1 perper 1914

Common. The eBay market data shows consistent sales activity with notes regularly trading in the $5-$18 range across multiple condition grades (F, VF, EF, AU) over more than a decade. Even professionally graded PMG examples command only $60-$65, indicating substantial print runs and steady collector availability. The Pick-15 designation and lack of any scarcity notation in major catalogs confirm this was a standard issue without restricted circulation or high recall rates. Collector demand is moderate but supply is sufficient to keep prices moderate.

This emergency currency was issued during the tumultuous period of World War I's outbreak, as Montenegro faced financial pressures following the Balkan Wars. The July 25, 1914 date places this note at the critical moment of Austria-Hungary's declaration of war on Serbia, which directly threatened Montenegro's stability and sovereignty. The formal heraldic imagery—featuring the double-headed eagle of Montenegrin heraldry—underscores the kingdom's assertion of national identity during this precarious geopolitical moment.

This banknote exemplifies early 20th-century Balkan currency design with strong Art Nouveau influences. The central motif is the heraldic achievement of the Kingdom of Montenegro: a double-headed eagle displayed above a shield, representing traditional Serbian/Montenegrin heraldry. The elaborate decorative border consists of intricately engraved scrollwork and flourishes characteristic of fine bank note engraving. The denomination '1' appears in ornamental shield-shaped frames positioned symmetrically on the left and right margins. Two signature lines occupy the center horizontal axis, representing authorization by the President of the Main State Control and the Minister of Finance. The reverse innovatively employs a repeating-text security feature—the kingdom's name printed in fine Cyrillic letters across the entire background as an anti-counterfeiting measure. The color scheme of blue, red/maroon, and cream creates clear visual hierarchy while maintaining the formal appearance appropriate to an official government security instrument.

FRONT SIDE: Title: 'JEDAN PERPER' (One Perper) | Main text: 'Glavna Državna Blagajna isplatiše donijaču one uputnrice Jedan Perper' (The Main State Treasury shall pay the bearer of this voucher One Perper) | Authority: 'Predsednik Glavne Državne Kontrole, Ministar finansija' (President of the Main State Control, Minister of Finance) | Validity: 'Važedi za godini dana. Cetinje, 25 jula 1914' (Valid for the period of one year. Cetinje, July 25, 1914) | Serial elements: '367' and 'Đ.1' (No.1) | BACK SIDE: Title: 'KRALJEVINA CRNAGOR A' (Kingdom of Montenegro) | Denomination: 'JEDAN PERPER' (One Perper) | Legal basis: 'Upunica izdana na osnovu zakona od 25. jula 1914.' (Voucher issued on the basis of law from July 25, 1914) | Warning: 'Pravljene i proslavljene ukupne količine se po §. 145 i 146 krivičnog zakona!' (Counterfeiting and circulation of total quantities according to sections 145 and 146 of the criminal law!) | Security text: Repeating pattern of 'KRALJEVINA CRNAGOR A' throughout the background

Intaglio engraving (line engraving and possibly steel engraving) for the primary design elements, evidenced by the precise, fine-line decorative borders and the sharp definition of the heraldic emblem. The repeating security text on the reverse employs microprintography or fine-line engraving to create a text pattern functioning as a background security measure. The two official signatures are handwritten, suggesting authorization by actual government officials rather than printed facsimiles. The printer attribution for this Pick-15 note is not definitively documented in standard catalogs, though Montenegrin currency of this period was typically produced by established European security printers such as those in Austria-Hungary.

The visual analysis identifies this specific example with serial number elements '367' and signature designation 'Đ.1'. The July 25, 1914 issue date from Cetinje (the capital) is consistent across all known examples of this emission. The signature lines visible on the front represent the authorization of the Minister of Finance and President of the Main State Control; variations in the actual individuals who signed would constitute signature varieties, though these are not systematically cataloged in standard Pick references. The note designation as P-15 (Pick catalog #15) represents the standard cataloging for the 1914 1 Perper regular issue; no major overprint or date varieties are documented for this pick number.