146th anniversary of the Serbian dinar

The Serbian dinar - a national currency seen by the world's leading investment banks as neither overvalued nor undervalued, which is a guarantee of the citizens' trust in it - celebrates its 146th anniversary on Thursday.

12 Decembar 2019 17:29

BELGRADE - The Serbian dinar - a national currency seen by the world's leading investment banks as neither overvalued nor undervalued, which is a guarantee of the citizens' trust in it - celebrates its 146th anniversary on Thursday.

A major step in the establishment and development of the Serbian monetary system was made in 1873, when a law on coining a Serbian silver currency was introduced during the reign of Prince, and later King of Serbia, Milan Obrenovic (1868-1889).

The law was passed in the Assembly on November 29 according to the Old Calendar - or December 12 according to the New Calendar - and approved by Prince Milan on the following day.

As a result, the first 50-para and 1- and 2-dinar silver coins, with the image of Prince Milan on the obverse, were made in 1875.

Under the law, the monetary system was based on the principles and the provisions of the 1865 Paris Monetary Convention, which led to the formation of the Latin Monetary Union.

Although Serbia never formally joined the Convention, the first dinar had the same dimensions, weight and silver content as the French franc.

The importance of the law lies in the fact that, for the first time since the medieval era, it introduced an independent monetary system in Serbia, even though the country was still formally an Ottoman vassal at the time, the National Bank of Serbia recalled.

Photo: Pixabay.com image

top of page