The dinar (, ; ; abbreviation: <small>DIN</small> (Latin) and дин (Cyrillic); code: RSD) is the currency of Serbia. The dinar 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 Prince Mihailo in 1868. One dinar was formerly subdivided into 100 para (). As of 13 April 2026, 1 US dollar is worth 100.09 Serbian dinars.
History
Medieval Serbian dinar
thumb|left|160px|Dinar of King [[Stefan Dragutin, 13th century]]
The first mention of a "Serbian dinar" dates back to the reign of Stefan the First-Crowned in 1214. Until the fall of Despot Stjepan Tomašević in 1459, most of the Serbian rulers minted silver dinar coins.
The first Serbian dinars, like many other south-European coins, replicated Venetian grosso, including characters in Latin (the word 'Dux' replaced with the word 'Rex'). 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, and Dante 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):
After the last Ottoman garrisons were withdrawn in 1867, Serbia was faced with multiple currencies in circulation. Thus, the prince Mihailo 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 the French franc. The Kingdom of Serbia also joined the Latin Monetary Union and adhered to a bimetallic standard up until 1914. Attempts to put the Serbian dinar solely onto the gold standard were hampered by widening budget deficits, significant government foreign debt and poor gold reserves.
In 1920, the Serbian dinar was replaced at par by the Yugoslav dinar, with the Yugoslav krone also circulating together.
thumb|Obverse and reverse of 5 dinar banknote issued in 1917, featuring [[Miloš Obilić]]
Coins
In 1868, bronze coins were introduced in denominations of 1, 5, and 10 paras. The obverses featured the portrait of Prince Mihailo 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 of Milan I coronation in 1882 were popularly called (). In 1883, cupro-nickel 5, 10, and 20 para coins were introduced, followed by bronze 2 para coins in 1904.
Banknotes
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 the Balkan Wars and on the eve of World War I, bank note conversions to gold and silver were temporarily suspended. During World 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.
Second modern Serbian dinar (1941–1944)
In 1941, the Yugoslav dinar was replaced, at par, by a second Serbian dinar for use in the German occupied Serbia. The dinar was pegged to the German reichsmark at a rate of 250 dinars = 1 reichsmark. This dinar circulated until 1944, when the Yugoslav dinar was reintroduced by the Yugoslav Partisans, replacing the Serbian dinar rate of 1 Yugoslav dinar = 20 Serbian dinars.
Coins
In 1942, zinc coins were introduced in denominations of 50 paras, 1 and 2 dinars, with 10 dinar coins following in 1943.
Banknotes
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.
Third modern Serbian dinar (2003–present)
The Serbian dinar replaced the Yugoslav dinar in 2003 when the Federal Republic of Yugoslavia was transformed into the State Union of Serbia and Montenegro. Both Montenegro and the disputed territory of Kosovo had already adopted the Deutsche Mark and later the euro when the mark was replaced by it in 2002. The Serbs in North Kosovo and the enclaves within it continued to use the dinar until 2024 when the Kosovan government banned the use of the dinar for payment, making the euro the sole legal tender nationwide.
Between 2003 and 2006, the Serbian dinar used the ISO 4217 code CSD, with CS 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 current RSD.
Coins
Coins currently in circulation are , , , , and coins. All coins feature identical inscriptions in Serbian, using the Cyrillic and Latin scripts. The and coins are uncommon in circulation, as banknotes of the same value are used instead.
{|class="wikitable collapsible" style="font-size: 90%; width: 100%"
!colspan="13"|Coins
|-
! rowspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="4"| Date of
|-
! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! Minting !! Issue !! Withdrawal !! Lapse
|-
| align="center" bgcolor="#000000"| 120px|1 RSD Coin 2003 Obverse120px|1 RSD Coin 2003 Reverse
|
|20 mm
| 4.34g
| 70% Cu, 12% Ni, 18% Zn
| reeded
|rowspan="3"| Denomination, the relief of the National Bank of Serbia building, year of minting
|Logo of the National Bank of Serbia
| 2003, 2004
|2 July 2003
|rowspan="9" colspan="2"| Current
|-
| align="center" bgcolor="#000000"|120px|1 RSD Coin 2005 Obverse120px|1 RSD Coin 2005 Reverse
|
|rowspan="2"| 20 mm
| 4.26g
| 75% Cu, 0,5% Ni, 24,5% Zn
|rowspan="2"|reeded
|rowspan="2"|Greater coat of arms of Serbia
| 2005-2009
|2 July 2005
|-
| align="center" bgcolor="#000000"| 120px|1 RSD Coin 2019 Obverse120px|1 RSD Coin 2005 Reverse
| <sup>a</sup>
| 4.2g
| Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass
| 2009-present
|20 March 2009
|-
| align="center" bgcolor="#000000"| 120px|2 RSD Coin 2003 Obverse120px|2 RSD Coin 2003 Reverse
|
| 22 mm
| 5.24g
| 70% Cu, 12% Ni, 18% Zn
|reeded
|rowspan="3"|Denomination, the relief of the Gračanica monastery, year of minting
|Logo of the National Bank of Serbia
| 2003
|2 July 2003
|-
| align="center" bgcolor="#000000"| 120px|2 RSD Coin 2006 Obverse120px|2 RSD Coin 2006 Reverse
|
|rowspan="2"| 22 mm
| 5.15g
| 75% Cu, 0,5% Ni, 24,5% Zn
| rowspan="2"|reeded
|rowspan="2"|Greater coat of arms of Serbia
| 2006-2010
|27 December 2006
|-
| align="center" bgcolor="#000000"| 120px|2 RSD Coin 2019 Obverse120px|2 RSD Coin 2019 Reverse
| <sup>a</sup>
| 5.05g
| Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass
| 2009-present
|20 March 2009
|-
| align="center" bgcolor="#000000"| 120px|5 RSD Coin 2003 Obverse120px|5 RSD Coin 2003 Obverse
|
| 24 mm
| 6.23g
| 70% Cu, 12% Ni, 18% Zn
| reeded
|rowspan="3"|Denomination, the relief of the Krušedol monastery, year of minting
|Logo of the National Bank of Serbia
| 2003
|2 July 2003
|-
| align="center" bgcolor="#000000"| 120px|5 RSD Coin 2005 Obverse120px|5 RSD Coin 2005 Reverse
|
|rowspan="2"| 24 mm
| 6.13g
| 75% Cu, 0,5% Ni, 24,5% Zn
|rowspan="2"|reeded
|rowspan="2"|Greater coat of arms of Serbia
| 2005-2012
|2 July 2005
|-
| align="center" bgcolor="#000000"| 120px|5 RSD Coin 2019 Obverse120px|5 RSD Coin 2019 Reverse
| <sup>a</sup>
| 5.78g
|Multilayer; low carbon steel core coated with a layer of copper on both sides/electroplated with a layer of copper and a layer of brass
| 2013-present
|5 July 2013
|-
| align="center" bgcolor="#000000"| 120px|10 RSD Coin 2003 Obverse120px|10 RSD Coin 2003 Reverse
|
|rowspan="2"|26 mm
|rowspan="2"|7.77 g
|rowspan="10"|70% Cu, 12% Ni, 18% Zn
|rowspan="2"|reeded
|rowspan="2"|Denomination, the relief of the Studenica monastery, year of minting
|Logo of the National Bank of Serbia
|2003
|2 July 2003
|rowspan="10" colspan="2"|current
|-
| align="center" bgcolor="#000000"| 120px|10 RSD Coin 2003 Obverse120px|10 RSD Coin 2005 Reverse
|
| Greater coat of arms of Serbia
| 2005-present
|2 July 2005
|-
| align="center" bgcolor="#000000"| 120px|10 RSD Coin 2009 Obverse120px|10 RSD Coin 2009 Reverse
|
| 26 mm
| 7.77 g
| reeded
| Denomination, the 2009 Summer Universiade logo, year of minting
| Greater coat of arms of Serbia
| 2009
| 26 June 2009
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2003 Obverse120px|20 RSD Coin 2003 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, Church of Saint Sava, year of minting
| Logo of the National Bank of Serbia
| 2003
| 2 July 2003
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2006 Obverse120px|20 RSD Coin 2006 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Nikola Tesla, year of minting
| Greater coat of arms of Serbia
| 2006
| 30 July 2006
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2007 Obverse120px|20 RSD Coin 2007 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Dositej Obradović, year of minting
| Greater coat of arms of Serbia
| 2007
| 10 December 2007
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2009 Obverse120px|20 RSD Coin 2009 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Milutin Milanković, year of minting
| Greater coat of arms of Serbia
| 2009
| 26 June 2009
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2010 Obverse120px|20 RSD Coin 2010 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Đorđe Vajfert, year of minting
| Greater coat of arms of Serbia
| 2010
| 16 June 2010
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2011 Obverse120px|20 RSD Coin 2011 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Ivo Andrić, year of minting
| Greater coat of arms of Serbia
| 2011
| 20 May 2011
|-
| align="center" bgcolor="#000000"| 120px|20 RSD Coin 2012 Obverse120px|20 RSD Coin 2012 Reverse
|
| 28 mm
| 9.00 g
| reeded
| Denomination, a relief portrait of Mihajlo Pupin, year of minting
| Greater coat of arms of Serbia
| 2012
| 8 June 2012
|-
|colspan="16"|
|}
Banknotes
In 2003, banknotes of the (re-established) National Bank of Serbia were introduced in denominations of , , and . followed these in 2004, in 2005, , and in 2006, in 2011.
{| class="wikitable" style="font-size: 90%"
|-
!Denomination
!Obverse Image
!Reverse Image
!Main Colour
!Obverse
!Reverse
!Remark
|-
| <br>131 × 62 mm
| 184px|frameless|10 dinars obverse
|alt=|frameless|184x184px|10 dinars obverse
|Ochre-yellow
|Vuk Karadžić (1787 – 1864), philologist and linguist
|Seated figure of Vuk Karadžić, first Prague Slavic Congress, vignette of the letters introduced by Vuk Karadžić.
| rowspan="2" |Replaced with a slightly lighter 2006 issue. A revised issue entered circulation in 2011.
|-
| <br>135 × 64 mm
| 190px|frameless|20 dinars obverse
| 190px|frameless|20 dinars reverse
|Green
|Petar II Petrović-Njegoš (1813 – 1851), metropolitan bishop and poet
|Figure of Petar II Petrović-Njegoš, a motif of Mount Lovćen.
|-
| <br>139 × 66 mm
| 194px|frameless|50 dinars obverse
| 194px|frameless|50 dinars reverse
|Violet
|Stevan Stojanović Mokranjac (1856 – 1914), composer
|Figure of Stevan Stojanović Mokranjac, a motif of Miroslav Gospels illumination scores.
|Redesigned in 2005. A revised issue entered circulation in 2011.
|-
| <br>143 × 68 mm
| 200px|frameless|100 dinars
| 200px|frameless|100 dinars reverse
|Blue
|Nikola Tesla (1856 – 1943), inventor
|Figure of Nikola Tesla, a detail from the Tesla electro-magnetic induction engine.
|Redesigned in 2003, 2004, and 2006. A revised issue entered circulation in 2012.
|-
| <br>147 × 70 mm
| 208px|frameless|200 dinars obverse
| 208px|frameless|200 dinars reverse
|Brown
|Nadežda Petrović (1873 – 1915), painter
|Figure of Nadežda Petrović, silhouette of the Gračanica Monastery.
|Redesigned in 2005. A revised issue entered circulation in 2011.
|-
| <br>147 × 70 mm
| 208px|frameless|500 dinars obverse
| 208px|frameless|500 dinars reverse
|Cyan
|Jovan Cvijić (1865 – 1927), geographer
|Seated figure of Jovan Cvijić, stylized ethnic motifs.
|Redesigned in 2007. A revised issue entered circulation in 2011.
|-
| <br>151 × 72 mm
| 212px|frameless|1000 dinars obverse
| 212px|frameless|1000 dinars reverse
|Red
|Đorđe Vajfert (1850 – 1937), industrialist
|Seated figure of Đorđe Vajfert, hologram image of St. George slaying a dragon, details of the main hall of the National Bank of Serbia building.
|Redesigned in 2003 and 2006. A revised issue entered circulation in 2011.
|-
| <br>155 × 74 mm
| 220px|frameless|2000 dinars obverse
| 220px|frameless|2000 dinars reverse
|Olive Green
|Milutin Milanković (1879 – 1958), mathematician and astronomer
|Figure of Milutin Milanković, stylised Sun disk drawing fragment and an illustration of Milanković's work.
|Entered circulation in 2011.
|}
Exchange rate
See also
- Economy of Serbia
- Macedonian denar
- Yugoslav dinar
- Yugoslav krone