Finance:North Macedonian denar

Short description: Currency of North Macedonia

North Macedonian denar

денар (Macedonian)
2 DEN 2001 10 DEN 2003
ISO 4217
Code	MKD (numeric: 807)
Subunit	0.01
Unit
Plural	denari / денари ("denars")
Symbol	den / Macedonian: ден‎
Denominations
Subunit
​1⁄100	deni / дени (no longer used)
Banknotes
Freq. used	10 DEN, 50 DEN, 100 DEN, 200 DEN, 500 DEN, 1,000 DEN, 2,000 DEN
Coins	1 DEN, 2 DEN, 5 DEN, 10 DEN, 50 DEN
Demographics
User(s)	North Macedonia
Issuance
Central bank	National Bank of the Republic of North Macedonia
Website	www.nbrm.mk
Valuation
Inflation	3.2%
Source	NBRSM, 2021

Cat:IB currency unk param:iso_number Cat:IB currency unk param:iso_exponent

The denar (Macedonian: денар; paucal: denari / денари; abbreviation: ден (Cyrillic) or DEN (Latin), ISO code: MKD) is the currency of North Macedonia. It is subdivided into one hundred deni (дени), which is no longer in use since 2013.

History

The first denar was established on 26 April 1992 in the then-Republic of Macedonia and replaced the 1990 version of the Yugoslav dinar at par. In May 1993, the currency was reformed and a new denar was introduced, with one new denar being equal to 100 old denars.

Etymology

The name denar comes from the name of the ancient Roman monetary unit, the denarius. The abbreviation is ден, the first three letters of its name.

First denar (1992–1993)

The first denar was a temporary currency introduced in April 1992 to replace the Yugoslav dinar at par and establish the monetary independence of Macedonia.

History

Macedonia declared independence from Yugoslavia on 8 September 1991. At the time the country was using the Yugoslav dinar. Secret preparations were started to introduce its own currency. In April 1992 the country was ready to acquire monetary independence from Yugoslavia. On 26 April the national bank was established and the denar declared the currency of the country. Notes ("value coupons") entered circulation the next day and on 30 April the Yugoslav dinar ceased to be legal tender. The first denar was replaced at a rate of 100 to 1 by a new, permanent, denar consisting of notes and coins in May 1993.

Coins

No coins were issued for the first denar.

Banknotes

Temporary notes ("value coupons") were introduced on 27 April 1992, although preparations for producing them began much earlier. They remained in circulation until replaced by permanent notes of the second denar in 1993.

Production

Printing of notes started on 15 January 1992 by the printing firm “11 October” in Prilep. The difficulties of creating a new currency in secret are reflected in the notes themselves. The paper, which was purchased from Slovenia, proved to be of poor quality and lacking adequate security. Although denominated in denari, the name of the currency does not appear on the notes because they were printed prior to the adoption of the Law on the Monetary Unit. Likewise, the issuer appears as the National Bank of Republic of Macedonia, not its successor, the National Bank of the Republic of Macedonia.

Design

The notes were designed by a young employee of the "11 October" printer. He had only one week to design them and not a very large budget. That is why the six lowest denominations are identical with the exception of their colours. They all feature a man and two women picking tobacco leaves on the front, with the back devoted to the Ilinden monument in Kruševo, which, according to the bank, “expresses the eternal fight of citizens of Macedonia for life in peace and freedom.”

• After 10 May 1993 these banknotes remained in circulation at ​¹⁄₁₀₀ of their nominal value.

Banknotes of the first denar
Image		Value	Dimensions	Watermark	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue	withdrawal	lapse
		10 DEN	143mm × ? mm	Design	Women gathering tobacco	Monument Makedonium in Kruševo	1992	27 April 1992	10 May 1993	?
		25 DEN	143mm × ? mm
		50 DEN*	143mm × ? mm						31 August 1993
		100 DEN	143mm × ? mm
		500 DEN	143mm × ? mm
		1,000 DEN	143mm × ? mm						30 November 1993
		5,000 DEN	143mm × ? mm		Monument Makedonium in Kruševo	Girl in front of a computer
		10,000 DEN	143mm × ? mm		Panorama of the church St. Sofia, Ohrid	Men dancing and the monument Makedonium in Kruševo

Exchange rates

The denar was introduced with a fixed exchange rate against the Deutschmark of 360 denars to the mark.

Second denar (1993–present)

Coins

First series (1993)

In May 1993, coins for the second denar were introduced in denominations of 50 deni, and 1-, 2-, and 5 denars. The design was performed by Dimče Boškoski and Snežana Atanasovska. Coins of 10 and 50 denars were introduced in November 2008. The 50-deni coin was withdrawn in 2013. Due to its low mintage, it was only struck in 1993 and was practically never seen in circulation.

Since 1996 a large number of commemorative coins for collectors has been issued. A listing can be found on the National Bank of North Macedonia website.

Coins are minted at the Suvenir factory in Samokov, a village near Makedonski Brod.

• Until 1 April 2013, coins of 50 deni could be exchanged at any domestic bank. Although no deadline has been set, after that date, the coins can be exchanged only at the National Bank of North Macedonia.

Coins of the denar (1993–present)
Image	Value	Technical parameters			Description			Date of
		Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse	File:50 дени.png	50 deni	21.5 mm	4.1g	CuZn15	Plain	Value, Stylized horizont with a 16-ray sun	РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Flying seagull	1993	10 May 1993	1 January 2013	Indefinitely*	File:1 денар.png	1 DEN	23.80 mm	5.1 g	CuNi3Zn17	РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Šarplaninec shepherd dog	1993 1997 2001 2006 2008 2014 2016	Current			2 DEN	25.50 mm	6.2 g	РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Ohrid trout (Salmo letnica).	1993 1997 2001 2006 2008 2018	File:5 денаров.png	5 DEN	27.5 mm	7.2 g	РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Balkan lynx (Lynx lynx balcanicus).	1993 1997 2001 2006 2008	File:10 денаров.png	10 DEN	24.5 mm	6.6 g	Cu70Ni12Zn18	Plain	Value, Stylized horizont with a 16-ray sun	Peacock, floor mosaic from Stobi from the 6th century AD, detail presented on the banknote of 10 Denari	2008 2017	15 November 2008	Current		File:50 денаров.png	50 DEN	26.5 mm	7.7 g	Cu62Ni18Zn20	Archangel Gabriel, fresco from the Church of St. George, Kurbinovo - 12th century, detail presented on the banknote of 50 Denari	2008

Second series (2020)

Due to the country's name change as part of the Prespa agreement a new set of coins featuring the new name North Macedonia is being released into circulation, starting with 1-denar coins in April 2021.

Coins of the second series (2020–present)
Image	Value	Technical parameters			Description			Date of
		Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse
	1 DEN	23.80 mm	5.1 g	CuNi3Zn17	Plain	Value, Stylized horizont with a 16-ray sun	Република Северна Македонија, circular; year in the lower central field. Šarplaninec shepherd dog	2020	1 April 2021	Current

FAO coinage (1995)

In 1995 circulation coins (valued 1, 2, and 5 denars) were struck in honor of the United Nations F.A.O programme.

Banknotes

In 1993, the new denar was issued in denominations of 10-, 20-, 50-, 100-, and 500 denars. The 20-denar note was only issued in this first series of notes. In 1996, 1000- and 5000-denar notes were added. In 2016, notes of 200 and 2,000 denars were issued, while the National Bank of the Republic of North Macedonia began withdrawing the 5000-denar banknote from circulation as part of the National Bank's plans to re-balance the current structure of the notes in circulation. In 2017, the National Bank of the Republic of North Macedonia unveiled its current banknotes, 10 and 50 denars, printed as polymer banknotes, and were issued into circulation on May 15.

1993 series (Issued October 1993)
		10 DEN	blue	The monument Makedonium in Kruševo	Panorama of Kruševo
		20 DEN	brown-dark red	Daut-Pasha Bath in Skopje	Clock tower in Skopje
		50 DEN	red	The Monastery of St. Pantelejmon in Skopje	The old National Bank of Macedonia building in Skopje
		100 DEN	brown	The church of St. Sofia in Ohrid	National Museum building in Ohrid
		500 DEN	brown-dark green	Monastery of St. Jovan Caneo in Ohrid	Samuil's Fortress in Ohrid
1996 series
Obverse	Reverse	Value	Colour	Obverse	Reverse
		10 DEN	lilac	The Egyptian goddess Isis (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, Bitola.	Mosaic in Stobi (4th-5th century).
		50 DEN	blue	Fresco in the church St. Pantelejmon, Nerezi; Follis coin.	Arhangel Gavril in the church St. Ǵorǵi, Kurbinovo.
		100 DEN	lilac-brown	Skopje from engraving by Jacobus Harevin	View of Skopje from an Albanian house
		500 DEN	red-brown	Gold mask, v. Trebeništa, Ohrid (6th century BC)	Flower of poppy
		1,000 DEN	brown	Madonna Episkepis, icon from the church of St. Vrači, Ohrid, 14th century	Gregory's gallery (14th century), church of St. Sofia, Ohrid
		5,000 DEN	red-brown-green	Bronze figure of Maenad (6th century BC), Tetovo.	Dog and tree, mosaic, Heraclea Lyncestis (5th-6th century AD), Bitola.
Upgrade of the 1996 series
Obverse	Reverse	Value	Colour	Obverse	Reverse
		500 DEN	red-brown	Gold mask, v. Trebeništa, Ohrid (6th century BC)	Flower of poppy.
		1,000 DEN	brown	Madonna Episkepis, icon from the church St. Vrači, Ohrid, 14th century	Gregory's gallery (14th century), church St. Sofia, Ohrid
2014 series (Issued December 2016)
		200 DEN		Early medieval bronze fibula (found near Prilep); Relief of the Old Testament Psalm 41 (terracotta icon from Vinica)	Artistic elements on the façade of Colorful Mosque (Šarena Džamija, Alaca Cami), Tetovo; Marble tiles with floral designs of Isaak Beg Mosque (Isak Džamija), Bitola
[1]	[2]	2000 denari		Bronze artefact in the form of cup poppy (discovered in Suva Reka, Gevgelija); Macedonian bridal dress from Prilep	Decoration on the inside of a gilded bowl (16th century), "Source of Life", peacocks
2018 "Polymer Series" (Issued March 2018)
		10 DEN	lilac	The Egyptian goddess Isis (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, Bitola. Mosaic in Stobi (4th-5th century).	Mosaic in Stobi (4th-5th century).
		50 DEN	blue	Fresco in the church St. Pantelejmon, Nerezi; Follis coin.	Arhangel Gavril in the church St. Ǵorǵi, Kurbinovo.

See also

• Economy of North Macedonia
• Denarius

External links

• Ministry of Finance website
• Heiko Otto, ed. "Banknotes of Macedonia" (in en,de). http://www.bis-ans-ende-der-welt.net/Mazedonien-B-En.htm.