Yugoslav dinar

Yugoslav dinar
динар / dinar (Serbo-Croatian)/ (Macedonian)
1 dinar (1965) 1000 dinara (1981)
User(s)	Kingdom of Yugoslavia SFR Yugoslavia FR Yugoslavia
Subunit
1/100	para
Symbol	din. and дин.
Plural	The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Coins	50 para, 1, 2, 5 dinara
Banknotes	10, 20, 50, 100, 200, 500, 1000, 5000 - 500 Billion dinara
This infobox shows the latest status before this currency was rendered obsolete.

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). There were eight distinct dinari, with hyperinflation in the early 1990s causing five revaluations between 1990 and 1994. Six of the eight have been given distinguishing names and separate ISO 4217 codes.

History

Reforms of the Yugoslav dinar

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

1920-1941; 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 Yugoslavia and this was reflected on the currency.

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 (1941-1945)

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.

1944-1965; 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.

1966-1989; 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 [1]. In the late 1980s the inflation rate accelerated, causing the currency to be revalued at the beginning of 1990.

1990-1992; 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	Date Adopted	Value
Bosnia and Herzegovina	Dinar	1992-07	1 dinar of 1992
Croatia	Dinar	1991-12-23	1 dinar of 1990
Macedonia	Denar	1992-04-26	1 dinar of 1990
Slovenia	Tolar	1991-10-08	1 dinar of 1990

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.

1992-1993; Reformed dinar, YUR

The third revaluation took place on July 1, 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. (This federation split in 2006 and Montenegro currently uses the Euro as its currency, though it does not mint it.)

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.

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 (5×10¹⁴) dinara (right).

1994 dinar

Yugoslavia re-denominated the dinar for the fourth 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

On January 24, 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.[2] 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 November 6, 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.

Coins

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.

Banknotes

Main article: Banknotes of the Yugoslav dinar

See also

• Serbian dinar
• Hyperinflation
• Kingdom of Yugoslavia
• Socialist Federal Republic of Yugoslavia
• Federal Republic of Yugoslavia
• Economy of the Socialist Federal Republic of Yugoslavia
• Alija Sirotanović

References

• Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501. 
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9. 
• Pick, Albert (1996). Standard Catalog of World Paper Money: General Issues to 1960. Colin R. Bruce II and Neil Shafer (editors) (8th ed.). Krause Publications. ISBN 0-87341-469-1. 
• Yugoslavia n banknotes at Infotech 2003

External links

• The National Bank of Serbia
• BBC News: Montenegro drops Yugoslav dinar
• http://www.rogershermansociety.com/yugoslavia.htm
• Ron Wise's Banknoteworld: Yugoslavia

KSCS/Yugoslav dinar (1918–1941)

Preceded by: Serbian dinar Location: Serbia Reason: creation of Kingdom of Serbs, Croats, and Slovenes Ratio: 1 KSCS dinar=1 Serbian dinar	Currency of Kingdom of Serbs, Croats, and Slovenes 1918 – 1929	Currency of Kingdom of Yugoslavia 1929 – 1941	Succeeded by: Serbian dinar Location: Serbia without its southern and northern portions Reason: occupation by Germany Ratio: at par
			Succeeded by: Croatian kuna Location: Independent State of Croatia Reason: independence Ratio: at par
			Succeeded by: Italian lira Location: Montenegro, Italy annexed portion of Slovenia Reason: Italian occupation
Preceded by: Yugoslav krone Location: Bosnia and Herzegovina, Croatia, Slovenia Reason: incorporation of previously Austro-Hungarian provinces into Kingdom of Serbs, Croats, and Slovenes Ratio: 1 dinar=4 kronen			Succeeded by: German Reichsmark Location: Nazi Germany annexed portion of Slovenia Reason: annexation by Germany
			Succeeded by: Hungarian pengő Location: Backa, Medimurje, Prekmurje Reason: annexation by Hungary
Preceded by: Montenegrin perper Location: Montenegro Reason: incorporation into Kingdom of Serbs, Croats, and Slovenes Ratio: 1 dinar=1 perper			Succeeded by: Bulgarian lev Location: Eastern Macedonia Reason: Annexation by Bulgaria
			Succeeded by: Albanian lek Location: Kosovo and Western Macedonia Reason: annexation by Albania

Yugoslav dinar (1944–1966)

Preceded by: Serbian dinar Location: Serbia without its southern and northern portions Reason: reunification as a result of World War II Ratio: 1 Yugoslav dinar=20 Serbian dinara	Currency of Democratic Federal Yugoslavia 1944 – 1946	Currency of Federal People's Republic of Yugoslavia 1946 – 1963	Currency of Socialist Federal Republic of Yugoslavia 1963 – 1965	Succeeded by: 1966 dinar Ratio: 1 dinar (1966)=100 dinara (1944)
Preceded by: Croatian kuna Location: Independent State of Croatia Reason: reunification as a result of World War II Ratio: 1 dinar=40 kuna
Preceded by: Italian lira Location: Montenegro Reason: re-integration to Yugoslavia
Preceded by: German Reichsmark Location: Slovenia Reason: re-integration to Yugoslavia
Preceded by: Hungarian pengő Location: Backa, Medimurje, Prekmurje Reason: re-integration to Yugoslavia
Preceded by: Bulgarian lev Location: Eastern Macedonia Reason: re-integration to Yugoslavia
Preceded by: Albanian lek Location: Kosovo and Western Macedonia Reason: reunification as a result of World War II and end of Albanian occupation

Yugoslav dinar (1966–1990)

Preceded by: 1944 dinar Ratio: 1 dinar (1966)=100 dinara (1944)

Currency of Socialist Federal Republic of Yugoslavia 1966 – 1990

Succeeded by: 1990 dinar Ratio: 1 dinar (1990)=10,000 dinara (1966), 7 dinara (1990)=1 Deutsche Mark

Yugoslav dinar (1990–1992)

Preceded by: 1966 dinar Ratio: 1 dinar (1990)=10,000 dinara (1966), 7 dinara (1990)=1 Deutsche Mark	Currency of Socialist Federal Republic of Yugoslavia 1990 – 1991 and 1992 Note: various dates of independence and introduction of independent currencies	Succeeded by: 1992 dinar Location: Federal Republic of Yugoslavia (Serbia and Montenegro) Ratio: 1 dinar (1992)=10 dinara (1990) Note: July, 1992
		Succeeded by: Bosnia and Herzegovina dinar Location: Bosnia and Herzegovina except for Republika Srpska Reason: independence Ratio: 1 B&H dinar=10 dinara (1990) Note: independence in March, 1992, new currency in July, 1992
		Succeeded by: Republika Srpska dinar Location: Republika Srpska (part of Bosnia) Ratio: 1 Republika Srpska dinar=10 dinara (1990) Note: independence in November, 1991, new currency on July, 1992, and remained at par with Yugoslav dinar
		Succeeded by: Croatian dinar Location: Croatia except for Republic of Serbian Krajina Ratio: at par Note: independence on June 25, 1991, new currency on December 23, 1991
		Succeeded by: Krajina dinar Location: Republic of Serbian Krajina (part of Croatia) Ratio: 1 Krajina dinar=10 dinara (1990) Note: independence on December 19, 1991, new currency on July, 1992, and remained at par with Yugoslav dinar
		Succeeded by: Macedonian denar Location: Macedonia Ratio: at par Note: independence on September 8, 1991, new currency on April 26, 1992
		Succeeded by: Slovenian tolar Location: Slovenia Ratio: at par Note: independence on June 25, 1991, new currency on October 8, 1991

Yugoslav dinar (1992–1993)

Preceded by: 1990 dinar Ratio: 1 dinar (1992)=10 dinara (1990)

Currency of Federal Republic of Yugoslavia July 1992 – September 30, 1993

Succeeded by: 1993 dinar Ratio: 1 dinar (1993)=1,000,000 dinara (1992)

Yugoslav dinar (1993–1994)

Preceded by: 1992 dinar Ratio: 1 dinar (1993)=1,000,000 dinara (1992)

Currency of Federal Republic of Yugoslavia October 1, 1993 – December 31, 1993

Succeeded by: 1994 dinar Ratio: 1 dinar (1994)=1,000,000,000 dinara (1993)

Yugoslav dinar (January 1994)

Preceded by: 1993 dinar Ratio: 1 dinar (1994)=1,000,000,000 dinara (1993)	Currency of Federal Republic of Yugoslavia and Republika Srpska January 1, 1994 – January 23, 1994	Succeeded by: Novi dinar Ratio: 1 Novi dinar=1 German mark=about 10~13 million dinara (1994)
Preceded by: Republika Srpska 1993 dinar Ratio: 1 dinar (1994)=1,000,000,000 dinara (1993)

Yugoslav novi dinar (1994–2003)

Preceded by: 1994 dinar Ratio: 1 novi dinar=1 German mark=12,000,000 dinara (1994)	Currency of Serbia except Kosovo (as part of Federal Republic of Yugoslavia) January 24, 1994 – July 2, 2003	Succeeded by: Serbian dinar Reason: name changed to Serbia and Montenegro (on February 4, 2003) Ratio: at par
	Currency of Montenegro (as part of Yugoslavia), Kosovo (as part of Serbia) January 24, 1994 – 1999	Succeeded by: German mark Reason: political and economic reasons
	Currency of Republika Srpska January 24, 1994 – 1998	Succeeded by: Bosnia and Herzegovina convertible mark Reason: Dayton Agreement