The date on the note is 1 May 1941: less than a month after Germany invaded Yugoslavia, Serbia was under occupation, and the new Serbian National Bank (Srpska Narodna Banka) issued money without printing it from scratch. The 100 dinars were made from a Yugoslav note: an overprint covered the old inscriptions of the National Bank of the Kingdom of Yugoslavia.

The design remained the pre-war one. The front shows a seated allegorical woman with a sword and a view of the city with sailing vessels on the river; the back a young man in national costume with fruit and a shield. Held to the light, the note shows a watermark profile of King Alexander I, so the royal portrait lived on in the paper of occupation money.

A note from the Serbian National Bank’s earliest issue, that of 1 May 1941 made on Yugoslav notes, it opens the chapter of occupied Serbia, 1941–1944, in a collection. UNC condition means the note has never circulated: no folds, no wear, no soiling, even corners — just as it left the press.

If this banknote has caught your interest, the VPcoins catalogue has other issues from the same issuer worth seeing.