Counterfeits of the banknotes of the Kingdom of Serbia

The first counterfeit of the banknote of the Kingdom of Serbia appeared in 1891, or exactly six years after the ten dinar banknote in silver was put in circulation. Six years later a new counterfeit of this banknote appeared, but this time was much more dangerous. It was made in Gomos (Austro-Hungary) and an attempt of passing it was discovered in Sabac. Austro-Hungarian authorities arrested the forgers quickly, confiscated the whole material and brought the participants into court. The second two attempts of counterfeiting were discovered by the help of informers even before the forgers succeeded in making the banknotes. Both attempts were tried abroad, one in 1899 in Sophia, and the second in 1921 in Temishvar. It is interesting that both attempts were discovered during the purchasing the lithography stone. One of the most perfect counterfeits of the ten dinar banknote in silver before the war was discovered in the village of Kicevci near Kragujevac. It was so well made in all details that it differed from the real banknote very little. Apart from color and paper, water seal was also well made. Thanks to the noticeable behavior, so that they managed to pass only 114 pieces. The forgers were persecuted by the Belgrade district court. If the quantity of spread banknotes was taken for criterion, then the largest in the Kingdom of Serbia before the war was the so-called Nis counterfeit, which was discovered in 1906. Although the counterfeits could be easily noticed because of its technical faults, the forgers, thanks to carelessness of the villagers, managed to pass a greater quantity in Nis district, and some of it in Bulgaria and Romania. This counterfeit was also related to a ten dinar banknote in silver, which was in usage before the war. Other banknotes, especially those in gold, were more seldom in use. They were paid more attention to so that they were not interesting to the forgers, and the only exception was a hundred dinar banknote in silver from 1915 which was counterfeited a few times.
One more attempt was made during the war and it can be considered as a unique one by its details. The attempt was with the banknotes withdrawn from use, that were already perforated and prepared for burning but because of the sudden evacuation of the National Bank from Belgrade, they remained in the bank vault. The occupation authorities forced the enemy into the bank vault and spread the perforated banknotes in considerable number. They were used by the enemy for agitation, as evidence that the Serbian money lost every value. When the National Bank returned to Belgrade it was found out that a few individuals tried more than once to pass the banknotes that were glued on the perforated places.


Medieval Serbian coins – period of feudal lords

Smaller coins, usually bearing Latin inscriptions, were minted in abudance during the rule of Prince Lazar and Despot Stefan Lazarević. At the time of Vuk Branković (1375-1396) new types of dinars were issued, much lighter than the above-mentioned stable dinar of this period. Various versions of this type of coin today weigh from 0.69-0.63 g. One of them, probably the first dinar of this new weight, bears the inscription „VLKOV DINAR“. Of a similar reduced weight is a coin from Novo Brdo issued by Prince Lazar and another type of coin during the period of feudal lord Đurđe Branković, its average present day weight ranging from 0.85-0.80 g. Dating from the time of Despot Đurđe Branković are coins of the same weight (present day average weight 1.08-0.98 g)as normal Serbian dinars circulating from the time of Emperor Uroš until Despot Đurđe, but with visible differences in size and thickness. While the above-mentioned stable Serbian dinar was 20-17 mm in diameter and thin, this new coin had a smaller diameter, 15-12 mm, and was thick. Since the features of this small thick coin corresponded completely with the contemporary Turkish aspra, akča, and since at the time of Despot Đurđemany accounts were reckoned in aspras, which were worth 20 percent more than dinars (a ducat was worth 35 aspras, or 42 dinars) it can be assumed that the aspras mentioned in documents refer to the above-mentioned coin issued by Despot Đurđe Branković. Aspras were smaller, thicker coins issued by Đurđe Branković weighing slightly over one gram, while the dinars then in circulation of a lesser value had an average weight of 0.85-0.80 g.
A receipt issued to Despot Đurđe Branković for treasure deposited in Dubrovnik lists among his gold and silver as silver coins only a million aspras. Since Despot Đurđe Branković minted a lot of coins, the money deposited clearly consisted of Serbian aspras, and not the Turkish money used in Serbia as formerly believed, since in that case it would have been listed only as part of the money deposited as was the case with Turkish gold coins in the gold deposit, which contained mostly Venetian and Hungarian gold coins. On the basis of the total weight quoted for the above-mentioned million aspras, one arrives at the current average weight of 1,08 to 0,98 g, if one adds six percent for wear.
During the rule of despots Stefan Lazarević and Đurđe Branković the smallest Serbian coin was minted, smallest in terms of circumference and weight, its original name unknown, today sometimes referred to as an obolus, but more appropriatey designated by the folk term maljušnik. It should be mentioned that the towns of Smederevo and Rudnik minted aspras, while Smederevo and Rudišta produced the maljušnik. Known examples of the maljušnik have an average weight of 0,26g, i.e. one fourth of the weight of the last stable Serbian dinar, that is, Serbian aspra.
Following the death of Emperor Dušan there is little point in classifying the types of coins owing to the large number of different types (stable or transitional), of persons and cities that minted coins, as well as the frequent lack of established local authorities responsible for the stability of issue, etc. Therefore, during this period coins were rarely and only exceptionally given names. A document dated 1367 mentions that Nikola Altomanović was paid 750 perperi in Rudnik dinars (9000 dinars), which may have referred to his own minted coinage.
The situation as regards coins was clearer on the coast where large amounts of stable types of coins were in circulation. Kotor dinars are mentioned in the second half of the 14th century, the late 14th and first half of the 15th centuries „grossi Balse“. Dinars minted by Balša III, which are considered the last stable type of Serbian dinar, today have an average weight of 1,05 g.
Of special interest are Serbian countermarked silver coins. Countermarks, that is, subsequently affixed marks, appear mostly on dinars minted by Emperor Dušan, generally on examples with Latin inscriptions. They are also found on dinars minted by the Bosnian ruler, Stjepan II Kotromanić (1314-1353). Analysis of the material indicates that countermarks, which exist in three forms, were affixed to damaged coins, coins that were worn down or nicked, but still kept in circulation. A number of circumstances indicate that these countermarks were affixed in western Serbian regions, probably in Zahumlje, during a period of a shortage of coins in Dubrovnik and its hinterland, as a result of the plague (1348), the re-establishment of Bosnian rule in Zahumlje (1350), or a change of rulers in Bosnia (1353).


Medieval Serbian coins – period of empire

During the reign of Emperor Dušan (1345-1355) a new basic type of coin appeared, stable as regards weight, the so-called imperial dinar, “del imperador”, which included several types of imperial dinars differing in terms of inscription and images. Their present-day average weight (1.41-1.34 g), six percent more or less due to wearing, is so close to the figure 1.52 g, which is what this coin weighed in 1353. This includes dinars depicting Emperor Dušan seated on his throne with a sword on his knees, or standing while two angels place a crown on his head, or on his horse and those with the imperial signature in several lines.
Towards the end of Dušan’s reign the imperial dinar, its weight greatly reduced, led to a new type of coin, “grossi de tercio” weighing a third of the stable imperial dinar (average present day weight 0.58-0.46 g). Also appearing during the imperial period were Kotor dinars, minted by Dušan and Uroš (1355-1371), their average weight 1.68 g. The Kotor dinars were also minted later during the existence of the Serbian state by foreign city protectors, Hungarian king Louis I (1342-1382) and Bosnian king Stefan Ostoja (1398-1404).
Comparing the average weights of the different types of coins we can say that from the time of Emperor Uroš until Despot Đurđe Branković (1402-1456) there were many different types with an average present day weight of about one gram (1.12-0.97 g, generally 1.08-1.04 g), i.e. dinars which originally weighted a little over one gram – about 1.15 g. Such dinars were minted by Emperor Uroš, King Vukašin (1365-1371), Prince Lazar (1370-1389), Despot Stefan Lazarević (1389-1427), along with numerous coins issued by Despot Đurđe Branković. The coins issued by Nikola Altomanović (1367-1373)and Balša III (1403-1421) also belong to this type. Along with this reduced dinar, Dušan’s small coin „grossi de tercio“, which kept its former weight during the reign of Emperor Uroš, was converted into a half dinar. During the rule of Emperor Uroš and King Vukašin and members of his family smaller dinars were also minted.


Medieval Serbian coins – period of kingdom

Medieval Serbian coins are among the most diverse and interesting areas of numismatics both in terms of the numerous types, the rulers, feudal lords and cities that minted coinage, and also in the remarkable beauty of the different images and inscriptions.
The earliest written record of a Serbian unit currency dates from the time of Stefan the First-crowned (1196-1228). A document dated 1214 mentions payment of 140 Slavonian perperi of Dubrovnik weight “yperperos Sclaunie ad pondus Ragusii”. The above-mentioned Slavonian coins refer to a specified amount of the Serbian state, alongside Byzantine silver and gold coins, until local minting. The later basic Serbian coin was the dinar, its name indirectly derived from the Roman denarius through the Italian unit denarius grossus or groschen. The former term appeared mostly in Cyrilic sources, and the latter in documents written in Latin or Italian. The dinar cited in documents is the same as the groschen mentioned in certain archaic sources. It was a minted silver coin, which initially had an image, weight (2.17 g) and the value of a Venetian matapan.
In use besides the dinar as a larger unit of currency was the perperus, which during the period of minting royal and imperial coins was equal to the sum of 12 dinars.
The first Serbian ruler to mint coins was King Stefan Radoslav (1228-1233), the eldest son of Stefan the First-crowned. This was a scyphate silver and cooper coin with a Greek inscription, similar to Byzantine coins of the period. Here one finds the ruler’s name and title “STEFANOS RIZ O DOUKAS” as in the signature on the only surviving charter granted by King Stefan Radoslav in 1234. His coins were minted outside the territory of the Serbian state at a mint belonging to his father-in-law Theodore Angelus in Thessalonica.
For a fairly long time after the death of King Stefan Radoslav there are no traces of the existence of Serbian coinage.
The first minted Serbian dinars appear during the reign of King Uroš I (1243-1276), probably towards the end of his rule. A document dated 1281 mentions payment in Brescoa dinars „denariorum grossorum Brescoa“, effected in the summer of 1276. Serbian dinars were also mentioned together with Venetian matapans, „denariis grossis de Veneciis et de Brescoa“ on September 29, 1277 in a Dubrovnik customs register stating that they were exempt from export duties. Not only were Venetian dinars exempt from custom duties, but also Serbian dinars from Brescoa, the place they were minted. These were the first Serbian dinars modelled after Venetian silver coins clearly differing from them with their inscription. The original type of Serbian dinar was later called a flagged dinar, „de Brescoa de bandera“. Cited in 1281 are dinars with a cross and lily, „de cruce et de lilio“ and dinars with a sword, „de macia“. These new Serbian dinars differ not only in design and inscription but also in weight and value, increasingly dinstinct from the original Venetian matapan.
During the reign of King Milutin (1282-1321) two basic types were established, their issue continuing until the end of his rule and possibly longer. The first basic type was the dinar with a cross, mentioned 1312-1358, inscribed with a symbolic image of the king receiving a cross with a double crosspiece from St. Stephen. Another distinctive feature was that its value was less the other basic type, the Rudnik dinar.
The Rudnik dinar was heavier and worth about 20 percent more than the dinar with the cross. During the reigns of kings Dragutin (1276-1316) and Vladislav II (1316-1325) it bore images of the rulers in a standing position, later replaced by illustrations of the king in armour, seated on his throne, holding a sword on his knees.
When Dušan became king (1331-1345) there appeared dinars with an image of a helmet. The term Novo Brdo dinar, “de Nouaberda”, may refer to this type, also minted later during the imperial period.


Money in Montenegro

Though the Principality of Montenegro (Crna Gora) had been independent since the Congress of Berlin in 1878, it acquired its own money only at the beginning of the 20th century. Up till then foreign money circulated on its territory – in the 19th century, of various states, and at the end of the 19th century and beginning of 20th century – mainly Austrian. In the mid 19th century, Bishop Prince Petar Petrovic Njegos had planned to issue money and the law the foundations of a Montenegrin monetary system, but this project got no further than trial minting.
The first coins of nickel and copper were struck on the order of Prince Nicholas (Knjaz Nikola) issued on April 11. 1906, the Law of Money not being passed until December 1910. This officially linked the Montenegrin perper with the “crown course”. The minting of Montenegrin coins according to the crown course, and not according to the rules of the Latin Union may have been a consequence of Montenegro’s orientation towards Austria at this time, and perhaps also of the prince’s personal wish. The mentioned law confirmed the perper as the Montenegrin monetary unit and placed it on the gold standard.
Montenegro acquired paper money in 1912. It should be added at once that Montenegro never had banknotes but only bills of payment. However, these were accepted and exchanged just as if they were banknotes. As was the case with the first issue of Serbian paper money, in Montenegro it was first printed to cover the costs of a war with Turkey. These bills were not issued by the Bank but by the Ministry of Finance and Building.
In the World War I, as in Serbia, the occupation authorities ordered Montenegrin paper money to be over stamped. This was done on 1914 notes, both issues. There is a well known example of a 1912 one perper note that was also over stamped, but this was obviously a slip by the person doing the stamping, since the issue was no longer valid by then.


Serbian Money during the World War I

The outbreak of the First World War caused a disturbance in money circulation in the Kingdom of Serbia. A shortage of small coins, particularly silver, was immediately felt. The bank put in circulation almost all its reserves of silver money, but since this was not sufficient, at the beginning of 1915, silver coins of 2, 1 and 0.5 dinars, to the value of fifteen million dinars were ordered in France.
Later on, nickel coins of 20, 10 and 5 paras to the value of ten million dinars were ordered. The date of issue stamped on these nickel coins is 1917. Very few of these issues were put in circulation.
Certain curiosities among these coins have appeared: 5, 10 and 20 paras coins struck in gold. A gold coin of 20 dinars was also in circulation in 1917. Where and on whose orders they were struck, and the fact that owners brought them from Salonica in 1918 have not yet been explained.
During the early war years the National Bank of Serbia more or less exhausted its monetary reserves. Taking precautions in case that the ordered banknotes from France should be delivered late, in 1915 the National Bank of Serbia altered the 20 dinar note issued in 1905 which was redeemable in gold, keeping the same denomination but making it redeemable in silver. The alteration rounded corners. In the meantime, a 50 dinar note was issued, redeemable in silver, designed by the artist Beta Vukanovic.
As the Serbian army retreated southward, is was accompanied by a large number of refugees who suffered great hardship. In the town of Prizren, a Local Committee for Aid to the Needy was set up, which in October 1915 issued 0.50 dinar banknotes payable in silver. These were distributed among the refugees so that they could purchase essentials.
While it was in Greece, the Government ordered a 5 dinar note, redeemable in silver, in France. Printing began on September 1, 1916, according to the French system, which means that the notes bore the date of the day on which they were actually printed. The last day of printing of this issue was 18.9.1918.
In occupied Serbia, occupation money was mainly in circulation: crowns, marks and levs. To establish how much Serbian money was in the country, and prevent the possible import of new banknotes, the occupation authorities in Serbia ordered the stamping of notes. This was done with an overall stamp with the text: “K.U.K. MILITAR GENERAL GOUVERMENT IN SERBIEN. KREISKOMMNDO”. Along the lower edge was the name of the place where the stamping was performed. The stamp imprint was placed on both sides of the notes. Stamping is known to have been carried out in twelve places.


Serbian medieval coinage

Serbian state, already organized in the second half of twelfth century, was developing quickly during thirteen and fourteen centuries, so that in 1217 it became a kingdom and in 1346 an empire. Extension of the territories and growth of accompanied by development of trade, and consequently a need for money and its mintage. Due to the numerous silver mines like Brskovo, Rudnik, Novo Brdo, Plana, Srebrenica, Rudište and work of the nearby mints, the minting of Serbian medieval coins continued from the end of twelfth century until 1459, the year when Serbia lost its sovereignty. From that year, when the last Serbian medieval coins were minted, four centuries would past before the first coins of a renewed Serbia appeared again.
A chronology of the Serbian medieval money comprises a great number of issues by the Serbian kings, emperors, feudal lords and despots. Although numerous types of money, with different images and motives on the heads and the image of Christ on the tails reflect a spirit of the Byzantine and West-European monetary tradition, some of these coins are true examples of an original national currency.
Although “Serbian dinars” are first mentioned in the archival documents dating as early as 1214, as far as it is known there is no any numismatic piece to prove that such coins really existed. The data refer to King Radoslav (1228-1234) and his copper and silver coins, belonging to the oldest period of the Serbian coinage. Although these coins were made after the Byzantine coins of that time called “scyphate”, which can be easily seen in their shape, images and inscriptions in Geek, these coins were made in the mint working in the fortified medieval town of Ras, on the territory of Serbian state.
In the middle of thirteen century, other shapes, influenced by the great role that Republic of Venice had in the Mediterranean trade, led to the coinage of a new money. First issues of this currency were connected to King Dragutin (1267-1316) and opening of the mint in Brskovo mine on the Tara mountain. These coins, with an image of ruler and saint shown in the standing position, and a Latin inscription of the ruler’s title, were minted in Serbia for a long time, as the later kings, Milutin (1282-1321) and Stefan Dečanski (1321-1331) continued to mint the same currency. Influenced by the cultural and political spirits arriving from the South Italy and Hungary, the western monetary tradition led to a new monetary type. It belongs to time of King Dragutin, and has an image of the King-warrior, sitting on the throne with a sword across his knees; this coin is a sort of link connecting several generations of rulers who continued to mint these coins until Serbia ceased minting its money. By a new coinage, King Dragutin introduced an important innovation into money minted by the Serbian kings. It was a legend “Stefan rabh Hristou”, the first Cyrillic inscription in Serbian numismatics that frames the image of ruler standing with a scepter in his hand.
Influence of the Western medieval tradition on Serbian coinage, although obvious and very important, was marginal in that great era when Serbia was flourishing under influence of the Byzantine political ideas and culture, which also effected its monetary policy. A wave of Greek ideas, evident in an earlier period during reign of King Milutin, spread in time of Stefan Dušan (1331-1355). After conquering a great part of the Bulgarian and Byzantine territories, and proclaiming himself Emperor in 1346, with a haughty title of the “Emperor of the Serbs, Greeks and Bulgarians” Emperor Dušan, resolute to become a future Byzantine emperor, conveyed all splendor of the Byzantine court to Serbia, and adapted his various images on the coins after the Byzantine fashion. The Latin, namely Cyrillic inscription of the emperor’s title, frames his images on the coins, where he is shown as sitting on the throne, riding a horse, in the coronation scene, or together with his Empress. In all these images, duly propagating the Emperor’s ideology, the first Serbian Emperor is shown in an attire and with insignia that Byzantine Emperors were invested with at coronation and bearing at the formal ceremonies. Knowing that money, as means of trade outside Serbian borders could be used to make its ruler, his victories and power of a new Empire more popular, thirteen monetary types were minted in three mining centers – Brskovo, Rudnik and Novo Brdo. With the biggest money production in the medieval Serbia, Dušan’s dinars and half-dinars, made of high quality silver and using a skillful molding technique, belonged to the higher European money standard of that time.
Even in time of the Empire, it was a known practice of feudal lords – despot Jovan Oliver and King Vukašin – to usurp the exclusive right of the ruler to mint coins, and the same tendency continued in a great measure after the fall. In this period, in the mints of Rudnik and NovoBrdo, numerous money issues were minted by the Serbian lords from King Vukašin’s and Branko Mladenović’s families, župan Gropa, chieftain Smil, the sevastokrators Vlatko, Jakov, Rig, the patriarchs and the towns. Although in most cases these coins, by their iconography, were connected to the earlier monetary types, some new issues appeared. Such were the coins of Prince Lazar (1371-1389) and Vuk Branković (1371-1376); first, showing standing Prince, has a legend of his title in Italian, and the other one, without ruler’s image, for the first time bears inscription “vlkov dinar”, the name of Serbian currency. With fall of Empire and closing down of the emperor’s mints, as well as Turkish occupation of almost all parts of the Nemanjić’s Serbia, the feudal lords ceased to mint their money.
During short period in which the Turkish expansion was held back, and the state began reorganizing after the Kosovo battle Serbia started again to mint its coins. This time is characterized by numerous money issues by the Serbian despots – Stefan Lazarević (1389-1427) and Djuradj Branković (1428-1455). By their aesthetic quality, the quality of mint, and diversity of the motives, these issues occupy a distinguished place in the Serbian numismatics. Best example are the samples with stylized images of lions or amazingly realistic portrait of the ruler on the coins minted by despot Djuradj. With the last issue of these coins, minted in the Novo Brdo, Smederevo and Rudišta mints until despot’s death, and with fall of the Serbian state in 1459, minting of the Serbian medieval coins finally met its end.


Modern money in Serbia

The monetary system of the restored state of Serbia began to be created towards the end of the second reign of Prince Michael Obrenovic (Knjaz Mihailo). By the mid 19th century, there where forty three types of foreign money in circulation. Since this caused difficulty in exchange, the inhabitants of Serbia called for a domestic currency that would replace the foreign. An even stronger reason for this was of a political character: the issue of a domestic currency would further strengthen morale in a country still striving for its complete independence.
Although the Sultan’s hatti-sheriff did not give the right to mint money, Prince Michael sent his finance minister Kosta Cukic to Vienna in February 1868 to negotiate the striking of the first Serbian money. A decision of March 15 the same year provided for the minting of copper coins of three denominations: one, five and ten paras. Since the money was not ready by the agreed time (May), Prince Michael, who was killed on May 29, 1868 did not live to see it in circulation. The first consignment of domestic money was not delivered until the beginning of 1869, and was put in circulation on February 20 the same year, gradually replacing the Austrian and Turkish small coins.
Though the value of the small coins minted came to less than a million dinars, this was an encouraging start. In 1875, the first Serbian silver coins in denominations of fifty paras and one and two dinars were issued. There was lengthy discussions about the name to be given to this monetary unit, the proposal that it should be called “srbljak” being finally rejected in favour of the name dinar.
In 1879, the first gold coin “milandor” was minted, weighing 6.45 grams and with a value of twenty dinars. In the same year coins of five, ten and fifty paras, and one, two and five dinars were struck.
In this way, within a short time Serbia formed its national currency, adopting the standards of the Latin union.
Two years after the release of the first Serbian copper coins, an official proposal for the printing of paper money in Serbia was submitted to the assembly in Kragujevac. The minister of finance considered this matter and asked for the opinions of various institutions about it, but because of differences a decision was long deferred. It was not until January 1876, at a secret meeting of the Ministerial Council, that a legal decision was passed authorizing the printing and issue of bank notes to the value of twenty four million dinars, as one of the measures to cover the costs of the planned war with Turkey. At that time the necessary printing material was obtained abroad, and while the quality of the paper and machines was being tested, about one thousand five hundred notes of various denominations were printed. It is believed that the designs for these were the work of the painter Djura Jaksic. This first issues was not completed or put in circulation.
The developing economy, increased investment and state needs led to the founding of the Privileged National Bank of the Kingdom of Serbia in 1884. This created conditions for Serbia to begin issuing banknotes, and in the same year there was an issue of one hundred dinar notes, redeemable in gold, printed in Belgium.
However, the people were accustomed to metal money and had no confidence in paper. As soon as a person received a banknote in a bank, he would go straight to another counter and exchanged it for gold. Consequently, the first official Serbian banknotes circulated only within the bank buildings. The same happened with the fifty dinar notes issued the following year. It was not until the ten dinar note, redeemable in silver, was issued in 1885 that paper money gained the confidence of the population and began to circulate.


The beginning of mining and the economic growth of Serbia

The mining production in Serbia begun before mid-13th century, while its promoters were German miners Saxons. They have started mining works firstly in Brskovo (1254), the place on the Tara River, near today’s town of Mojkovac. By the end of XIII and the beginning of XIV century Brskovo grew into the best known mining and trade center of the Serbian state. It was the time when, owing to the activities of the Saxons, mines in other parts of the Serbian state were opened. After Brskovo, the intensive mining started in Rudnik (1293), the mining place at the mountain of the same name in Sumadija. About the same time, the mines in Kosovo and Metohija, Kopaonik and central Podrinje were opened. The beginning of the mining in Serbia was a great turning point. Serbian economy, which had been based on agriculture and cattle rising until the mid-13th century, completely changed its character by the development of mining. It strongly influenced the trade exchange, offering it new content and stimulus. The mines became center of trade, while the mining products soon reached the first place in Serbian export. Therefore, intensive exploitation of silver, lead and cooper, coin minting in wide issues, presence of the greater numbers of foreigners, the growth of the exchange and traffic with coastal towns contributed to the overall development of trade, which Serbia felt in the second part of XIII and at the beginning of XIV century. These were the bases for further development of economy, as well as politics, society and culture in Serbia.



The name of the Balšić feudal family was mentioned for the first time in 1360, in a charter of Serbian emperor Uroš. They have ruled Serbian mediaeval district of Zeta more than a half century (1365-1421). Their coinage is scarce; it is believed that only 260 pieces of coins minted by members of this family survived altogether.
As for the coinage of Đurđe (George) I Balšić, the most prominent member of this family, it could be divided in seven groups. Type I is represented by AR Dinar, 1.04 g, dia. 18 mm. It has on obverse inscription in four lines, and on reverse image of Christ sitting on the throne with high back. Coins of type II are represented by AR Dinar of 0.97 g and 18 mm, with inscription in four lines on obverse and Serbian coat of arms of Rascia on reverse. AR Dinars of Type III also have inscription in old Serbian Cyrillic letters in four lines on obverse, and head of the wolf and helmet on reverse, with initial „G“, while Type IV has inscription in five lines on obverse, on reverse head of the wolf, a helmet and name „Gyurg“ in Cyrillic’s. Coins belonging to Type V are represented by AR Dinars which are 18-19 mm in diameter, having inscription in five lines on obverse and head of the wolf differently designed than at the previous species. The only known piece (in the Museum of Slavonia in Osijek) is damaged; it has only 2/3 of its surface. The newly discovered Type VI, or variety of the 4th and the 5th type, represents the piece that is described and illustrated for the first time in this article, and it is the only known piece of that kind up to now. It is AR Dinar, 0.7 g, diameter 17 mm, with inscription in five lines on obverse (same as type IV), and the same reverse as type V, but due to the good condition we can see now the complete design of that reverse type. Finally, coins of Type VII are represented by AR Dinar of smallest size (0.5g, 10 mm). The only known piece arise from the Lj. Kovačević collection, now in the National Museum in Belgrade.