Thedinar (Serbian Cyrillic:динар,pronounced[dînaːr];paucal:dinara,динара;abbreviation:DIN (Latin) andдин (Cyrillic);code:RSD) is thecurrency ofSerbia. Thedinar was first used in Serbia in medieval times, its earliest use dating back to 1214. The dinar was reintroduced as the official Serbian currency by PrinceMihailo in 1868. One dinar was formerly subdivided into 100para (пара). As of 10 February 2026, 1US dollar is worth 98.66 Serbian dinars.
The first mention of a "Serbian dinar" dates back to the reign ofStefan the First-Crowned in 1214. Until the fall ofDespotStjepan Tomašević in 1459, most of the Serbian rulers minted silver dinar coins. The first Serbian dinars, like many other south-European coins, replicatedVenetian grosso, including characters in Latin (the word 'Dux' replaced with the word 'Rex').[2] It was one of the main export articles of medieval Serbia for many years, considering the relative abundance of silver coming from Serbian mines. Venetians were wary of this, andDante Alighieri went so far as to put the Serbian king of his time,Stephen Uroš II Milutin of Serbia, in Hell as a forger (along with his Portuguese and Norwegian counterparts):[2]
E quel di Portogallo e di Norvegia lì si conosceranno, e quel di Rascia che male ha visto il conio di Vinegia.
Following theOttoman conquest, different foreign currencies were used up to the mid-19th century. TheOttomans operatedcoin mints inNovo Brdo,Kučajna andBelgrade. The subdivision of the dinar, thepara, is named after the Turkish silver coins of the same name (from thePersianپارهpāra, 'money, coin'). After thePrincipality of Serbia was formally established (1817), there were many different foreign coins in circulation. Eventually, PrinceMiloš Obrenović decided to introduce some order by establishing exchange rates based on the groat (Serbiangroš, French and Englishpiastre, Turkishkuruş,قروش) as money of account. In 1819 Prince Miloš Obrenović published a table rating 43 different foreign coins: 10 gold, 28 silver, and 5 copper.[3]
After the last Ottoman garrisons were withdrawn in 1867, Serbia was faced with multiple currencies in circulation. Thus, the princeMihailo Obrenović ordered a national currency be minted. The first bronze coins were introduced in 1868, followed by silver in 1875 and gold in 1879. The first banknotes were issued in 1876. Between 1873 and 1894, the dinar was pegged at par to theFrench franc. TheKingdom of Serbia also joined theLatin Monetary Union and adhered to abimetallic standard up until 1914. Attempts to put the Serbian dinar solely onto thegold standard were hampered by widening budget deficits, significant government foreign debt and poor gold reserves.[4]
In 1920, the Serbian dinar was replaced at par by theYugoslav dinar, with theYugoslav krone also circulating together.
Obverse and reverse of 5 dinar banknote issued in 1917, featuringMiloš Obilić
In 1868, bronze coins were introduced in denominations of 1, 5, and 10 paras. The obverses featured the portrait of PrinceMihailo Obrenović III. Silver coins were introduced in 1875, in denominations of 50 paras, 1 and 2 dinars, followed by 5 dinars in 1879. The first gold coins were also issued in 1879, for 20 dinars, with 10 dinars introduced in 1882. The gold coins issued for the coronation ofMilan I coronation in 1882 were popularly calledmilandor (French:Milan d'Or). In 1883, cupro-nickel 5, 10, and 20 para coins were introduced, followed by bronze 2 para coins in 1904.
In 1876, state notes were introduced in denominations of 1, 5, 10, 50, and 100 dinars. The Chartered National Bank followed these notes from 1884, with notes for 10 dinars backed by silver and gold notes for 50 and 100 dinars. Gold notes for 20 dinars and silver notes for 100 dinars were introduced in 1905. However, gold-backed notes were not received well by the public. Lack of public faith in the Serbian dinar,bartering and immediate exchange for gold coins meant that the notes fell out of circulation. Silver-backed notes were however well received and made up 95% of total note circulation. During theBalkan Wars and on the eve ofWorld War I, bank note conversions to gold and silver were temporarily suspended.[5] DuringWorld War I, silver notes for 50 and 5 dinars were introduced in 1914 and 1916, respectively. In 1915, stamps were authorized for circulation as currency in denominations of 5, 10, 15, 20, 25, 30, and 50 paras.
In 1941, the Yugoslav dinar was replaced, at par, by a second Serbian dinar for use in theGerman occupied Serbia. The dinar was pegged to the Germanreichsmark at a rate of 250 dinars = 1 reichsmark. This dinar circulated until 1944, when the Yugoslav dinar was reintroduced by theYugoslav Partisans, replacing the Serbian dinar rate of 1 Yugoslav dinar = 20 Serbian dinars.
In May 1941, the Serbian National Bank introduced notes for 10, 20, 50, 100, 500, and 1,000 dinars. The 100 and 1,000 dinar notes were overprints, whilst the 10 dinar design was taken from an earlier Yugoslav note. Other notes were introduced in 1942 and 1943 without any new denominations being introduced.
The Serbian dinar replaced theYugoslav dinar in 2003 when theFederal Republic of Yugoslavia was transformed into the State Union of Serbia and Montenegro. BothMontenegro and the disputed territory ofKosovo had already adopted theDeutsche Mark and later theeuro when the mark was replaced by it in 2002. TheSerbs inNorth Kosovo and the enclaves within it continued to use the dinar until 2024 when theKosovan government banned the use of the dinar for payment, making the euro the sole legal tender nationwide.[6][7]
Between 2003 and 2006, the Serbian dinar used the ISO 4217 codeCSD, withCS being the ISO 3166-1 country code for Serbia and Montenegro. When the State Union was dissolved in 2006, the dinar's ISO 4217 code was changed to the currentRSD.
Coins currently in circulation are din. 1, din. 2, din. 5, din. 10, and din. 20 coins. All coins feature identical inscriptions inSerbian, using the Cyrillic and Latin scripts. The din. 10 and din. 20 coins are uncommon in circulation, as banknotes of the same value are used instead.
In 2003,banknotes of the (re-established) National Bank of Serbia were introduced in denominations of din. 100, din. 1,000, and din. 5,000. din. 500 followed these in 2004, din. 50 in 2005, din. 10, din. 20 and din. 200 in 2006, din. 2,000 in 2011.
Denomination
Obverse Image
Reverse Image
Main Colour
Obverse
Reverse
Remark
din. 10 131 × 62 mm
Ochre-yellow
Vuk Karadžić (1787 – 1864), philologist and linguist
Seated figure of Vuk Karadžić, firstPrague Slavic Congress, vignette of the letters introduced by Vuk Karadžić.
Replaced with a slightly lighter 2006 issue. A revised issue entered circulation in 2011.
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