View source for Macedonian denar

{{Short description|Currency of North Macedonia}}
{{Redirect|Denar}}
{{pp-move}}
{{Use dmy dates|date=August 2023}} 
{{Infobox currency
| name = Macedonian denar
| local_name1 = македонски денар
| local_name_lang1 = mk
| image_1 = 2 denari.jpg
| image_2 = 
| image_title_1 = 2&nbsp;MKD 2006
| image_title_2 = 10&nbsp;MKD 2003
| iso_code = MKD
| subunit_name_1 = {{lang|mk|дени}} (no longer used)
| plural = denari / денари ("denars") <br>({{langx|mk|денари}})
| symbol = den <br>({{langx|mk| ден}})
| frequently_used_banknotes = 10&nbsp;MKD, 50&nbsp;MKD, 100&nbsp;MKD, 200&nbsp;MKD, 500&nbsp;MKD, 1,000&nbsp;MKD, 2,000&nbsp;MKD
| frequently_used_coins = 1&nbsp;MKD, 2&nbsp;MKD, 5&nbsp;MKD, 10&nbsp;MKD, 50&nbsp;MKD
| subunit_ratio_1 = {{frac|1|100}}
| replaced_currency = [[Yugoslav dinar]]
| using_countries = {{flag|North Macedonia}}
| issuing_authority = [[National Bank of the Republic of North Macedonia]]
| issuing_authority_website = {{URL|www.nbrm.mk}}
| inflation_rate = 4.5% (CPI)
| inflation_source_date = [https://web.archive.org/web/20250710215247/https://www.stat.mk/en/stat/economy-and-finances/prices/consumer-price-index-and-retail-price-index/consumer-price-index-and-retail-price-index-june-2025/ stat.mk], June 2025}}

The '''denar''' ({{langx|mk|денар}}; [[paucal]]:{{clarification needed|date=June 2023|reason=The [[Macedonian language]] article says that Macedonian distinguishes singular and plural but doesn't mention a paucal}} denari / {{lang|mk|денари}}; [[Currency symbol|abbreviation]]: '''den''' / '''{{lang|mk|ден}}'''; [[ISO 4217|ISO code]]: '''MKD''') is the [[currency]] of [[North Macedonia]]. Though subdivided into one hundred deni ({{lang|mk|дени}}), coins with a denomination of less than one denar have not been in use since 2013.

==History==
The first denar was established as a temporary currency on 26 April 1992 <ref>[http://www.novamakedonija.com.mk/DetalNewsInstant.asp?vestInstant=3400 20 years of the Macedonian denar will be celebrated] {{webarchive|url=https://web.archive.org/web/20141006135748/http://www.novamakedonija.com.mk/DetalNewsInstant.asp?vestInstant=3400 |date=2014-10-06 }} NovaMakedonija</ref> in the then-[[North Macedonia|Republic of Macedonia]], replacing the 1990 version of the [[Yugoslav dinar]] at a 1:1 parity. In May 1993, the currency was reformed and a new denar was introduced, with one new denar being equal to 100 old denars.

===Etymology===
The name denar comes from the name of the [[Ancient Rome|ancient Roman]] monetary unit, the ''[[denarius]]''. The [[currency symbol|abbreviation]] is '''ден''', the first three [[Macedonian alphabet|Cyrillic]] letters of its name.

=={{anchor|1st}}First denar (1992–1993)==
The first denar was a temporary currency introduced on 26 April 1992 to replace the Yugoslav dinar at 1:1 parity and establish the monetary independence of Macedonia.

===History===
Macedonia [[North Macedonia#Declaration of independence|declared independence]] from [[Yugoslavia]] on 8 September 1991. At the time, the country was using the Yugoslav dinar. But secret preparations were begun to introduce its own currency, and by April 1992, Macedonia was ready to acquire monetary independence from Yugoslavia. On 26 April, the [[National Bank of North Macedonia|National Bank of Macedonia]] was established and the denar declared the national currency. Notes in the form of "value coupons" entered circulation the following day, and on 30 April 1992, the Yugoslav dinar ceased to be legal tender.<ref name="Annual1992">{{cite web|url=http://www.nbrm.mk/WBStorage/Files/annual_report_1992.pdf |title=National Bank of the Republic of Macedonia. Annual Report 1992|website=www.nbrm.mk}}</ref> In May 1993, the first denar was replaced at a rate of 100 to 1 by a new, permanent denar consisting of notes and coins.

===Coins===
No [[coins]] were issued for the first denar.

===Banknotes===
Temporary notes ("value coupons") were introduced on 27 April 1992, although preparations for producing them began much earlier. The notes remained in circulation until they were replaced by permanent notes of the second denar in 1993.

====Production====
Printing of the notes started on 15 January 1992 at the “11 October” printing firm in [[Prilep]]. The difficulties of creating a new currency in secret were reflected in the notes themselves. The paper, purchased from [[Slovenia]], proved to be of poor quality and lacked adequate security. Although denominated in denari, the name of the currency did not appear on the notes because they were printed prior to the adoption of the Law on the Monetary Unit. Likewise, the issuer appeared as the "National Bank of Macedonia", not its successor, the [[National Bank of North Macedonia|National Bank of the Republic of Macedonia]].<ref>{{cite web|title=Со солзи и во тајност се печатеше првиот македонски денар|date=6 September 2011|url=http://www.utrinski.mk/?ItemID=D36A7ABAF30BB84696DC7B93F291BBC9|website=www.utrinski.mk|access-date=3 October 2014|archive-url=https://web.archive.org/web/20141006072954/http://www.utrinski.mk/?ItemID=D36A7ABAF30BB84696DC7B93F291BBC9|archive-date=6 October 2014|url-status=dead}}</ref>

====Design====
The notes were designed by a young employee of the "11 October" printer, who had only one week and a limited budget to design them. Thus the six lowest denominations were identical, with the exception of their colours. All featured a man and two women picking tobacco leaves on the front, with the back devoted to the Ilinden monument in [[Kruševo]], which, according to the bank, “expresses the eternal fight of citizens of Macedonia for life in peace and freedom.”

{|class="wikitable" style="font-size: 90%"
|-
!colspan="11"|Banknotes of the first denar
|-
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Watermark !!colspan="2"| Description !!colspan="4"| Date of
|-
! Obverse !! Reverse !! Obverse !! Reverse !! printing !! issue !! withdrawal !! lapse
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  10&nbsp;<small>DEN</small>
| rowspan="8" | 143mm × ?&nbsp;mm
|rowspan="8"| Design
|rowspan="6"| Women gathering [[tobacco]]
|rowspan="6"| Monument [[Makedonium]] in [[Kruševo]]
|rowspan="8"| 1992
|rowspan="8"| 27 April 1992
|rowspan="2"| 10 May 1993<ref name="Annual1993">{{cite web|title=National Bank of the Republic of North Macedonia. Annual Report 1993|url= http://www.nbrm.mk/WBStorage/Files/annual_report_1993.pdf|website=www.nbrm.mk}}</ref>
|rowspan="8"|?
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  25&nbsp;<small>DEN</small>
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  50&nbsp;<small>DEN</small>*
|rowspan="3"| 31 August 1993<ref name="Annual1993"/>
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  100&nbsp;<small>DEN</small>
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  500&nbsp;<small>DEN</small>
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  1,000&nbsp;<small>DEN</small>
|rowspan="3"| 30 November 1993<ref name="Annual1993"/>
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  5,000&nbsp;<small>DEN</small>
| Monument [[Makedonium]] in [[Kruševo]]
| Girl in front of a computer
|-
|  style="text-align:center; background:#000;"| 
|  style="text-align:center; background:#000;"| 
|  10,000&nbsp;<small>DEN</small>
| Panorama of the Church of St. Sofia, [[Ohrid]]
| Men dancing and the monument [[Makedonium]] in [[Kruševo]]
|-
|colspan="11"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
* After 10 May 1993 these banknotes remained in circulation at {{frac|1|100}} of their nominal value.<ref name="Annual1993"/>
|}

===Exchange rates===
The denar was introduced with a fixed exchange rate of 360 denars to the [[Deutsche Mark]].<ref name="Annual1992"/> There was a devaluation in October 1992 and change to the basket peg, new devaluation in December 1992 and abandonment of the peg in mid-1993.<ref>[https://monetaryframeworks.org/north-macedonia/ North Macedonia]</ref>

=={{anchor|2nd}}Second denar (1993–present)==

===Coins===
====First series (1993)====
In May 1993, coins for the second denar were introduced in denominations of 50 deni, and 1, 2, and 5 denars. The coins were designed by Dimče Boškoski and Snežana Atanasovska. In November 2008, 10 and 50 denar coins were introduced, while the 50 deni coin was withdrawn in 2013. Due to its low mintage, it had only been struck in 1993 and was practically never seen in circulation.<ref>{{cite web|title=National Bank of the Republic of North Macedonia, Annual Report 2011|url=http://www.nbrm.mk/WBStorage/Files/WebBuilder_Annual_Report_2011.pdf|website=www.nbrm.mk}}</ref>

Since 1996, a large number of commemorative coins have been issued for collectors; a listing can be found on the national bank website.<ref>{{cite web|url=http://www.nbrm.mk/?ItemID=9C9C53E00F8DFC4E8A4FC1BDD3F69434|title=Македонски - Пригодни ковани пари|website=www.nbrm.mk}}</ref>

Coins are minted at the ''Suvenir'' factory in [[Samokov, Makedonski Brod|Samokov]], a village near [[Makedonski Brod]].

{|class="wikitable" style="font-size: 90%"
!colspan="13"|Coins of the denar (1993–present)<ref name="Македонски - Ковани пари во оптек">{{cite web|url=http://www.nbrm.mk/?ItemID=6F1ABD61B6A40E4B9926CFA61BC8998B|title=Македонски - Ковани пари во оптек|website=www.nbrm.mk}}</ref>
|- 
! 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
|- {{Coin-yellow-color}}
| align="center" bgcolor="#000000"| 
| 50 deni
| 21.5&nbsp;mm
| 4.1 g
| CuZn15 
|rowspan="4"| Plain
|rowspan="4"| Value,<br />Stylized horizont with a 16-ray sun
| РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Flying [[seagull]]
| 1993
|rowspan="4"| 10 May 1993
| 1 January 2013<ref>{{cite web|url=http://www.nbrm.mk/WBStorage/Files/WebBuilder_DecisionWithdrawal50Deni.pdf|title=National Bank of the Republic of North Macedonia, DECISION ON WITHDRAWAL FROM CIRCULATION OF COINS IN DENOMINATION OF 50 DENI |date=26 April 2012|website=www.nbrm.mk}}</ref> 
|Indefinitely*
|- {{Coin-yellow-color}}
| align="center" bgcolor="#000000"| 
| 1&nbsp;<small>DEN</small>
| 23.80&nbsp;mm
| 5.1 g
|rowspan="3"| CuNi3Zn17
| РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. [[Šarplaninec]] shepherd dog
| 1993<br />1997<br />2001<br />2006<br />2008<br />2014 2016
|rowspan="3" colspan="2"| Current
|- {{Coin-yellow-color}}
| align="center" bgcolor="#000000"| [[File:2 denari.jpg|200px]]
| 2&nbsp;<small>DEN</small>
| 25.50&nbsp;mm
| 6.2 g
| РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. [[Ohrid trout]] (''Salmo letnica'').
| 1993<br />1997<br />2001<br />2006<br />2008 2018
|- {{Coin-yellow-color}}
| align="center" bgcolor="#000000"| [[File:5 denari, Macedonia (2006).jpg|200px]]
| 5&nbsp;<small>DEN</small>
| 27.5&nbsp;mm
| 7.2 g
| РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. [[Balkan lynx]] (''Lynx lynx balcanicus'').
| 1993<br />1997<br />2001<br />2006<br />2008
|- {{Coin-silver-color}}
| align="center" bgcolor="#000000"| 
| 10&nbsp;<small>DEN</small>
| 24.5&nbsp;mm
| 6.6 g
| Cu70Ni12Zn18
|rowspan="2"| Plain
|rowspan="2"| Value,<br />Stylized horizont with a 16-ray sun
| Peacock, floor mosaic from [[Stobi]] from the 6th century AD, detail presented on the banknote of 10 Denari
| 2008 2017
|rowspan="2"| 15 November 2008
|rowspan="2" colspan="2"| Current
|- {{Coin-silver-color}}
| align="center" bgcolor="#000000"| 
| 50&nbsp;<small>DEN</small>
| 26.5&nbsp;mm
| 7.7 g
| Cu62Ni18Zn20
| Archangel Gabriel, fresco from the [[Church of St. George, Kurbinovo]] - 12th century, detail presented on the banknote of 50 Denari
| 2008
|-
|colspan="16"|{{Standard coin table notice|standard_scale=Y|BrE=Y}}
* Until 1 April 2013, coins of 50 deni could be exchanged at any domestic bank. Although no deadline has been set, after that date, the coins can be exchanged only at the [[National Bank of North Macedonia]].
|}

====Second series (2020)====
Due to the country's name change as part of the [[Prespa Agreement]], a new set of coins featuring the new name of North Macedonia is being released into circulation, starting with 1 denar coins in April 2021.

{|class="wikitable" style="font-size: 90%"
!colspan="13"|Coins of the second series (2020–present)<ref name="Македонски - Ковани пари во оптек"/>
|- 
! 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"| 
| 1&nbsp;<small>DEN</small><ref>{{cite web|url=https://www.nbrm.mk/ns-newsarticle-DECISION+ON+PUTTING+INTO+CIRCULATION+OF+COINS+IN+DENOMINATION+OF+1+DENAR+WITH+MODIFIED+FEATURES.nspx|title=DECISION ON PUTTING INTO CIRCULATION OF COINS IN DENOMINATION OF 1 DENAR WITH MODIFIED FEATURES|website=www.nbrm.mk}}</ref>
| 23.80&nbsp;mm
| 5.1 g
|rowspan="3"| CuNi3Zn17
|rowspan="3"| Plain
|rowspan="3"| Value,<br />Stylized horizont with a 16-ray sun
| Република Северна Македонија, circular; year in the lower central field. [[Šarplaninec]] shepherd dog
| 2020
| 1 April 2021
| colspan="2" rowspan="3" | Current
|-
| align="center" bgcolor="#000000"| 
| 2&nbsp;<small>DEN</small>
| 25.50&nbsp;mm
| 6.2 g
| Република Северна Македонија, circular; year in the lower central field. [[Ohrid trout]] (''Salmo letnica'').
| rowspan="2" | 2022
| 
|-
| align="center" bgcolor="#000000"| 
| 5&nbsp;<small>DEN</small>
| 27.5&nbsp;mm
| 7.2 g
| Република Северна Македонија, circular; year in the lower central field. [[Balkan lynx]] (''Lynx lynx balcanicus'').
| 
|-
|colspan="16"|{{Standard coin table notice|standard_scale=Y|BrE=Y}}
|}

====FAO coinage (1995)====
In 1995, [[Circulation issue|circulation coins]] of 1, 2, and 5 denar denominations were struck in honor of the [[United Nations|United Nations']] [[Food and Agriculture Organization]].

===Banknotes===
In 1993, the new denar was issued in denominations of 10, 20, 50, 100, and 500 denar notes. The 20 denar note was only issued in this first series. In 1996, 1000 and 5000 denar notes were added. In 2016, notes of 200 and 2,000 denars were issued, while the national bank began withdrawing the 5000 denar banknote from circulation to re-balance the structure of notes in circulation. In 2017, the national bank unveiled its current [[polymer banknote]]s, the 10 and 50 denar notes, and put them into circulation on May 15.

{|class="wikitable" style="font-size: 95%"
! Obverse
! Reverse
! Value
! width=95|Colour
! Obverse
! Reverse
|-
!colspan="8"|  1993 series (Issued October 1993)
|-
|align="center" | 
|align="center" | 
| 10&nbsp;<small>DEN</small>
| blue
| [[Makedonium]] Monument in [[Kruševo]]
| Panorama of [[Kruševo]]
|-
|align="center" | 
|align="center" | 
| 20&nbsp;<small>DEN</small>
| brown-dark red
| Daut-Pasha Bath in [[Skopje]]
| [[Clock tower]] in [[Skopje]]
|-
|align="center" | 
|align="center" | 
| 50&nbsp;<small>DEN</small>
| red
| Monastery of St. Pantelejmon in [[Skopje]]
| Old National Bank of Macedonia building in [[Skopje]]
|-
|align="center" | 
|align="center" | 
| 100&nbsp;<small>DEN</small>
| brown
| Church of St. Sofia in [[Ohrid]]
| National Museum building in Ohrid
|- bgcolor = white
|align="center" | 
|align="center" | 
| 500&nbsp;<small>DEN</small>
| brown-dark green
| Monastery of St. Jovan Caneo in [[Ohrid]]
| Samuil's Fortress in [[Ohrid]]
|-
!colspan="8"|  1996 series
|-
| 
| 
| 10&nbsp;<small>DEN</small>
| lilac
| [[Ancient Egyptian deities|Egyptian goddess]] [[Isis]] (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, [[Bitola]]
| Mosaic in [[Stobi]] (4th-5th century)
|-
| 
| 
| 50&nbsp;<small>DEN</small>
| blue
| Fresco in the [[Church of Saint Panteleimon, Gorno Nerezi|Church of St. Pantelejmon]], Nerezi; [[Follis]] coin
| Arhangel Gavril in the St. Ǵorǵi Church, Kurbinovo
|-
| 
| 
| 100&nbsp;<small>DEN</small>
| lilac-brown
| Skopje from engraving by Jacobus Harevin
| View of Skopje from an Albanian house
|- bgcolor = white
| 
| 
| 500&nbsp;<small>DEN</small>
| red-brown
| Gold mask, v. [[Trebeništa]], Ohrid (6th century BC)
| [[Poppy]] flower 
|-
| 
| 
| 1,000&nbsp;<small>DEN</small>
| brown
| Madonna Episkepis, icon from the Church of St. Vrači, Ohrid, 14th century
| Gregory's gallery (14th century), [[Church of Saint Sophia, Ohrid|Church of St. Sofia]], Ohrid
|- bgcolor = white
| 
| 
| 5,000&nbsp;<small>DEN</small>
| red-brown-green
| Bronze figure of [[Maenad]] (6th century BC), [[Tetovo]]
| Dog and tree, mosaic, [[Heraclea Lyncestis]] (5th-6th century AD), Bitola 
|-
!colspan="8"| Upgrade of the 1996 series
|-
| 
| 
| 500&nbsp;<small>DEN</small>
| red-brown
| Gold mask, v. Trebeništa, Ohrid (6th century BC)
|  Poppy flower
|-
| 
| 
| 1,000&nbsp;<small>DEN</small>
| brown
| Madonna Episkepis, icon from the St. Vrači Church, Ohrid, 14th century
|  Gregory's gallery (14th century), Church of St. Sofia, Ohrid
|-
!colspan="8"|  2014 series (Issued December 2016)
|-
|align="center" | 
|align="center" | 
| 200&nbsp;<small>DEN</small>
|
| Early medieval bronze fibula (found near Prilep); Relief of the Old Testament Psalm 41 (terracotta icon from Vinica) 
| Artistic elements on the façade of Colorful Mosque (Šarena Džamija, Alaca Cami), Tetovo; Marble tiles with floral designs of Isaak Beg Mosque (Isak Džamija), Bitola 
|- bgcolor = white
|align="center" | 
|align="center" | 
| 2000&nbsp;<small>DEN</small>
|
| Bronze artefact in the form of cup poppy (discovered in Suva Reka, Gevgelija); Macedonian bridal dress from Prilep 
| Decoration on the inside of a gilded bowl (16th century), "Source of Life", peacocks
|-
!colspan="8"|  2018 "Polymer Series" (Issued March 2018)
|-
| 
| 
| 10&nbsp;<small>DEN</small>
| lilac
| Egyptian goddess [[Isis]] (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, [[Bitola]]. Mosaic in [[Stobi]] (4th–5th century)
| Mosaic in [[Stobi]] (4th–5th century)
|-
| 
| 
| 50&nbsp;<small>DEN</small>
| blue
| Fresco in the [[Church of Saint Panteleimon, Gorno Nerezi|Church of St. Pantelejmon]], Nerezi; [[Follis]] coin
| Arhangel Gavril in the St. Ǵorǵi Church, Kurbinovo 
|}

===Exchange rates===
Since October 1995, the nominal exchange rate of the Denar was pegged against the [[Deutsche Mark]]. Since January 2002, it is pegged against the [[euro]].<ref>{{cite web |url=https://www.nbrm.mk/postavienost_na_monietarnata_politika-en.nspx |title=Design of monetary policy |website=www.nbrm.mk}}</ref>

The denar is ''[[de facto]]'' pegged to the euro using a stabilized agreement<ref>{{cite web |title=Annual report on exchange arrangements and exchange restrictions, 2023 |url=https://www.elibrary.imf.org/downloadpdf/display/book/9798400260391/9798400260391.pdf |website=www.elibrary.imf.org |publisher=International Monetary Fund, 2023 |access-date=27 August 2025 |page=14}}</ref><ref>[https://www.ecb.europa.eu/pub/pdf/ire/ecb.ire202406_annex.en.pdf The euro in global foreign exchange reserves and exchange rate anchoring]</ref><ref>{{cite web |url=https://www.imf.org/-/media/Files/Publications/CR/2025/English/1mkdea2025001-print-pdf.ashx |title=IMF. REPUBLIC OF NORTH MACEDONIA |website=www.imf.org}}</ref> at a rate of 1 EUR=61.3644 MKD±1%.{{Citation needed|date=December 2024}}

{{Exchange rate|MKD|TRY}}

== See also ==
{{commons category|Money of North Macedonia}}
* [[Economy of North Macedonia]]
* [[Denarius]]
* [[Serbian dinar]]

== References ==
{{Reflist}}

== External links ==
* [http://www.finance.gov.mk Ministry of Finance website]
* {{cite web|url=http://www.bis-ans-ende-der-welt.net/Mazedonien-B-En.htm|title=Banknotes of Macedonia|language=en,de|editor=Heiko Otto|access-date=2017-03-24}}

{{North Macedonia topics}}
{{dinar}}
{{Currency signs}}
{{Currencies of Europe}}
{{Currencies of Former Yugoslavia}}
{{Portal bar|Europe|Money|North Macedonia|Numismatics}}
{{Authority control}}

{{DEFAULTSORT:Macedonian Denar}}
[[Category:Currencies of North Macedonia]]
[[Category:Currencies introduced in 1992]]
[[Category:Currencies introduced in 1993]]
[[Category:Currency symbols]]
[[Category:Circulating currencies]]
[[Category:Currencies of Europe]]
[[Category:Currencies pegged to the euro]]
[[Category:Dinar]]