started pricing goods in "bods" (points), often equivalent to hard currency such as one Deutschmark. The winter of 1993 was particularly hard for pensioners; if a monthly pension was spent immediately, it was still barely enough to buy three litres of milk. Many people relied on connections to friends and family abroad (who could provide hard currency) or in the countryside (who could grow food).[3]

1994 dinar

Yugoslavia re-denominated the dinar for the fifth time on 1 January 1994, at a ratio of 1 billion (109) to 1.

The 1994 dinar (ISO 4217 code: YUG) was the shortest-lived out of all incarnations of Yugoslavian currency, as hyperinflation continued to intensify, and only one coin (1 dinar) was issued for it. Towards the end of the 1994 dinar, the National Bank overprinted and reissued 10 million dinara banknotes from the 1992 dinar (right).

1994–2003; Novi dinar, YUM

Reforms of the Yugoslav dinar
Date Conversion Rate
29 November 1944 20
1 January 1966 100
1 January 1990 10,000
1 July 1992 10
1 October 1993 1,000,000
1 January 1994 1,000,000,000
24 January 1994 ~13 million

On 24 January 1994, the novi dinar (nominative plural: novi dinari, Cyrillic script: нови динар, нови динари; genitive plural: novih dinara, Cyrillic: нових динара; novi means new) was introduced. This was not a revaluation of the dinar. Instead, the novi dinar was pegged at par to the Deutsche Mark. On the day of the introduction of the novi dinar, the exchange rate of the previous dinar to the Deutsche Mark, and, hence, to the novi dinar, was approximately 1 DM = 13 million dinara. Despite not being pegged to the newest currency, the previous dinar did not fall further in value, remaining at about 12 million "1994" dinar to the novi dinar.[4] The overall impact of the hyperinflation was that 1 novi dinar equalled approximately 1.2×1027 third (hard) dinara from before 1990, 1.2×1029 Federation dinara, or 2.4 ×1030 pre-war dinara. The "novi" portion of the name was abandoned in 2000.

Replacement of the dinar

On 6 November 1999, Montenegro decided that, besides the Yugoslav dinar, the Deutsche Mark would also be an official currency. On November 13, 2000, the dinar was dropped and the Deutsche Mark (by that time defined in terms of the euro) became the only currency. In 2003, the end of Yugoslavia led to the dinar, by then only used in Serbia, being replaced at par by the Serbian dinar.


1920 dinar

1 Dinar 1938

In 1920, the first coins were minted in the name of the Kingdom of Serbs, Croats and Slovenes. They were zinc 5 and 10 para and nickel-bronze 25 para. These were followed, in 1925, by nickel-bronze 50 para, 1 and 2 dinara. From 1931, coins were minted in the name of Yugoslavia, starting with silver 10 and 20 dinara, followed by silver 50 dinara in 1932. In 1938, aluminium-bronze 50 para, 1 and 2 dinara, nickel 10 dinara and reduced size, silver 20 and 50 dinara were introduced. These were the last coins issued before the Second World War.

1944 dinar

In 1945, zinc 50 para, 1, 2 and 5 dinara were introduced, followed in 1953 by aluminium coins for the same denominations. In 1955, aluminium-bronze 10, 20 and 50 dinara were added.

1966 dinar

Selection coins (Front)
Selection coins (Reverse)
5 para coin, 1965

In 1966, brass 5, 10, 20 and 50 para, and cupro-nickel 1 dinar coins (dated 1965) were introduced. In 1971, nickel-brass 2 and 5 dinara were introduced, followed by cupro-nickel 10 dinara in 1976. Production of 5, 10 and 20 para coins ceased in 1981, with bronze 25 and 50 para being introduced the following year. Nickel-brass 20, 50 and 100 dinara were introduced in 1985 and production of all coins less than 10 dinara stopped the next year. In 1988, brass 10, 20, 50 and 100 dinara were introduced. These four coins were issued until 1989.

1990 dinar

In 1990, coins for 10, 20 and 50 para, 1, 2 and 5 dinara were introduced. The highest two denominations were minted in small numbers in 1992, the other denominations having ceased production in 1991.

1992 dinar

Coins were issued for this currency in 1992 in denominations of 1, 2, 5, 10 and 50 dinara. The 1, 2 and 5 dinara were bronze, whilst the 10 and 50 dinara were nickel-brass. The coins bore the state title "Yugoslavia" (Jugoslavija in the Latin alphabet and Југославија in Cyrillic) in its simplest form without any modifier.

1993 dinar

Coins were issued in 1993 in denominations of 1, 2, 5, 10 and 50 dinara struck in nickel-brass, and 100 dinara struck in brass. Brass 500 dinara coins were also struck but not issued, most being remelted. The design of these coins was similar to that of coins of the fifth dinar, except that the sixth dinar coins bore the state title "FR Yugoslavia" (SR Jugoslavija in Latin and СР Југославија in Cyrillic).

1994 dinar

Only one coin type was struck for this short-lived currency, a brass 1 dinar.

Novi dinar

In 1994, brass 1 and 5 para, and nickel-brass 10 and 50 para, and 1 novi dinar were introduced. In 2000 the word novi was dropped from the currency and new, brass 50 para, 1, 2 and 5 dinara coins were introduced.


See also


  1. ^ Judah. The Serbs. Yale University Press.  
  2. ^ Cuhaj, 2010, p. 1255.
  3. ^ Judah. The Serbs. Yale University Press.  
  • Cuhaj, George S. (2010). Standard Catalog of World Paper Money General Issues (1368-1960) (13 ed.). Krause Publications.  
  • Krause, Chester L., and Clifford Mishler (1991).  
  • Pick, Albert (1994).  
  • Pick, Albert (1996).  
  • Yugoslavia n banknotes at Infotech 2003

External links

  • BBC News: Montenegro drops Yugoslav dinar
Currencies of Former Yugoslavia
territory 1918 1920 1941 1944 1992 1994 1995 1998 1999 2002 2003 2007 territory
 Macedonia Serbian dinar
(Kingdom of Serbia)
Yugoslav dinar
(Kingdom of Serbs, Croats and Slovenes 1920-1929,
Kingdom of Yugoslavia 1929-1941)
Bulgarian lev Yugoslav dinar
(DF Yugoslavia 1944–1946,
FPR Yugoslavia 1946–1963,
SFR Yugoslavia 1963-1992,
FR Yugoslavia 1992-1999,
Serbia 1999-2003,
Republika Srpska 1994-1998)
Macedonian denar Macedonia
 Serbia   Serbian dinar (Occupied Serbia)     Serbian dinar Serbia
Kosovo Albanian lek
(Kosovo and Western Macedonia)
German mark Euro   Kosovo
 Montenegro Montenegrin perper
(Kingdom of Montenegro)
Italian lira
(Occupied Montenegro)
 Slovenia Yugoslav krone
(State of Slovenes, Croats and Serbs)
German Reichsmark Slovenian tolar Slovenia
 Croatia   Independent State of Croatia kuna Croatian dinar   Croatian kuna Croatia
Republic of Serbian Krajina Krajina dinar
 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Bosnia and Herzegovina dinar
(Republic of Bosnia and Herzegovina)
Bosnia and Herzegovina convertible mark Bosnia and Herzegovina
Republika Srpska Republika Srpska dinar Yugoslav dinar
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