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Notes Of The Reformed Dinar, The Boy: 1 Million Dinara (Yugoslavia, 1993)-Article

Updated: Mar 13, 2022

This Yugoslavian banknote represents the 9th denomination of the “Reformed Dinar” (3rd of Series 1993). A product of dissolution of Socialist Federal Republic of Yugoslavia, in 1992. The Reformed Dinar briefly served as the currency of Federal Republic of Yugoslavia. A union of the republics of Serbia and Montenegro, which opposed the dissolution of previous SFR Yugoslavia.

Notably the notes of the initial Reformed Dinar (Series 1992) resemble those of the previous "Convertible Dinar". Although they differ in color scheme and lack the Emblem of SFR Yugoslavia. The Reformed Dinar was replaced the "October Dinar", on 1 October 1993. Due to hyperinflation, which the Reformed Dinar was failed to address. (SEE: A Brief History of The Reformed Dinar)


The observe features a portrait of young boy, representing the Yugoslavia's youth. This is the 3rd variant of this portrait, which first appeared on the 50 "Convertible " Dinara note (1990). The previous variant of this note featured a different color palette. In addition to featuring different artwork on its reverse side.

Notably besides the portrait is the Central Bank of Yugoslavia logo. Rather then the Emblem of SFR Yugoslavia, featured on previous "Convertible Dinar". Above is dual Serbian and Croatian text, both translates to "National Bank of Yugoslavia". The 3rd/4th letters of this text aligns with a faintly visible security tread.

Below the central bank logo is a large number "1 Million and dual text, stating the note's face value. An additional vertical number 1 Million can be seen, at the left of the portrait. Toward the note's right is the watermark area. It features a mirrored image of the note's portrait.

At the top of this watermark area is a number 1 Million, on a decorative "double oval" design. Notably the shape of this design varies, based on the note's portrait. To the far right is vertical text in Serbian, it reads "Фалсификовање је кажњиво по закону". Warning potential counterfeiters that, "Forgery is punishable by law". Below is the note's serial number "AA 0172137".


The reverse depicts Iris flowers, found in Serbia-Montenegro. Just as the observe, the reverse features dual Serbian and Croatian text. Above the illustration the text simply translates to "Yugoslavia". While below is a large 1 Million and additional text, representing the note's face value.

The reverse watermark area features Croatian text, on its counterfeit warning. The number 1 Million is backed by a design matching the observe. The serial number has been replaced by the text "гувернер-Guverner" and a signature, representing the Bank Governor. The text below states this note was printed in 1993, at the city of Belgrade (Beograd).

At the note's footer is fine text, it reads "Narodna Banka Jugoslavije-Zavod Za Izradu Novčanica I Kovanog Novca-Beograd". The center section represents the note's printer, commonly known a ZIN. The last section refers to Belgrade, were ZIN is headquartered. While the first section refers to the notes being approved by the National Bank of Yugoslavia.

A Brief History of the Reformed Dinar

A 1992 Yugoslavian 5,000 Dinara ("Reformed").
A 1992 Yugoslavian 5,000 Dinara ("Reformed").

The Reformed Dinar was introduced 1 July 1992, after the dissolution of Socialist Federal Republic of Yugoslavia. It primarily served as a (10:1) revaluation of the previous "Convertible Dinar". Which was heavily impacted by inflation, due to the sudden dissolution of the SFR Yugoslavia. Leading to period of independence wars and ethnic conflict, known as the Yugoslav Wars (1991-2001).

Notably the Reformed Dinar represented the 3rd revaluation of the Yugoslavian Dinar. Since introduction of the "Hard Dinar", on 1 January 1966. This chronic inflation was a contributing factor to dissolution of the SFR Yugoslavia. The Convertible Dinar was a final failed attempt to counter inflation, prior to Slovenia's and Croatia's succession.

The Reformed Dinar introduction was also used to invalidated the previous Convertible Dinar. Which the secessionist republics used to back their own transitional currencies. These currencies included the Slovenian Tolar, the Croatian Dinar, the First Macedonian Denar and the First Bosnia-Herzegovina Dinar. Denying them access to convertible currency was a major economic-political objective.

A 1985 Yugoslavian 5,000 Dinara ("Hard").

The Reformed Dinar also served as currency in ethnic Serbian enclaves. These enclaves were located along Croatian and Bosnian borders, neighboring Serbia. They formed the proto-states of the Republic of Serbian Krajina (Croatia) and the Republic of Srpska (Bosnia). Their currencies were respectively known as the Krajina and Srpska Dinar.

A 10 Dinara, issued by the Republic of Srpska (1992).
A 10 Dinara, issued by the Republic of Srpska (1992).

The First Krajina and Srpska Dinar were pegged at par (1:1) to the Reformed Dinar. These currencies were meant to provide a degree of legitimacy, to their claims of sovereignty. Although with the initial intent of being annexed by Serbia. Who also produced their currency through the Serbian state printer ZIN. The same printer as the Reformed Dinar and later the "October Dinar".

A 1993 Yugoslavian 500 Million Dinara ("October").
A 1993 Yugoslavian 500 Million Dinara ("October").

On 1 October 1993, the Reformed Dinar was replaced by the "October Dinar". Which was a (1 Million to 1) revaluation of the Reformed Dinar. It failed to counter hyperinflation and only remained in circulation to the year's end. The Second Krajina and Srpska Dinar were pegged at par (1:1) to the October Dinar. Additionally the "January Dinar" was briefly issued from 1-24 January 1994".

A 1994 Yugoslavian 10 Million Dinara ("January").
A 1994 Yugoslavian 10 Million Dinara ("January").

On 24 January 1994, the Novi Dinar was issued. Although this time pegged at par (1:1) to the Deutsche Mark, thus finally solving the hyperinflation issue. Similar actions had been undertaken by the the secessionist republics. Which were nearing the end of their respective conflicts, due to peace negotiations.

1993 Reformed Dinar Gallery

(Gallery contains all 1993 Reformed Dinar banknotes)


Additional Notes

  • This note's dimensions are 147 x 70 mm or 5.79 x 2.76 in, slightly larger than a US Dollar.

  • The preferable method to preserve this note are large sized protective sleeves.

  • The Reformed Dinar ISO code was YRD, it used both din. and дин as symbols.

  • In theory, the Reformed Dinar was sub-divided into 100 Para, all coins were in Dinar values.

  • The German Deutsche Mark was used unofficially alongside the Reformed Dinar.

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