Macedonian denar

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"Denar" redirects here. For the similarly spelled currency of other countries, see Dinar.
Macedonian denar
Македонски денар (Macedonian)
Makedonski denar
Denari.jpg
ISO 4217 code MKD, the three-digit identifier is 807
Central bank National Bank of the Republic of Macedonia
 Website www.nbrm.mk
User(s) Republic of Macedonia Republic of Macedonia
Inflation 3.9%
 Source NBRM Inflation data, 2011
Subunit
 1/100 deni
Symbol ден
Plural denari
Coins 1, 2, 5, 10, 50 denari
Banknotes 10, 50, 100, 500, 1000, 5000 denari

The denar (plural: denari, Macedonian: денар and денари, denar and denari, ISO 4217 code: MKD) is the currency of the Republic of Macedonia. It is subdivided into 100 deni (Macedonian: дени). 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.

History[edit]

The first denar was introduced on 26 April 1992.[1] It replaced the 1990 version of the Yugoslav dinar at par. On 5 May 1993, the currency was reformed, with one new denar (MKD) being equal to 100 old denari (MKN).

Coins[edit]

No coins were issued for the first denar. 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 The 50 deni coin was withdrawn in 2013, due to its low mintage (it was only struck in 1993) it was practically never seen in circulation.[2]

In 1995 circulation coins (valued 1, 2, and 5 denari) were struck in honor of the United Nations F.A.O programme. 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.

Coins of the denar (1993–present)[3]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
[2] 50 deni 21.5 mm 4.1g CuZn15 Plain Value,
Stylized horizont with a 16-ray sun
РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Flying seagull 1993 10 May 1993 1 January 2013[4] Indefinitely*
[3] 1 denar 23.80 mm 5.1 g CuNi3Zn17 РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Šarplaninec shepherd dog 1993
1997
2001
2006
Current
[4] 2 denar 25.50 mm 6.2 g РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Ohrid trout (Salmo letnica). 1993
1997
2001
2006
5 denari.jpg 5 denar 27.5 mm 7.2 g РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Lynx (Felis Lyinx). 1993
1997
2001
2006
2008
10 denari 2008.png 10 denar 24.5 mm 6.6 g Cu70Ni12Zn18 Plain Value,
Stylized horizont with a 16-ray sun
Peacock, floor mosaic from Stobi from the 6th century, detail presented on the banknote of 10 Denars 2008 15 November 2008 Current
50 macedonian denars-coins.jpg 50 denar 26.5 mm 7.7 g Cu62Ni18Zn20 Archangel Gabriel, fresco from the church of St. Ghiorghi in Kurbinovo - 12th century, detail presented on the banknote of 50 Denars 2008
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
  • Until 1 April 2013, 50 deni coins could be exchanged at any Macedonian bank. From the 1 April onwards only the National Bank will exchange them. No deadline has been set for this.

Banknotes[edit]

First denar[edit]

Notes were introduced on 27 April 1992 in denominations of 10, 25, 50, 100, 500, 1000, 5000 and 10,000 denari, although preparations for producing the first Macedonian banknotes began well before Macedonia declared its independence. 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 (in Macedonian) as the National Bank of Macedonia, not its successor, the National Bank of the Republic of Macedonia.[5]

The notes were produced by the printing firm “11 October” in Prilep, and were designed by graphic designers Sasho Josifovski and Borce Nikolovski, as well as the artist Borce Todorovski. 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.”

1992 series
Obverse Reverse Value Colour Obverse Reverse
10 denars blue Monument Makedonium in Kruševo Women gathering tobacco
25 denars red Monument Makedonium in Kruševo Women gathering tobacco
50 denars brown Monument Makedonium in Kruševo Women gathering tobacco
100 denars dark blue Monument Makedonium in Kruševo Women gathering tobacco
500 denars green Monument Makedonium in Kruševo Women gathering tobacco
1000 denari, 1992- lice.jpg 1000 denari, 1992- pozadina.jpg 1000 denars Purple Monument Makedonium in Kruševo Women gathering tobacco
5000 denars red-brown Girl in front of a computer Monument Makedonium in Kruševo
10000 denari, 1992- lice.jpg 10000 denari, 1992- pozadina.jpg 10000 denars red-brown Men dancing and the monument Makedonium in Kruševo Panorama of the church St. Sofia, Ohrid

Second denar[edit]

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.

1993 series (Issued 10.05.1993)
10 denars blue The monument Makedonium in Kruševo Panorama of Kruševo
20 denars brown-dark red Daut-Pasha Bath in Skopje Clock tower in Skopje
50 denars red The Monastery of St. Pantelejmon in Skopje The old National Bank of Macedonia building in Skopje
100 denars brown The church of St. Sofia in Ohrid National Museum building in Ohrid
500 denars brown-dark green Monastery of St. Jovan Caneo in Ohrid Samuil's Fortress in Ohrid
1996 series
Obverse Reverse Value Colour Obverse Reverse
Macedonia 10denar Obv.jpg Macedonia 10denar Rev.jpg 10 denars lilac The Egyptian goddess Isis (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, Bitola. Mosaic in Stobi (4th-5th century).
50 denars blue Fresco in the church St. Pantelejmon, Nerezi; Follis coin. Arhangel Gavril in the church St. Ǵorǵi, Kurbinovo.
100 denars lilac-brown Skopje from engraving by Jacobus Harevin View of Skopje from an Albanian house
500 denars red-brown Gold mask, v. Trebeništa, Ohrid (6th century BC) Flower of poppy
1000 denari, 1996- lice.jpg 1000 denars brown Madonna Episkepis, icon from the church of St. Vrači, Ohrid, 14th century Gregory's gallery (14th century), church of St. Sofia, Ohrid
5000 denars red-brown-green Bronze figure of Maenad (6th century BC), Tetovo. Dog and tree, mosaic, Heraclea Lyncestis (5th-6th century AD), Bitola.
Upgrade of the 1996 series
Obverse Reverse Value Colour Obverse Reverse
500 denars red-brown Gold mask, v. Trebeništa, Ohrid (6th century BC) Flower of poppy.
1000 denars brown Madonna Episkepis, icon from the church St. Vrači, Ohrid, 14th century Gregory's gallery (14th century), church St. Sofia, Ohrid

Exchange rates[edit]

Current MKD exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

References[edit]

  1. ^ 20 years of the Macedonian denar will be celebrated NovaMakedonija
  2. ^ National Bank of the Republic of Macedonia, Annual Report 2011. Available at: http://www.nbrm.mk/WBStorage/Files/WebBuilder_Annual_Report_2011.pdf
  3. ^ National Bank of the Republic of Macedonia. Available at: http://www.nbrm.mk/?ItemID=6F1ABD61B6A40E4B9926CFA61BC8998B
  4. ^ National Bank of the Republic of Macedonia, DECISION ON WITHDRAWAL FROM CIRCULATION OF COINS IN DENOMINATION OF 50 DENI (26 April 2012).
    Available at: http://www.nbrm.mk/WBStorage/Files/WebBuilder_DecisionWithdrawal50Deni.pdf
  5. ^ Linzmayer, Owen (2012). "Macedonia". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 

External links[edit]