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Notes Of The Krajina Republic: 5 Million Dinara (Republic of Serbian Krajina, 1993)-Article

Updated: Mar 28, 2022

This Croatian War-era banknote represents the 5th denomination Serbian Krajina Second Dinar (1993). The Republic of Krajina (1992-1995) was an ethnically Serbian proto-state, formed within the newly independent Republic of Croatia. Which itself succeeded from the nation of Yugoslavia, on 25 June 1991. Leading to Yugoslavia's eventual dissolution, in 1992.

Similar to the Bosnian-Serb enclave of the Republic of Srpska. The value of the Krajina Dinar was pegged (1:1) to the Yugoslavian Dinar. Which remained in use after the dissolution of Yugoslavia. As the nations of Serbia and Montenegro considered themselves as Yugoslavia's successors. Therefore Krajina Dinar series are occasionally referenced by their Yugoslav counterparts.

This note coincides with the "October" Dinar, issued from October-December 1993. It was replaced by the January Dinar, on 1 January 1994. Which remained in circulation until the 5 August 1995. When the the city of Knin, the Krajina capital was overrun by Croatian forces.


The observe features an illustration of the Knin Fortress, a 11th century Croat fort on Mount Spas. The fortress overlooked the former Serbian Krajina capital. The fortress and city below were taken by Croatian forces on the 5 August 1993. Thus effectively ending the Republic of Serbian Krajina.

Notably the observe text is printed in Serbian. The Cyrillic header reads "Народна банка Републике Српске Крајине", for the "National Bank of Republic of Serbian Krajina". While the footer reads, "Фалсификовање је кажњиво по закону". Warning potential counterfeiters that, "Forgery is punishable by law".

The remainder of the illustration is covered by elaborate guilloché patterns. A pair of number "5000000" are overprinted on the lower corners. Representing the note's hyperinflated 5 Million Dinara value. Notably the largest denomination of series was valued at 50 Billion Dinara.

Toward the note's right is a watermark area. An additional number "5000000" can be seen on guilloché backing. This "Five Million Dinara" value is repeated in vertical Cyrillic text (Пет милиона динара), along the far right. Below is the signature of the Bank Governor (гувернер).

According to the lowermost text, this note was issued at the city of Knin, on 1993 (Книн 1993.).


The reverse text is printed in Croatian, using Latin/standard script. The Serbian Krajina is printed at the note's center. Just as the observe the header and footer, refer to the "National Bank of Republic of Serbian Krajina". And warn potential counterfeiters that, "Forgery is punishable by law". The overserve guilloché patterns are mirrored and features number "5000000"s.

The watermark area mirrors the observe, although in Croatian. The only addition being a red-incked serial number. It reads, "A 0023994", with the letter "A" representing the production batch. We can deduce from this letter and the relatively low number. That this is a fairly early production note.


Additional Notes

  • The note's dimensions are 139 x 66 mm or 5.47 x 2.60 in. slightly smaller than a US Dollar.

  • The preferable method to preserve this note are side-opening protective sleeves.

  • The Krajina Dinar lacked a formal ISO code and symbol, as Krajina was a unrecognized state.

  • Like many post-Yugoslav currencies, the Krajina Dinar lacked coins and sub-denominations.

  • The dissolution of Yugoslavia lead to a period of ethnic conflicts, known as the Yugoslav Wars.

  • The name "Krajina" is a Serbian word for "frontier", a regional term used during the Habsburg Empire (1282–1918).

  • The Krajina Dinar is divided into separate First (Reformed), Second (October), and Third (January) series.

  • Serbian issued Yugoslavia Dinar notes were accepted currency within the Krajina Republic.

  • The Krajina Dinar was replaced by the Croatian Kuna, after Serbian Krajina was disbanded.

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