Macedonian denar

Currency of North Macedonia

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Macedonian denar
денар (Macedonian)

2 MKD 2006
ISO 4217
Code MKD (numeric: .mw-parser-output .monospaced{font-family:monospace,monospace}807)
Subunit 0.01
Unit
Plural denari / денари (“denars”)
(Macedonian: денари)
Symbol den
(Macedonian: ден)
Denominations
Subunit
.mw-parser-output .nobold{font-weight:normal} .mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}1100 дени (no longer used)
Banknotes
 Freq. used 10 MKD, 50 MKD, 100 MKD, 200 MKD, 500 MKD, 1,000 MKD, 2,000 MKD
Coins 1 MKD, 2 MKD, 5 MKD, 10 MKD, 50 MKD
Demographics
User(s)  North Macedonia
Issuance
Central bank National Bank of the Republic of North Macedonia
 Website www.nbrm.mk
Valuation
Inflation 14.2%
 Source NBRSM, 2022

The denar (Macedonian: денар; paucal:[clarification needed] denari / денари; abbreviation: den / ден; ISO code: MKD) is the currency of North Macedonia. Though subdivided into one hundred deni (дени), coins with a denomination of less than one denar have not been in use since 2013.

History[edit]

The first denar was established as a temporary currency on 26 April 1992 [1] 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[edit]

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)[edit]

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[edit]

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.[2] 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[edit]

No coins were issued for the first denar.

Banknotes[edit]

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[edit]

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.[3]

Design[edit]

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[4] ?
25 DEN 143mm × ? mm
50 DEN* 143mm × ? mm 31 August 1993[4]
100 DEN 143mm × ? mm
500 DEN 143mm × ? mm
1,000 DEN 143mm × ? mm 30 November 1993[4]
5,000 DEN 143mm × ? mm Monument Makedonium in Kruševo Girl in front of a computer
10,000 DEN 143mm × ? mm Panorama of the Church of St. Sofia, Ohrid Men dancing and the monument Makedonium in Kruševo
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

  • After 10 May 1993 these banknotes remained in circulation at 1100 of their nominal value.[4]

Exchange rates[edit]

The denar was introduced with a fixed exchange rate of 360 denars to the Deutsche Mark.[2]

Second denar (1993–present)[edit]

Coins[edit]

First series (1993)[edit]

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.[5]

Since 1996, a large number of commemorative coins have been issued for collectors; a listing can be found on the national bank website.[6]

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

Coins of the denar (1993–present)[7]
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[8] Indefinitely*
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
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
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
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
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

  • 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)[edit]

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)[7]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
DEN[9] 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
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

FAO coinage (1995)[edit]

In 1995, circulation coins of 1, 2, and 5 denar denominations were struck in honor of the United Nations’ Food and Agriculture Organization.

Banknotes[edit]

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.

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
Obverse Reverse Value Colour Obverse Reverse
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
Obverse Reverse Value Colour Obverse Reverse
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 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 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[edit]

The denar is de facto pegged to Euro at a rate of 1 EUR=61.3644 MKD +/- 1% using a stabilization agreement.[10]

Current MKD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY

See also[edit]

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References[edit]

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  1. ^ 20 years of the Macedonian denar will be celebrated Archived 2014-10-06 at the Wayback Machine NovaMakedonija
  2. ^ a b .mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:”””””””‘””‘”}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url(“//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg”)right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a{background-size:contain}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url(“//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg”)right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a{background-size:contain}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url(“//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg”)right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a{background-size:contain}.mw-parser-output .cs1-ws-icon a{background:url(“//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg”)right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#2C882D;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911F}html.skin-theme-clientpref-night .mw-parser-output .cs1-visible-error,html.skin-theme-clientpref-night .mw-parser-output .cs1-hidden-error{color:#f8a397}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-visible-error,html.skin-theme-clientpref-os .mw-parser-output .cs1-hidden-error{color:#f8a397}html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911F}}“National Bank of the Republic of Macedonia. Annual Report 1992” (PDF). www.nbrm.mk.
  3. ^ “Со солзи и во тајност се печатеше првиот македонски денар”. www.utrinski.mk. 6 September 2011. Archived from the original on 6 October 2014. Retrieved 3 October 2014.
  4. ^ a b c d “National Bank of the Republic of North Macedonia. Annual Report 1993” (PDF). www.nbrm.mk.
  5. ^ “National Bank of the Republic of North Macedonia, Annual Report 2011” (PDF). www.nbrm.mk.
  6. ^ “Македонски – Пригодни ковани пари”. www.nbrm.mk.
  7. ^ a b “Македонски – Ковани пари во оптек”. www.nbrm.mk.
  8. ^ “National Bank of the Republic of North Macedonia, DECISION ON WITHDRAWAL FROM CIRCULATION OF COINS IN DENOMINATION OF 50 DENI” (PDF). www.nbrm.mk. 26 April 2012.
  9. ^ “DECISION ON PUTTING INTO CIRCULATION OF COINS IN DENOMINATION OF 1 DENAR WITH MODIFIED FEATURES”. www.nbrm.mk.
  10. ^ “Summary. North Macedonia” (PDF). finance.gov.mk. Retrieved 8 August 2023.

External links[edit]

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