The 10-dinara banknote from 1920, popularly known as the „Amerikanka,“ represents one of the most popular banknotes in numismatic and collector circles today. The banknote is interesting for several reasons, but what stands out the most is its unusual design, which differs from other banknotes of the Kingdom of SCS and Yugoslavia.
Due to circulation needs and an increased number of counterfeits of „dinar-crown” banknotes, the National Bank of the Kingdom of SCS began preparations for issuing a new 10-dinar banknote. It intended to print these banknotes at the Banque de France printing works, but due to busy capacity this was not possible. Therefore, it was suggested that they contact the American printing works American Bank Note Company (ABNC), which was able to do the job, and so it was done. All work was arranged through the French branch of the ABNC.
Based on ABNC's offer and the submitted banknote design proposal, the National Bank ordered the production of 50 million copies of these banknotes by letter number 33421 of December 23, 1920, with the letter also requesting certain design modifications. According to the contract, it was agreed to print 50 series of one million banknotes each, and ultimately that many were produced.
For printing each batch, ABNC was paid $15,000, or a total of $750,000, which, at the then-prevailing exchange rate of about 45 dinars to 1 dollar, amounted to 33,750,000 dinars for the entire quantity of banknotes with a nominal value of 500 million dinars. The price did not include transportation costs, insurance, and the like. Those were calculated subsequently.
The costs of producing these banknotes were borne by the state, in accordance with the provisions of Item III of the Transitional Orders in the 1920 Law on the National Bank of the Kingdom of SCS.
The ordered banknotes were delivered in five shipments. They were transported first by ship from New York to Le Havre, France, and then by train to Belgrade. The first shipment arrived in Belgrade on December 27, 1921, and the last one on March 8, 1922.
This banknote was put into circulation on August 5, 1922, and its withdrawal from circulation began in July 1932 based on the decision of the Minister of Finance number N-7350 dated January 23, 1932. The withdrawal of this banknote was carried out by exchanging it for an equal value in other banknotes of the National Bank. The exchange lasted for three years and this banknote lost its status as legal tender on July 18, 1935, but even after that deadline, it could still be exchanged at the Main State Treasury.
According to the opinion of the National Bank department in charge of cash operations, this banknote was of excellent craftsmanship and difficult to counterfeit. However, the paper quality was not at a satisfactory level, and after a short period of use, the paper would become „soft.“ This is perhaps the reason why it is difficult to find this banknote today in a pristine state of preservation.
From August 1922 to February 1926, the National Bank withdrew from circulation and destroyed a total of 293,511 of these banknotes.
In numismatic literature, this banknote is listed under the catalog numbers:
- #21 u Standard Catalog of World Paper Money Pick catalog
- Cat. No. 7 in the catalog “Coins and banknotes of Yugoslavia, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia” (author Zlatko Viščević)
- TBB#B201 in the catalog “The Banknote Book” (by author Owen Linzmayer.)
The dimensions of the banknote are 150 x 86 mm, and the predominant color on the banknote is blue. The dimensions of the design on the obverse are 142 x 81 mm, and on the reverse 135 x 80 mm.
On the front of the banknote, on the left, is the main motif, the allegory of „progress.“ The allegory is characterized by a nude male figure facing away, using his hands to turn a large wheel (of progress) to the right. Above the wheel are depicted two female figures symbolizing diligence and science, and the figure of the Roman god Mercury symbolizing trade. Incidentally, this motif (vignette) is very common on banknotes, bonds, and postage stamps produced by ABNC and affiliated printing houses. The vignette was designed by the American artist and engraver Alonzo Earl Foringer. In the lower right part of the vignette is the mark „©ABNCo“.
To the right of the vignette is a large denomination numeral „10“ over which lies a ribbon with the inscription „ДЕСЕТ“. Above the denomination is the semicircular inscription „ДИНАРА“, and below it is likewise semicircular „DINARA“. All of this is placed on an ornamental guilloche element located in the background.
Above the vignette and the denomination mark, there is a large inscription in Cyrillic „НАРОДНА БАНКА“, and below that in smaller letters „КРАЉЕВИНЕ СРБА, ХРВАТА И СЛОВЕНАЦА“, and in even smaller letters „ПЛАЋА ДОНОСИОЦУ / У МЕТАЛНОЈ ЗАКОНСКОЈ МОНЕТИ“. This inscription tells us how „paper money“ was once treated merely as a certificate for payment in „real money.“ It was metal money, coins (made of silver and other metals), which was treated as „legal tender coinage.“.
Below the denomination and the background decorative guilloche, there is the inscription „Belgrade – November 1, 1920“.
Beneath that, there is a rectangular field composed of the repeating text „НАРОДНА БАНКА“. Within this field are the inscriptions „ЧЛАН УПРАВЕ“ and „ГУВЕРНЕР“. Below that are the signatures of Marko Stojanović as a board member and Đorđe Vajfert as governor.
The serial number on this banknote consists of one or two Cyrillic letters and six digits. The serial number is located on the obverse of the banknote in two places: bottom left, next to the signature of a board member, and top right, above the denomination value.
All these facial elements are bordered by an ornamental guilloche frame, with the denomination „10“ shown in each corner. Below the frame, in the central part, is the inscription „AMERICAN BANK NOTE COMPANY.“.
On the reverse side of the banknote, in its central part, is a view of mountain peaks: Kožuh, Veternik, Dobro Polje, and Kajmakčalan. These mountains were featured on the banknote because fierce battles between the Serbian army and the Central Powers forces took place here during the First World War.
To the left of this view is a large denomination marking „10“. To the right of the view is a derivative of the state coat of arms; a shield depicting a crowned double-headed eagle with a smaller shield on its chest. On that smaller shield are the coats of arms of Serbia, Croatia, and Slovenia. Interestingly, the Croatian coat of arms is depicted with a small error. Namely, the first field is white and not red (dark) as it was on the official version of the coat of arms.
Above the visual view is the inscription „NARODNA BANKA“, followed below that by „KRALJEVINE SRBA, HRVATA I SLOVENACA“, and then „KRALJEVINE SRBOV, HRVATOV IN SLOVENCEV“.
Below the view is a three-line inscription: „PLAĆA DONOSIOCU / DESET DINARA / U METALNOJ ZAKONSKOJ MONETI“.
Beneath this inscription is a dark field containing a warning for counterfeiters: „Counterfeiting banknotes is punishable according to the regulations of the criminal law – which apply to crimes involving the making of counterfeit money –.“.
All of this is enclosed by a wide border of guilloche decorative elements. Below the border is the inscription „AMERICAN BANK - NOTE COMPANY.“.
Representation of the banknote in numismatic catalogs
Below are excerpts from relevant numismatic literature in which this banknote is featured.
Image gallery
Edited: Zlatko Viščević
Sources: Vladimir Geiger and Suzana Leček, God Protects Yugoslavia – Political and Ideological Background of the Design and Iconography of Banknotes of the Kingdom of SCS / Yugoslavia, Croatian Institute of History, Zagreb, 2020; Jovan Hadži-Pešić, Currency of the Kingdom of Yugoslavia 1918-1941, National Bank of Yugoslavia, Belgrade, 1995.
Photos: Aurea Numismatika Prague [www.aurea.cz], Coins, Banknotes & Militaria Store [www.cbm-store.com], Heritage Auctions [currency.ha.com]
