Macedonian denar facts for kids

Quick facts for kids Macedonian denar
2 MKD 2006
ISO 4217 Code	MKD
User(s)	North Macedonia
Inflation	14.2%
Source	NBRSM, 2022
Subunit
1⁄100	дени (no longer used)
Symbol	den (Macedonian: ден)
Plural	denari / денари ("denars") (Macedonian: денари)
Coins
Freq. used	1 MKD, 2 MKD, 5 MKD, 10 MKD, 50 MKD
Rarely used	50 дени (no longer minted)
Banknotes
Freq. used	10 MKD, 50 MKD, 100 MKD, 200 MKD, 500 MKD, 1,000 MKD, 2,000 MKD, 5,000 MKD

The denar (Macedonian: денар) is the official money, or currency, of North Macedonia. It's often shortened to den (ден) and its international code is MKD. Even though it can be divided into 100 "deni" (дени), coins worth less than one denar haven't been used since 2013.

History of the Denar

The denar was first created as a temporary currency on April 26, 1992. It replaced the old Yugoslav dinar at an equal value. This happened when North Macedonia, then called the Republic of Macedonia, became independent.

In May 1993, the currency was updated. A new denar was introduced, and one new denar was worth 100 old denars. This made the currency stronger and more stable.

Where Does the Name "Denar" Come From?

The name "denar" comes from a very old Roman coin called the denarius. The abbreviation for the denar, ден, uses the first three letters of its name in the Cyrillic alphabet.

The First Denar (1992–1993)

The first denar was a temporary currency. It was launched on April 26, 1992. Its main goal was to replace the Yugoslav dinar and help Macedonia become financially independent.

Why a New Currency?

Macedonia became independent from Yugoslavia on September 8, 1991. At that time, people were still using the Yugoslav dinar. But secretly, plans were made to create Macedonia's own money. By April 1992, the country was ready to have its own currency.

On April 26, the National Bank of North Macedonia was created. The denar was officially declared the national currency. Special temporary banknotes, called "value coupons," started being used the next day. By April 30, 1992, the Yugoslav dinar was no longer valid money in Macedonia.

In May 1993, the first denar was replaced by a new, permanent denar. One new denar was equal to 100 old ones. This new currency included both banknotes and coins.

Coins of the First Denar

No coins were made for the first denar. Only banknotes were used.

Banknotes of the First Denar

The temporary banknotes, or "value coupons," were introduced on April 27, 1992. However, the work to produce them began much earlier. These notes were used until the permanent banknotes of the second denar came out in 1993.

How They Were Made

Printing of these notes started on January 15, 1992. It happened at a printing company in Prilep. Creating a new currency in secret was difficult. This showed in the notes themselves. The paper, bought from Slovenia, was not very good quality. It also didn't have strong security features.

The name "denar" wasn't even on the notes. This was because they were printed before the law about the new money was passed. Also, the notes said they were from the "National Bank of Macedonia." This was before the bank's official name became the "National Bank of the Republic of Macedonia."

Design of the Notes

A young employee at the printing company designed the notes. They had only one week and a small budget. Because of this, the six lowest value notes looked almost the same. Only their colors were different.

On the front, all notes showed a man and two women picking tobacco leaves. The back of the notes featured the Ilinden monument in Kruševo. The bank said this monument "expresses the eternal fight of citizens of Macedonia for life in peace and freedom."

Exchange Rate of the First Denar

When the denar was first introduced, it had a fixed exchange rate. This meant 360 denars were equal to one Deutsche Mark.

The Second Denar (1993–Present)

The second denar was introduced in 1993 and is still used today.

Coins of the Second Denar

First Series (1993)

In May 1993, the first coins for the second denar were released. These included values of 50 deni, and 1, 2, and 5 denars. Dimče Boškoski and Snežana Atanasovska designed these coins.

Later, in November 2008, new 10 and 50 denar coins were added. The 50 deni coin was removed from use in 2013. It was rarely seen because very few were made in 1993.

Since 1996, many special commemorative coins have been made for collectors. You can find a list of these on the national bank's website. The coins are made at the Suvenir factory in Samokov, a village near Makedonski Brod.

Second Series (2020)

North Macedonia changed its name because of the Prespa Agreement. Because of this, new coins with the country's new name are being released. The 1 denar coins were the first to come out in April 2021.

FAO Coinage (1995)

In 1995, special 1, 2, and 5 denar coins were made. These coins honored the United Nations' Food and Agriculture Organization (FAO).

Banknotes of the Second Denar

In 1993, the new denar banknotes were issued. They came in values of 10, 20, 50, 100, and 500 denars. The 20 denar note was only part of this first series.

In 1996, higher value notes of 1000 and 5000 denars were added. Then, in 2016, 200 and 2,000 denar notes were released. At the same time, the national bank started taking the 5000 denar banknote out of circulation. This was to balance the types of notes being used.

In 2017, the national bank introduced new polymer banknotes. These were the 10 and 50 denar notes, which began circulating on May 15. Polymer notes are made of plastic, making them more durable.

Exchange Rates of the Second Denar

The denar's value is closely linked to the Euro. It is usually exchanged at a rate of 1 Euro for about 61.3644 MKD. This rate can change slightly, by about 1%.

Images for kids

• 

  A 2 denar coin from North Macedonia.

• 

  A 5 denar coin from North Macedonia, issued in 2006.

See also

• Economy of North Macedonia
• Denarius
• Serbian dinar