MACEDONIA
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The history of the Macedonian
Denar
The Republic of Macedonia declared independence
from Yugoslavia on 17 September 1991. The Macedonia Denar (MKN) was first
introduced as the national currency of Macedonia on 26 April 1992 to replace
the former currency, the Yugoslavian Denar. The Macedonian Denar was
introduced at a rate 1:1 Yugoslav Denar. In may of 1993 the currency
was reformed so that one new denar (MKD) was equal to 100 old denars (MKN).
The Macedonian Denar (MKD) is divided into 100 Deni. The currency's
name "Denar" is derived from the ancient Romen monetary unit "denarius".
Coins in current use come in
denominations of 50 deni, 1,2 and 5 Denars. Current banknotes, shown above
come in 10, 50, 100, 500, 1000, 5000 Denar denominations.
The 10, 50 and 100 Denar notes are currently printed in Macedonia, while the
higher denominations are printed in London, England by Thomas de la Rue.
The first series of MKD notes introduced
in 1993 were lithographed onto watermarked paper containing a hidden strip.
If you place one of the 1993 series notes under a black light a map of
Macedonia becomes visible, complete with all of the towns marked on it.
The National Bank of Macedonia redesigned its' currency in 1996 using more
sophisticated printing techniques and anti-counterfeiting features, The 1996
series is still in use today. In 2003 the 500 and 1000's were upgraded
with more security features to prevent counterfeiting. The National Bank is
not withdrawing the older 1996 500's and 1000's but rather letting them ware
out and be replaced over time.
According to the National Bank the previous 1993 MKD series notes are no
longer legal tender nor are they exchangeable.
Page created: 5 June 2006
Last Update: 5 June 2006
All scans shown here are of actual notes from my collection.
Maps provided by Graphic Maps
(c) 2006 Will's Online World Paper Money Gallery