Serbian money is certainly a topic in itself.
When people visit Serbia for the first time, one of the first questions they ask is: “What is Serbian currency?” While other European countries mostly use the euro, in Serbia the official currency is dinar.
We must say that the dinar is not just a currency. It became a symbol of national identity and resilience.
The story of Serbian money is more than just numbers, exchange rates, or payment methods for bills in your wallet. It is also a story about history and culture.
And it’s time to find out all about it!
#1 The Serbian Currency Today
As already mentioned, the official currency of Serbia is the dinar, abbreviated as RSD.
Note: This abbreviated mark is significant if you’re visiting Serbia for the first time and go to the grocery shop, only to find yourself confused by the prices written with RSD or din. next to the numbers. So, don’t worry, RSD and dinar mean precisely the same. 🙂
Now, back to the Serbian currency.
The dinar is divided into 100 para, although para coins are no longer in use because they are too low in value. However, the prices can be expressed as 99,99, which is 99 dinars and 99 para. People usually round up to 100 dinars in this case.
In daily usage, you’ll find a combination of metal coins and paper banknotes.
Serbs use coins of 1, 2, 5, 10, and 20 dinars, while banknotes include 10, 20, 50, 100, 200, 500, 1,000, 2,000 and 5,000 dinars.
When converted into euros or dollars, the dinar might not seem particularly strong. Euro value changes daily, but at the moment when this article is written (and for quite some time), 1 euro stands for about 117 dinars.
For everyday life in Serbia, the dinar is the standard currency for salaries, shopping, paying bills, and all other financial activities. However, people often express higher values in everyday speech with euros. For example, the rent or apartment price is always expressed in euros, or when someone says how much they are earning – they’ll always say it in euros.
#2 Who Is Who on the Serbian Banknotes?
Each Serbian banknote features significant historical figures who left a deep mark on science, literature, art, and national identity.
Here’s a quick overview:
- 10 dinars – Vuk Stefanović Karadžić, the famous language reformer and creator of the modern Serbian alphabet. Other details include letters written in Serbian Cyrillic, Vuk’s writing utensils, and participants in the “First World Slavonic Gathering” held in Prague in 1848.
- 20 dinars – Petar II Petrović Njegoš, poet, philosopher, and ruler of Montenegro, known for his epic poem Gorski vijenac (=The Mountain Wreath). Other details are the Cetinje Monastery and the Komovi mountain range.
- 50 dinars – Stevan Stojanović Mokranjac, one of the most important Serbian composers and music educators. Other details you can spot are a violin, a keyboard, sheet music, and illumination from the Miroslav Gospel.
- 100 dinars – Nikola Tesla, the world-famous inventor, scientist, and visionary, today celebrated worldwide for his contributions to electricity and modern technology. Other details you’ll see are the formula for the unit of magnetic induction and some of Tesla’s inventions.
- 200 dinars – Nadežda Petrović, a pioneering Serbian painter and one of the country’s first female war photographers and nurses. Other details include an outline of the Gračanica monastery church, a painter’s brush.s
- 500 dinars – Jovan Cvijić, a prominent geographer and anthropologist, often called the father of Serbian geography. Other details shown on the banknote are ethno motives.
- 1,000 dinars – Đorđe Vajfert, an industrialist and governor of the National Bank of Serbia in the early 20th century, known for his contribution to mining and banking. Other details: view of the Weifert brewery complex, cinegram “Saint George kills the dragon”.
- 2,000 dinars – Milutin Milanković, a scientist and mathematician famous for his theory on climate cycles, remains a key figure in modern climate science. Other details include the calculation of the snow line’s displacement and the display of the sun’s disk.
- 5,000 dinars – Slobodan Jovanović, historian, writer, and politician, respected for his intellectual and political work. Other details you’ll notice include a fragment of the Federal Assembly building and a view of the assembly hall’s interior.
#3 Churches on Serbian Coins
While banknotes celebrate individuals, Serbian coins highlight national heritage, particularly in architecture, with a focus on medieval churches and monasteries.
These religious sites are not only sacred places but also essential symbols of Serbian culture and history.
Here is the Serbian coins overview:
- 1 dinar coin – This is an exception when it comes to other edifices shown on coins, since it features the National Bank of Serbia.
- 2 dinar coin – shows the Gračanica Monastery, a UNESCO World Heritage Site founded in the 14th century by Serbian king Stefan Uroš II Milutin Stefan Nemanja, from the Nemanjić dynasty.
- 5 dinar coin – represents the Krušedol Monastery, endowment of the last Serbian despots’ family in Srem, Branković. It was built in the 16th century and is located on Fruška Gora.
- 10 dinar coin – highlights the Studenica Monastery, founded in the 12th century by Stefan Nemanja. It’s also part of the UNESCO list.
- 20 dinar coin – represents the Saint Sava Temple, the largest Orthodox church in Serbia and one of the largest churches in the world.
These coins are not just a currency; they reflect Serbian spiritual and architectural treasures.
#4 The History of Serbian Money
The word dinar itself has a long history. It stretches back to the ancient Roman denarius, which was widely used throughout the Roman Empire.
The dinar was first mentioned among Serbs in old documents from the end of 1214, during the reign of Stefan Nemanjić. It represented one of the most important features of the independence and statehood of the Serbian state in the Middle Ages.
Due to the loss of independence of the Serbian state, a large number of foreign countries’ coins were in use until the mid-19th century. But with the establishment of the modern Serbian state in the 19th century, the dinar was brought back in use.
In the 20th century, Serbian money went through turbulent times, which brings us to the next point.
#5 Fun Fact: Hyperinflation in the 1990s
It may seem strange that hyperinflation can be a fun fact, but between 1992 and 1994, money depreciated hour by hour, losing almost all its value.
Of course, there was nothing fun about it, as people had to struggle to buy even the most basic groceries for a salary of about 10 German marks (five euros) and an even smaller pension.
Unable to secure funds to finance military spending, the state resorted to issuing paper money without a backer, which caused a rapid increase in prices and a deterioration in the value of the domestic currency.
The media reported that a loaf of bread cost four billion dinars at the end of that year, and a litre of milk cost almost 10 billion. For the average pension, you could barely buy a bar of soap.
At the peak of hyperinflation, the largest banknote issued was a staggering 500 billion dinars. This hyperinflation is still remembered as one of the worst in world history.
Today, the dinar is much more stable, and inflation is kept under control. Still, this period remains a fascinating and often unbelievable chapter of Serbian economic history.
#6 Bonus: Tourists’ Tips For Serbian Money
If you’re planning a trip to Serbia, here are some essential things you should know about money:
- Exchange rates: Most visitors bring euros (sometimes dollars, Swiss francs, or pounds) and exchange them locally. The exchange rate is relatively stable, with 1 euro usually worth around 115–120 dinars. This is something you can always check on the Internet to avoid a bad course.
- Where to exchange money: You can exchange money at banks, exchange offices (in Serbian – menjačnice), or hotels. Exchange offices are very common in cities, often offering the best rates (better than banks).
- ATMs and cards: ATMs are widespread in urban areas, and most accept international cards (Visa, Mastercard, Maestro). Credit and debit cards are widely accepted in restaurants, hotels, and shops, but cash remains the preferred payment method in smaller towns, markets, and taxis. You should always ask beforehand if a place accepts cards or not.
- Bring cash: It’s useful to have smaller denominations (100, 200, or 500 dinars) for daily expenses, such as bus tickets, coffee, or snacks. Larger notes, such as 2,000 and 5,000 dinars, can be more complex to break in small shops.
- Use coins: Unlike the euro, Serbian dinar coins have no value outside the country, so it’s best not to exchange them before leaving. Spend them while you’re here!
- Tipping: Tipping is not mandatory, but guests usually leave around 10% in restaurants and cafés if they are satisfied with the service (and even if they aren’t :D).
Conclusion
As you can see, Serbian money shows the country’s past struggles, intellectual achievements, and cultural heritage.
From the turbulent days of hyperinflation in the 1990s to today’s more stable, yet still challenging economy, the story of money in Serbia is linked to the story of the Serbian people themselves.
Next time you hold a Serbian banknote or coin in your hand, take a closer look. You won’t just see numbers. You’ll see inventors like Nikola Tesla, poets like Njegoš, scientists like Milanković, and ancient monasteries that have stood the test of time!
For visitors, each coin and banknote is a literal lesson in Serbian history and culture.
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