The denar is the currency of the Republic of Macedonia. It is subdivided
into 100 deni. History
The first Macedonian denar was established on 26 April 1992. It
replaced the 1990 version of the Yugoslav dinar at par. In May 1993, the
currency was reformed. A new denar was introduced, with one new denar being
equal to 100 old denari. = Etymology =
The name denar comes from the name of the ancient Roman monetary unit, the
denarius. The currency symbol is ден, the first three letters of its name.
First denar The first denar was a temporary currency
introduced in April 1992 to establish the monetary independence of the
Republic of Macedonia. It replaced the Yugoslav dinar at par.
= History = The Republic of Macedonia declared
independence from Yugoslavia on 8 September 1991. At the time the country
was using the Yugoslav dinar. Secret preparations were started to introduce
its own currency. In April 1992 the country was ready to acquire monetary
independence from Yugoslavia. On 26 April the national bank was established
and the denar declared the currency of the country. Notes entered circulation
the next day and on 30 April the Yugoslav dinar ceased to be legal
tender. The first denar was replaced at a rate of 100 to 1 by a new, permanent,
denar consisting of notes and coins in May 1993.
= Coins = No coins were issued for the first
denar. = Banknotes =
Temporary notes were introduced on 27 April 1992, although preparations for
producing them began much earlier. They remained in circulation until replaced
by permanent notes of the second denar during 1993.
Production The notes were printed by the printing
firm “11 October” in Prilep. Printing started on 15 January 1992. The
difficulties of creating a new currency in secret is reflected in the notes
themselves. The paper, which was purchased from Slovenia, proved to be of
poor quality and lacking in adequate security. Although denominated in
denari, the name of the currency does not appear on the notes because they
were printed prior to the adoption of the Law on the Monetary Unit. Likewise,
the issuer appears as the National Bank of Macedonia, not its successor, the
National Bank of the Republic of Macedonia.
Design The notes were designed by a young
employee of the "11 October" printer. He had only one week to design them and not
a very large budget. That is why the six lowest denominations are identical with
the exception of their colors. They all feature a man and two women picking
tobacco leaves on the front, with the back devoted to the Ilinden monument in
Kruševo, which, according to the bank, “expresses the eternal fight of
Macedonian citizens for life in peace and freedom.”
= Exchange rates = The denar was introduced with a fixed
exchange rate against the German Mark of 360 denars to the mark.
Second denar = Coins =
In May 1993, coins for the second denar were introduced in denominations of 50
deni, 1, 2, and 5 denari. 10 and 50 denari coins were introduced in November
2008. The 50 deni coin was withdrawn in 2013; due to its low mintage it was
practically never seen in circulation. Since 1996 a large number of
commemorative coins for collectors has been issued. A listing can be found
here: [1]. Coins are minted at the Suvenir factory
in Samokov, a village near Makedonski Brod.
FAO coinage In 1995 circulation coins were struck in
honor of the United Nations F.A.O programme.
= Banknotes = In 1993, the new denar was issued in
denominations of 10, 20, 50, 100 and 500. The 20 denari was only issued in
this first series of notes. In 1996, 1000 and 5000 denari notes were added.
In 2014, 200 and 2000 denari notes were issued.
= Exchange rates = See also
Economy of the Republic of Macedonia Denarius
References External links
Ministry of Finance website