Serbian dinar

The dinar (genitive plural: dinara, Serbian: динар, динара) is the currency of Serbia. An earlier currency also called dinar was the currency of the Principality, then the Kingdom, of Serbia between 1868 and 1918. The current Serbian dinar is a continuation of the last Yugoslav dinar. There are currently no plans to replace the Serbian dinar with the euro.

The ISO 4217 code for the dinar is RSD, the three-digit identifier is 941, currency symbol is the same (RSD or РСД), while the unofficial local colloquialism din or дин is still in informal use.

Medieval dinar
The first mention of a "Serbian dinar" dates back to the reign of Stefan the First-Crowned of the Nemanjić dynasty in 1214. Up to the fall of Despot Stefan Lazarević in 1459, most Serbian rulers minted silver dinar coins, except during the Serbian Empire when it was replaced by the stronger perper. The coin was an important symbol of Serbian statehood in the Middle Ages.

First modern dinar, 1868-1918
Following the Ottoman conquest, different foreign currencies were used up to the mid 19th century. The Ottomans operated coin mints in Novo Brdo, Kucajna and Belgrade. The subdivision of the dinar, the para, is named after the Turkish silver coins of the same name (from the Arabic bara, silver).

After the Principality of Serbia was formally established (1817) there were many different foreign coins in circulation. Eventually, Prince Miloš Obrenović decided to introduce some order by establishing exchange rates based on the groat (Serbian грош/groš, French and English piastre, Turkish kuruş) as money of account. In 1819 Miloš published a table rating 43 different foreign coins: 10 gold, 28 silver, and 5 copper. After the last Ottoman garrisons were withdrawn in 1867, steps were taken to establish an independent national monetary system.

Faced with multiple currencies in circulation, Prince Mihailo Obrenović ordered that a Serbian national currency be minted. The first bronze coins were introduced in 1868, followed by silver in 1875 and gold in 1879. The first banknotes were issued in 1876. Between 1873 and 1894, the dinar was pegged at par to the French franc. The Kingdom of Serbia also joined the Latin Monetary Union.

In 1918, the Serbian dinar was replaced at par by the Yugoslav dinar, with the Yugoslav krone also circulating until 1920.

1 Serbian Dinar=0.0173 US dollars

Second modern dinar, 1941-1944
In 1941, the Yugoslav dinar was replaced by the Serbian National Bank, at par, by a second Serbian dinar for use in the German occupied state. The dinar was pegged to the German Reichsmark at a rate of 250 dinara = 1 Reichsmark. This dinar circulated until 1944, when the Yugoslav dinar was reintroduced by the Communist Partisans, replacing the Serbian dinar at a rate of 1 Yugoslav dinar = 20 Serbian dinara.

Third modern dinar, 2003-
The Serbian dinar replaced the Yugoslav dinar at par in 2003, when Yugoslavia was transformed into the State Union of Serbia and Montenegro. Montenegro had already adopted the Deutsche Mark and later the euro when the mark was replaced by it.

National Bank of Serbia
The National Bank of Serbia is the central bank of the Serbia and as such its main responsibilities are the protection of price stability and maintenance of financial stability.

Core functions of the National Bank of Serbia include determining and implementation of the monetary policy, as well as that of the dinar exchange rate policy, management of the foreign currency reserves, issue of banknotes and coins, and maintenance of efficient payment and financial systems.

First modern dinar
In 1868, bronze coins were introduced in denominations of 1, 5 and 10 para. The obverses featured the portrait of Prince Mihailo Obrenović III. Silver coins were introduced in 1875, in denominations of 50 para, 1 and 2 dinara, followed by 5 dinara in 1879. The first gold coins were also issued in 1879, for 20 dinara, with 10 dinara introduced in 1882. The gold coins issued for the coronation of Milan I coronation in 1882 were popularly called milandor (French Milan d'Or (Milan of Gold)). In 1883, cupro-nickel 5, 10 and 20 para coins were introduced, followed by bronze 2 para in 1904.

Second modern dinar
In 1942, zinc coins were introduced in denominations of 50 para, 1 and 2 dinara, with 10 dinara coins following in 1943.

Third modern dinar
Coins currently in circulation are 1, 2, 5, 10, 20 dinara coins. All coins feature identical inscriptions in both scripts the Serbian language uses, Cyrillic and Latin.

First modern dinar
In 1876, state notes were introduced in denominations of 1, 5, 10, 50 and 100 dinara. These were followed by notes of the Chartered National Bank from 1884, with notes for 10 dinara backed by silver and gold notes for 50 and 100 dinara. Gold notes for 20 dinara and silver notes for 100 dinar were introduced in 1905. During the First World War, silver notes for 50 and 5 dinar were introduced in 1914 and 1916, respectively. In 1915, stamps were authorised for circulation as currency in denominations of 5, 10, 15, 20, 25, 30 and 50 para.

Second modern dinar
In May 1941, the Serbian National Bank introduced notes for 10, 20, 50, 100, 500 and 1000 dinara. The 100 and 1000 dinara notes were overprints, whilst the 10 dinara design was taken from an earlier Yugoslav note. Further notes were introduced in 1942 and 1943 without any new denominations being introduced.

Third modern dinar
In 2003, banknotes of the Serbian National Bank were introduced in denominations of 100, 1000 and 5000 dinara. These were followed by 500 dinara in 2004, 50 dinara in 2005 and 10 and 20 dinara in 2006.

A competition for a new dinar design has been announced in December 2007.