Finance:Serbian dinar

Short description: Currency of Serbia

Serbian dinar

српски динар (Serbian) DIN / дин
din. 2,000 banknote din. 20 coin
ISO 4217
Code	RSD (numeric: 941)
Subunit	0.01
Unit
Plural	динари / dinari ("dinars") The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Denominations
Subunit
​1⁄100	пара / para (defunct)
Banknotes
Freq. used	din. 10, din. 20, din. 50, din. 100, din. 200, din. 500, din. 1,000, din. 2,000
Rarely used	din. 5,000
Coins
Freq. used	din. 10, din. 20
Rarely used	din. 1, din. 2, din. 5
Demographics
Replaced	Yugoslav dinar
User(s)	Serbia
Issuance
Central bank	National Bank of Serbia
Website	www.nbs.rs
Printer	Institute for Manufacturing Banknotes and Coins - Topčider, Belgrade
Website	zin.rs
Mint	Institute for Manufacturing Banknotes and Coins - Topčider, Belgrade
Website	zin.rs
Valuation
Inflation	4.9% (July 2025)
Source	RZS
Method	CPI

The dinar (Serbian: динар, sh; paucal: dinara / динара; abbreviation: DIN (Latin) and дин (Cyrillic); code: RSD) is the currency of Serbia. The dinar was first used in Serbia in medieval times, its earliest use dating back to 1214. The dinar was reintroduced as the official Serbian currency by Prince Mihailo in 1868. One dinar was formerly subdivided into 100 para (Serbian: пара). As of 24 August 2025, 1 US dollar is worth 100.18 dinars.

History

Medieval Serbian dinar

Dinar of King Stefan Dragutin, 13th century

The first mention of a "Serbian dinar" dates back to the reign of Stefan the First-Crowned in 1214. Until the fall of Despot Stjepan Tomašević in 1459, most of the Serbian rulers minted silver dinar coins. The first Serbian dinars, like many other south-European coins, replicated Venetian grosso, including characters in Latin (the word 'Dux' replaced with the word 'Rex'). It was one of the main export articles of medieval Serbia for many years, considering the relative abundance of silver coming from Serbian mines. Venetians were wary of this, and Dante Alighieri went so far as to put the Serbian king of his time, Stephen Uroš II Milutin of Serbia, in Hell as a forger (along with his Portuguese and Norwegian counterparts):

“ E quel di Portogallo e di Norvegia lì si conosceranno, e quel di Rascia che male ha visto il conio di Vinegia. ”

First modern Serbian dinar (1868–1920)

Following the Ottoman conquest, different foreign currencies were used up to the mid-19th century. The Ottomans operated coin mints in Novo Brdo, Kučajna and Belgrade. The subdivision of the dinar, the para, is named after the Turkish silver coins of the same name (from the Persian پاره pāra, 'money, coin'). 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 groš, French and English piastre, Turkish kuruş, قروش) as money of account. In 1819 Prince Miloš Obrenović published a table rating 43 different foreign coins: 10 gold, 28 silver, and 5 copper.

After the last Ottoman garrisons were withdrawn in 1867, Serbia was faced with multiple currencies in circulation. Thus, the prince Mihailo Obrenović ordered a 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 and adhered to a bimetallic standard up until 1914. Attempts to put the Serbian dinar solely onto the gold standard were hampered by widening budget deficits, significant government foreign debt and poor gold reserves.

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

Obverse and reverse of 5 dinar banknote issued in 1917, featuring Miloš Obilić

Coins

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

Banknotes

In 1876, state notes were introduced in denominations of 1, 5, 10, 50, and 100 dinars. The Chartered National Bank followed these notes from 1884, with notes for 10 dinars backed by silver and gold notes for 50 and 100 dinars. Gold notes for 20 dinars and silver notes for 100 dinars were introduced in 1905. However, gold-backed notes were not received well by the public. Lack of public faith in the Serbian dinar, bartering and immediate exchange for gold coins meant that the notes fell out of circulation. Silver-backed notes were however well received and made up 95% of total note circulation. During the Balkan Wars and on the eve of World War I, bank note conversions to gold and silver were temporarily suspended. During World War I, silver notes for 50 and 5 dinars were introduced in 1914 and 1916, respectively. In 1915, stamps were authorized for circulation as currency in denominations of 5, 10, 15, 20, 25, 30, and 50 paras.

Second modern Serbian dinar (1941–1944)

In 1941, the Yugoslav dinar was replaced, at par, by a second Serbian dinar for use in the German occupied Serbia. The dinar was pegged to the German reichsmark at a rate of 250 dinars = 1 reichsmark. This dinar circulated until 1944, when the Yugoslav dinar was reintroduced by the Yugoslav Partisans, replacing the Serbian dinar rate of 1 Yugoslav dinar = 20 Serbian dinars.

Coins

In 1942, zinc coins were introduced in denominations of 50 paras, 1 and 2 dinars, with 10 dinar coins following in 1943.

Banknotes

In May 1941, the Serbian National Bank introduced notes for 10, 20, 50, 100, 500, and 1,000 dinars. The 100 and 1,000 dinar notes were overprints, whilst the 10 dinar design was taken from an earlier Yugoslav note. Other notes were introduced in 1942 and 1943 without any new denominations being introduced.

Third modern Serbian dinar (2003–present)

The Serbian dinar replaced the Yugoslav dinar in 2003 when the Federal Republic of Yugoslavia was transformed into the State Union of Serbia and Montenegro. Both Montenegro and the disputed territory of Kosovo had already adopted the Deutsche Mark and later the euro when the mark was replaced by it in 2002. The Serbs in North Kosovo and the enclaves within it continued to use the dinar until 2024 when the Kosovan government banned the use of the dinar for payment, making the euro the sole legal tender nationwide.

Between 2003 and 2006, the Serbian dinar used the ISO 4217 code CSD, with CS being the ISO 3166-1 country code for Serbia and Montenegro. When the State Union was dissolved in 2006, the dinar's ISO 4217 code was changed to the current RSD.

Coins

Coins currently in circulation are din. 1, din. 2, din. 5, din. 10, and din. 20 coins. All coins feature identical inscriptions in Serbian, using the Cyrillic and Latin scripts. The din. 10 and din. 20 coins are uncommon in circulation, as banknotes of the same value are used instead.

Coins
Image	Value	Technical parameters			Description			Date of
		Diameter	Mass	Composition	Edge	Obverse	Reverse	Minting	Issue	Withdrawal	Lapse
	din. 1	20 mm	4.34g	70% Cu, 12% Ni, 18% Zn	reeded	Denomination, the relief of the National Bank of Serbia building, year of minting	Logo of the National Bank of Serbia	2003, 2004	2 July 2003	Current
	din. 1	20 mm	4.26g	75% Cu, 0,5% Ni, 24,5% Zn	reeded		Greater coat of arms of Serbia	2005-2009	2 July 2005
	din. 1a		4.2g	Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass				2009-present	20 March 2009
	din. 2	22 mm	5.24g	70% Cu, 12% Ni, 18% Zn	reeded	Denomination, the relief of the Gračanica monastery, year of minting	Logo of the National Bank of Serbia	2003	2 July 2003
	din. 2	22 mm	5.15g	75% Cu, 0,5% Ni, 24,5% Zn	reeded		Greater coat of arms of Serbia	2006-2010	27 December 2006
	din. 2a		5.05g	Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass				2009-present	20 March 2009
	din. 5	24 mm	6.23g	70% Cu, 12% Ni, 18% Zn	reeded	Denomination, the relief of the Krušedol monastery, year of minting	Logo of the National Bank of Serbia	2003	2 July 2003
	din. 5	24 mm	6.13g	75% Cu, 0,5% Ni, 24,5% Zn	reeded		Greater coat of arms of Serbia	2005-2012	2 July 2005
	din. 5a		5.78g	Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass				2013-present	5 July 2013
	din. 10	26 mm	7.77 g	70% Cu, 12% Ni, 18% Zn	reeded	Denomination, the relief of the Studenica monastery, year of minting	Logo of the National Bank of Serbia	2003	2 July 2003	current
	din. 10						Greater coat of arms of Serbia	2005-present	2 July 2005
	din. 10	26 mm	7.77 g		reeded	Denomination, the 2009 Summer Universiade logo, year of minting	Greater coat of arms of Serbia	2009	26 June 2009
	din. 20	28 mm	9.00 g		reeded	Denomination, Church of Saint Sava, year of minting	Logo of the National Bank of Serbia	2003	2 July 2003
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Nikola Tesla, year of minting	Greater coat of arms of Serbia	2006	30 July 2006
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Dositej Obradović, year of minting	Greater coat of arms of Serbia	2007	10 December 2007
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Milutin Milanković, year of minting	Greater coat of arms of Serbia	2009	26 June 2009
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Đorđe Vajfert, year of minting	Greater coat of arms of Serbia	2010	16 June 2010
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Ivo Andrić, year of minting	Greater coat of arms of Serbia	2011	20 May 2011
	din. 20	28 mm	9.00 g		reeded	Denomination, a relief portrait of Mihajlo Pupin, year of minting	Greater coat of arms of Serbia	2012	8 June 2012
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. a In 2010, the Greater coat of arms of Serbia was slightly modified. In 2013, the metal content was slightly altered.

Banknotes

In 2003, banknotes of the (re-established) National Bank of Serbia were introduced in denominations of din. 100, din. 1,000, and din. 5,000. din. 500 followed these in 2004, din. 50 in 2005, din. 10, din. 20 and din. 200 in 2006, din. 2,000 in 2011.

Denomination	Obverse Image	Reverse Image	Main Colour	Obverse	Reverse	Remark
din. 10 131 × 62 mm			Ochre-yellow	Vuk Karadžić (1787 – 1864), philologist and linguist	Seated figure of Vuk Karadžić, first Prague Slavic Congress, vignette of the letters introduced by Vuk Karadžić.	Replaced with a slightly lighter 2006 issue. A revised issue entered circulation in 2011.
din. 20 135 × 64 mm			Green	Petar II Petrović-Njegoš (1813 – 1851), metropolitan bishop and poet	Figure of Petar II Petrović-Njegoš, a motif of Mount Lovćen.
din. 50 139 × 66 mm			Violet	Stevan Stojanović Mokranjac (1856 – 1914), composer	Figure of Stevan Stojanović Mokranjac, a motif of Miroslav Gospels illumination scores.	Redesigned in 2005. A revised issue entered circulation in 2011.
din. 100 143 × 68 mm			Blue	Nikola Tesla (1856 – 1943), inventor	Figure of Nikola Tesla, a detail from the Tesla electro-magnetic induction engine.	Redesigned in 2003, 2004, and 2006. A revised issue entered circulation in 2012.
din. 200 147 × 70 mm			Brown	Nadežda Petrović (1873 – 1915), painter	Figure of Nadežda Petrović, silhouette of the Gračanica Monastery.	Redesigned in 2005. A revised issue entered circulation in 2011.
din. 500 147 × 70 mm			Cyan	Jovan Cvijić (1865 – 1927), geographer	Seated figure of Jovan Cvijić, stylized ethnic motifs.	Redesigned in 2007. A revised issue entered circulation in 2011.
din. 1,000 151 × 72 mm			Red	Đorđe Vajfert (1850 – 1937), industrialist	Seated figure of Đorđe Vajfert, hologram image of St. George slaying a dragon, details of the main hall of the National Bank of Serbia building.	Redesigned in 2003 and 2006. A revised issue entered circulation in 2011.
din. 2,000 155 × 74 mm			Olive Green	Milutin Milanković (1879 – 1958), mathematician and astronomer	Figure of Milutin Milanković, stylised Sun disk drawing fragment and an illustration of Milanković's work.	Entered circulation in 2011.
din. 5,000 159 × 76 mm			Purple	Slobodan Jovanović (1869 – 1958), jurist and historian	Figure of Slobodan Jovanović, silhouette of the hemicycle, portico and the dome of the House of the National Assembly.	Redesigned in 2010. A revised issue entered circulation in 2016.

See also

• Economy of Serbia
• Macedonian denar
• Yugoslav dinar
• Yugoslav krone

References

Sources

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501. 
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9. 

External links

• Heiko Otto, ed. "Historical and current banknotes of Serbia" (in en,de). http://www.bis-ans-ende-der-welt.net/Serbien-B-En.htm. 

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