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. 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. Each of the eight has been given a distinguishing name and a separate ISO 4217 code.
In the four official languages of Yugoslavia (used on coins and banknotes) before its break up in the early 1990s, the singular and plural forms of dinar were:
|| Currency name
|| Genitive plural1 (2-4)
|| Genitive plural (5+) |
||dinarja2, dinarji 3
Note that plural noun is a complicated topic in Slavic languages
. This table only illustrates specified quantity that can be seen on the physical currencies. See plural
, grammatical number
for more information.
Dual in Slovene.
Plural in Slovene.
Reforms of the Yugoslav dinar
||Conversion Rate |
|January 1, 1966
|January 1, 1990
|July 1, 1992
|October 1, 1993
|January 1, 1994
|January 24, 1994
1918-1941; Serbian dinar, YUS
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
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. In 1941, Yugoslavia was split up, with the dinar remaining currency in Serbia (see Serbian dinar). The kuna was introduced in Croatia and Bosnia and Herzegovina 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, YUF
In 1944, as Yugoslavia began to be reconstituted, the Yugoslav dinar replaced the Serbian dinar
, Croatian 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
In the late 1980s the inflation rate accelerated, causing the currency to be revalued at the beginning of 1990.
1990-1992; Convertible dinar, YUN
The second revaluation took place in 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.
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 today's Serbia
1993; October dinar, YUO
The fourth revaluation took place on October 1, 1993, at a ratio of 1 million to 1. This revaluation did not interrupt the hyperinflation and the currency lasted a mere three months.
1994; January dinar, YUG
The fifth revaluation took place on January 1, 1994, at a ratio of 1 billion (109
) to 1. This currency suffered from the worst hyperinflation
of all the dinar and was replaced within one month.
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.
The overall impact of the hyperinflation was that 1 novi dinar equalled approximately 1.2 third (hard) dinara from before 1990, 1.2 Federation dinara, or 2.4 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
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
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.
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.
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.
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.
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).
Only one coin type was struck for this short-lived currency, a brass 1 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.
In 1920, the National Bank of the Kingdom of Serbs, Croats and Slovenes
issued notes for 10, 100 and 1000 dinara. Following the change of the country's name to Yugoslavia in 1929, modified 10 and 100 dinara notes were issued, followed by new 1000 dinara notes in 1931 and 500 dinara notes in 1935.
In 1944, the Democratic Federation of Yugoslavia issued notes for 1, 5, 10, 20, 50, 100, 500 and 1000 dinara. These were followed in 1946 by notes of the National Bank of the Federal People's Republic for 50, 100, 500 and 1000 dinara. 5000 dinara notes were introduced in 1950.
In 1966, banknotes (dated 1965) were introduced in denominations of 5, 10, 50 and 100 dinara. 500 dinara notes were added in 1970, followed by 20 and 1000 dinara in 1974.
In 1985, a new series of notes began with the introduction of 5000 dinara notes featuring a portrait of the late President Tito. As the inflation worsened, banknotes for 20,000 dinara were introduced in 1987, followed by 50,000 dinara in 1988 and 100,000, 500,000, 1 million and 2 million dinara in 1989. The 2 million dinara note was unusual in that it did not feature a portrait but an image of the monument on Kozara.
In 1990, notes were introduced for 10, 50, 100, 200, 500 and 1000 dinara, some of which had designs very similar to those used for the corresponding notes of the previous currency. In 1991, 5000 dinara notes were added.
In 1992, notes for 100, 500, 1000, 5000, 10,000 and 50,000 dinara were introduced. Again, designs modified from the previous series of notes were used but this time not in order that notes of equal value had similar designs. In 1993, higher value notes were introduced for 100,000, 500,000, 1 million, 5 million, 10 million, 50 million, 100 million, 500 million, 1 milliard
) and 10 milliard dinara.
Banknotes for this currency were issued in denominations of 5000, 10,000, 50,000, 500,000, 5 million, 50 million, 500 million, 5 billion, 50 billion and 500 billion. The unusual sequence of denominations was caused by the hyperinflation Yugoslavia was suffering from.
In January, 1994, notes were issued for 10, 100, 1000, 5000, 50,000, 500,000 and 10 million dinara. They circulated for just a few weeks before the currency was abandoned in favour of the novi dinar.
On January 24, 1994, notes were introduced for 1, 5 and 10 novih dinara. A second series of notes was introduced later in the year for 5, 10 and 20 novih dinara, with 50 and 100 novih dinara notes added in 1996. In 2000, new notes without the word "novih" were issued in denominations of 10, 20, 50 and 100 dinara. 200 and 1000 dinara notes were introduced in 2001, followed by 5000 dinara in 2002.