Dating back centuries in its earliest iteration, the Serbian dinar has been has ancient routes but a modern makeover.. In this Spotlight we’ll take a look at the currency, economy, and more.
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- Serbian Currency Code: RSD
- Serbian Dinar Coins: 1, 2, 5, 10, 20
- Serbian Dinar Banknotes: 10, 20, 50, 100, 200, 500, 1000, 2000, 5000
- Serbian GDP (nominal): US$37.740 billion (86th)
- Central Bank: National Bank of Serbia
Serbian Currency History
The first mention of the Serbian dinar is all the way back in 1214, where a silver coin was minted during the years before Ottoman rule. They were very close to Venetian coins and viewed by many as forgeries (including Dante Alighieri who placed the Serbian king in Hell in his Inferno). A later iteration of the Serbian dinar was introduced in 1868, after the Ottomans had fully withdrawn from the region. It lasted until 1920, when the Yugoslav dinar (and Yugoslav krone) replaced it in concurrence with the new kingdom. Another Serbian dinar was used briefly during the period of Axis occupation until liberation (1941-44).
The currency as we now know it now was introduced in 2003 when ‘Yugoslavia’ became known as Serbia and Montenegro (the last two remaining constituent countries). Despite this, the dinar was only used in Serbia as Montenegro’s independent monetary policy allowed them to use the German Deutsche Mark – and later the euro.
Serbian Dinar Notes and Coins
The coins in circulation today were introduced starting in the year 2003. There are many different varieties of the coins, though only a handful are commonly seen. 10 and 20 dinar coins are rarely used, as the banknotes of these denominations are more common. We’ll cover the most commonly seen types below.
|1 dinar||Value, year of minting, relief of the building of the National Bank of Serbia||Coat of arms of Serbia, issuer’s symbols|
|2 dinars||Gračanica monastery||Coat of arms of Serbia, issuer’s symbols|
|5 dinars||Krušedol monastery||Coat of arms of Serbia, issuer’s symbols|
The current series of banknotes was introduced beginning in 2003, though many of the denominations were introduced later or have undergone slight redesigns since then.
|10 dinars||Ochre-yellow||Vuk Stefanović Karadžić (1787 – 1864), philologist and linguist||Member of the First Prague Slavic Congress, 1848 and vignette of the letters Vuk introduced|
|20 dinars||Green||Petar II Petrović-Njegoš (1813 – 1851), metropolitan, statesman, philosopher and poet||His figure on the back, instead of the statue from the Mausoleum on Mount Lovćen|
|50 dinars||Violet||Stevan Stojanović Mokranjac (1856 – 1914), composer and music educator||Figure of Stevan Stojanović Mokranjac, a motif of Miroslav Gospels illumination scores|
|100 dinars||Blue||Nikola Tesla (1856 – 1943), inventor||A detail from the Tesla electro-magnetic induction engine|
|200 dinars||Amber||Nadežda Petrović (1873 – 1915), painter||Silhouette of the Gračanica Monastery|
|500 dinars||Green/yellow||Jovan Cvijić (1865 – 1927), geographer||Stylized ethnic motifs|
|1000 dinars||Red||Đorđe Vajfert (1850 – 1937), industrialist||An outline of Weifert’s beer brewery, hologram image of St. George slaying a dragon; details from the interior of the main building of the National Bank of Serbia|
|2000 dinars||Grey||Milutin Milanković (1879 – 1958), mathematician, astronomer and geophysicist||Milanković’s figures while at the desk (below: a graphical representation of his calculations of snow boundary movement for the past Quaternary) and from his student days in Vienna (behind: a stylised Sun disk drawing fragment and an illustration of Milanković’s work)|
|5000 dinars||Purple||Slobodan Jovanović (1869 – 1958), jurist, historian and politician||An ornamental detail from the building of the Serbian Academy of Sciences and Arts; silhouette of the National Assembly|
Value of the RSD
The RSD has fallen in recent years relative to the USD. While in 2007-2008 it was at a value of about 50-60 RSD to 1 USD, since the beginning of 2015 it has been valued at more than 100 RSD to 1 USD.
1 USD is currently (1:30PM Aug 19 2016) valued at 109.0294 RSD
1 EUR is currently (1:30PM Aug 19 2016) valued at 123.7658 RSD
1 CAD is currently (1:30PM Aug 19 2016) valued at 85.3787 RSD
Economy of Serbia
Since the latter days of the original Yugoslavia, Serbia has transitioned towards a market economy. Though it is in relatively good shape, the harsh sanctions of the 90’s hamstrung the economy for a time. After 2000, the country saw widespread growth and liberalization. Though there were slowdowns in the last several years, Serbia appears to be on the right path and is a strong candidate for EU membership in the near future.
Some of the major industries and sectors in Serbia include motor vehicles, base metals, agriculture, energy (namely coal), and electrical machines. Though tourism is not as big a money-spinner as in some neighbouring countries, it is growing with some increasingly popular destinations throughout Serbia
Serbia has come a long way since the trials and tribulations of the 1990’s, and looks set to continue its growth with even a possible EU ascension on the cards!
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