Macedonian denar

The denar (; plural: denari / ; abbreviation: den / ; ISO code: MKD) is the currency of North Macedonia. Though subdivided into one hundred deni (), coins with a denomination of less than one denar have not been in use since 2013.

History The first denar was established as a temporary currency on 26 April 1992 20 years of the Macedonian denar will be celebrated NovaMakedonija in the then-Republic of Macedonia, replacing the 1990 version of the Yugoslav dinar at a 1:1 parity. 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 Cyrillic letters of its name.

First denar (1992–1993) The first denar was a temporary currency introduced on 26 April 1992 to replace the Yugoslav dinar at 1:1 parity 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. But secret preparations were begun to introduce its own currency, and by April 1992, Macedonia was ready to acquire monetary independence from Yugoslavia. On 26 April, the National Bank of Macedonia was established and the denar declared the national currency. Notes in the form of "value coupons" entered circulation the following day, and on 30 April 1992, the Yugoslav dinar ceased to be legal tender. In May 1993, the first denar was replaced at a rate of 100 to 1 by a new, permanent denar consisting of notes and coins.

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. The notes remained in circulation until they were replaced by permanent notes of the second denar in 1993.

Production Printing of the notes started on 15 January 1992 at the “11 October” printing firm in Prilep. The difficulties of creating a new currency in secret were reflected in the notes themselves. The paper, purchased from Slovenia, proved to be of poor quality and lacked adequate security. Although denominated in denari, the name of the currency did not appear on the notes because they were printed prior to the adoption of the Law on the Monetary Unit. Likewise, the issuer appeared as the "National Bank 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, who had only one week and a limited budget to design them. Thus the six lowest denominations were identical, with the exception of their colours. All featured 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.”

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 50 DEN* 31 August 1993 100 DEN 500 DEN 1,000 DEN 30 November 1993 5,000 DEN Monument Makedonium in Kruševo Girl in front of a computer 10,000 DEN Panorama of the Church of St. Sofia, Ohrid Men dancing and the monument Makedonium in Kruševo After 10 May 1993 these banknotes remained in circulation at of their nominal value.

Exchange rates The denar was introduced with a fixed exchange rate of 360 denars to the Deutsche Mark. There was a devaluation in October 1992 and change to the basket peg, new devaluation in December 1992 and abandonment of the peg in mid-1993.North Macedonia

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 coins were designed by Dimče Boškoski and Snežana Atanasovska. In November 2008, 10 and 50 denar coins were introduced, while the 50 deni coin was withdrawn in 2013. Due to its low mintage, it had only been struck in 1993 and was practically never seen in circulation.

Since 1996, a large number of commemorative coins have been issued for collectors; a listing can be found on the national bank website.

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

Coins of the denar (1993–present) Image Value Technical parameters Description Date of Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse 50 deni 21.5 mm 4.1 g 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* 1 DEN 23.80 mm 5.1 g Cu80Ni3Zn17 РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Šarplaninec shepherd dog 199319972001200620082014 2016 Current 2 DEN 25.50 mm 6.2 g РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Ohrid trout (Salmo letnica). 1993200120062008 2014 2018 5 DEN 27.5 mm 7.2 g РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Balkan lynx (Lynx lynx balcanicus). 1993200120062008 2014 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 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 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.

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 of 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 Steel core coated with copper and brass Plain Value,Stylized horizont with a 16-ray sun Република Северна Македонија, circular; year in the lower central field. Šarplaninec shepherd dog 2020 2024 1 April 2021 Current 2 DEN 25.50 mm 6.2 g Република Северна Македонија, circular; year in the lower central field. Ohrid trout (Salmo letnica). 2022 2024 5 DEN 27.5 mm 7.2 g Република Северна Македонија, circular; year in the lower central field. Balkan lynx (Lynx lynx balcanicus).

FAO coinage (1995) In 1995, circulation coins of 1, 2, and 5 denar denominations were struck in honor of the United Nations' Food and Agriculture Organization.

Banknotes In 1993, the new denar was issued in denominations of 10, 20, 50, 100, and 500 denar notes. The 20 denar note was only issued in this first series. In 1996, 1000 and 5000 denar notes were added. In 2016, notes of 200 and 2,000 denars were issued, while the national bank began withdrawing the 5000 denar banknote from circulation to re-balance the structure of notes in circulation. In 2017, the national bank unveiled its current polymer banknotes, the 10 and 50 denar notes, and put them into circulation on May 15.

Obverse Reverse ValueColour Obverse Reverse 1993 series (Issued October 1993) 10 DEN blue Makedonium Monument in Kruševo Panorama of Kruševo 20 DEN brown-dark red Daut-Pasha Bath in Skopje Clock tower in Skopje 50 DEN red Monastery of St. Pantelejmon in Skopje Old National Bank of Macedonia building in Skopje 100 DEN brown 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 10 DEN lilac 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 of St. Pantelejmon, Nerezi; Follis coin Arhangel Gavril in the St. Ǵorǵi Church, 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) Poppy flower 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 500 DEN red-brown Gold mask, v. Trebeništa, Ohrid (6th century BC) Poppy flower 1,000 DEN brown Madonna Episkepis, icon from the St. Vrači Church, Ohrid, 14th century Gregory's gallery (14th century), Church of 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 2000 DEN 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 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 of St. Pantelejmon, Nerezi; Follis coin Arhangel Gavril in the St. Ǵorǵi Church, Kurbinovo

Exchange rates Since October 1995, the nominal exchange rate of the Denar was pegged against the Deutsche Mark. Since January 2002, it is pegged against the euro.

The denar is de facto pegged to the euro using a stabilized agreementThe euro in global foreign exchange reserves and exchange rate anchoring at a rate of 1 EUR=61.3644 MKD±1%.

Macedonian denar

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