500 dinara 1941

Common. The extensive eBay price tracking data provided demonstrates consistent market availability with numerous sales across all condition grades from 2010-2024. Market prices for lower grades (VF, EF) typically range from $0.99-$4.00, while AU/UNC examples command $5-$10. Even the graded examples (PMG 64-67) sell in the $20-$120 range, reflecting solid but not exceptional market value. This note was issued in sufficient quantities to remain readily available to collectors, and no evidence suggests a short print run or special rarity status for the P-27b variety.

This banknote was issued on November 1, 1941, during World War II under German occupation of Serbia, when the Srpska Narodna Banka continued operations under the Serbian Puppet Government. The obverse portrait depicts a woman in national Serbian costume with traditional headscarf, representing Serbian cultural identity and national heritage during a period of foreign domination. The reverse figure, depicted as a craftsman or builder holding tools and materials, symbolizes labor and national economic output—themes emphasized by occupying authorities and the puppet government.

The note showcases two complementary portrait designs representing Serbian national identity. The obverse features a woman in profile facing right, wearing a traditional Serbian headscarf and draped period costume with ornate details, framed by an octagonal design element and flanked by ornamental grapevine borders on the left. The reverse presents a man in profile facing left, depicted as a craftsman or laborer, wearing period clothing with ornate buttons and collar details, holding what appears to be building materials or tools, similarly framed with octagonal design elements and matching grapevine borders. Both sides employ fine line engraving with geometric and ornamental frame elements, creating a symmetrical design philosophy. The cream/beige base with brown, purple, tan, and gold tones creates a warm, distinguished appearance characteristic of 1940s Serbian currency design.

FRONT SIDE: 'СРПСКА НАРОДНА БАНКА' (Serbian National Bank); '500' (denomination); 'ПЛАЋА ДОНОСИОЦУ' (Pay to Bearer); 'ПЕТ СТОТИНА СРПСКИХ ДИНАРА' (Five Hundred Serbian Dinars); 'БЕОГРАД. 1 НОВЕМБАР 1941' (Belgrade. 1 November 1941); 'МИХА ЧАКЕЛА ФЕС.' and 'БЕЛКО А. КУН БЕ.' (engraver/artist signatures); 'ЛБ.2186' (serial designation); '5463837 7' and '377' (serial number); Anti-counterfeiting warning regarding criminal penalties for counterfeiting banknotes. BACK SIDE: 'СРПСКА НАРОДНА БАНКА' (Serbian National Bank); '500' (denomination); 'ПЛАЋА ДОНОСИОЦУ' (Pay to Bearer); 'ПЕТСТОТИНА СРПСКИХ ДИНАРА' (Five Hundred Serbian Dinars); 'МИХА ЧАКЕЛА ФЕС.' and 'БЕЛКО А. КУН БЕ.' (engraver signatures).

This note was produced using traditional intaglio (engraved) printing techniques, evidenced by the fine line engraving visible throughout both sides, the precise ornamental detail work in the borders and frames, and the sharp, crisp impression of the portrait subjects. The multi-color design required separate printing passes for the brown, purple, gold/tan, and cream base layers. The security features, including the octagonal watermark area and ornamental border patterns, were incorporated directly into the engraved design. The engravers credited (Miha Čakela and Belko A. Kun) were responsible for the original design and engraving work for Srpska Narodna Banka.

This note is catalogued as Pick P-27b, one of three recorded variants for the 500 dinara 1941 issue (P-27a, P-27as, P-27b also documented by PMG). The specific variety designation typically relates to subtle differences in serial number formats, signature placements, or minor design variations. The observed serial number format '5463837 7' with '377' suffix and the presence of both engraver signatures (Miha Čakela and Belko A. Kun) are consistent with P-27b classification. No overprints or significant modifications are visible on this example.