The Money Museum in Cetinje Welcomes 10,000 Annual Visitors
Cetinje’s sidewalks conceal centuries of history and numerous historic buildings, but at the city’s heart lies a small time capsule that often goes unnoticed. It doesn’t operate like those depicted in films, yet it serves as a portal to the past through small metal coins, paper notes, and various artifacts.
This hidden gem is situated at the start of Njegoševa Street, within a two-story monumental building that is legally protected. This building is noteworthy for being home to one of the first banking institutions established in 1906, which functioned until the mid-20th century. After its nationalization, it became part of the National Bank of Yugoslavia, and the Foreign Exchange Accounting Service (SDK) operated from this location until 2001.
Subsequently, the building was taken over by the Central Bank, which in 2012 opened the Museum of Money, showcasing Montenegro’s monetary history alongside a small chronological window into the past.
Here, alongside the original preserved bank counter from the early 20th century—a sight mainly seen in films—museum curator Jovan Muhadinović describes how one of the first banks was founded, while the building currently serves as a repository for the money that circulated in Montenegro.
This two-story establishment draws about 10,000 visitors each year, with Muhadinović noting a year-on-year increase in attendance.
While some may find the coins and banknotes showcased in cases, along with information panels and posters, less engaging, the museum offers free admission and guided tours summarizing the entire history in both local and foreign languages, making the historical context far more vivid than merely recounting tales of trade and currency exchange.
Perun Ate Time
The journey begins on the ground floor, where ancient currency is displayed alongside other historic coins, including the stater of Alexander the Great—over 2,300 years old—13th-century Nemanjić dinars minted in Brskovo, and coins from the Balšić and Zeta dynasties, adorned with a wolf on a shield that now symbolizes the local football club…
Here, you won’t find Kotor and Risan, cities burdened by summer tourists, nor locals from Brskovo near Mojkovac, where mining threatens their rivers, but rather relics from ancient and medieval times when money was minted. Coins from the coast were minted according to the prevailing rulers, but the Greek stater reigned first in our region.
Part of the money stored in the vault As Muhadinović notes, this stater, featuring the image of Zeus from the 4th century BC, is the oldest coin discovered on Montenegrin soil but remains extremely rare—hence its absence from the collection. He mentions that besides the famous perper, there was another contender for the first currency in our region, closely tied to Njegoš. “During a trip to Italy, Petar II Petrović Njegoš spoke to the renowned Neapolitan banker Rothschild, who inquired why Montenegro lacked its own currency. Perun – Njegoš’s currency was an initial effort to create Montenegrin money decades before the perper emerged in the early 20th century. Unfortunately, after Njegoš passed away, the project fell into neglect, and work on it, initiated in 1851, was never completed. Perun, the supreme god of all Slavs, was to appear on the currency, with ‘Perun two thalers’ inscribed on the front, indicating its value, alongside a laurel wreath and a fist gripping lightning—mythical symbols of the deity. The reverse was meant to feature the ‘ouroboros’, a mythological serpent representing cyclicity or eternity, and within that, the Cyrillic inscription ‘Montenegro’ and the year 1851. The tumultuous period after Njegoš’s death led to this minting attempt being overlooked. It resurfaced over four decades later when Lazar Tomanović, while visiting the Cetinje Monastery, uncovered the molds and documented them in his work on Njegoš’s rulership. The story faded again until 1909 when Stevo Lopičić from the Principality’s financial administration discovered the molds and waxed them, preserving the existence of money predating the perper. In 1997, the National Bank of Yugoslavia minted a commemorative coin in remembrance of the publication of the Mountain Wreath in Vienna,” Muhadinović explained. He emphasized that the richness of the museum’s collection reflects history itself, as our ancestors utilized diverse forms of currency they encountered, including Venetian, Ottoman, Austro-Hungarian, Russian, French, Belgian, and Italian coins… Muhadinović Robberies, Forgeries, and Everything In Between On the ground floor, to the right, visitors can admire an original machine over 150 years old from the Vienna Mint, which struck the first Montenegrin coins, alongside a secure vault from the SDK era. Though entry to this barred room is prohibited, viewers can glimpse boxes brimming with currency from the Socialist Federal Republic of Yugoslavia and inflationary money from the later Federal Republic. A few meters away, an original historic staircase leads to the first floor, where Montenegro’s history unfolds through the quest for freedom, archival documents, rare recordings, coin jewelry, and currency from 1906 to 2001… Certainly, the narrative of the Montenegrin perper—its first national currency—cannot be overlooked. Muhadinović elaborated that in 1906, Prince Nikola Petrović issued a decree to mint coins, initially small denominations meant to replace Austrian currency. He noted that the goal was to establish a stable domestic currency to generate income in the Montenegrin market. Following two series minted in Vienna, the perper was struck in Paris in 1909. Production returned to Vienna, but was interrupted during World War I in 1915 when the Montenegrin government resorted to printing perpera bonds due to a gold and silver coin shortage. After occupation, Austria-Hungary stamped these bonds and circulated them as currency, profiting at the expense of the impoverished populace. Coins were also used to create jewelry “They confiscated metal assets from our ancestors, leaving behind paper valuables that were worth nothing after the war. This occupation theft was so effective that in 1917, they minted their own Austro-Hungarian perper, inscribed in our language alongside German and Albanian, proceeding with this process until their withdrawal from Montenegro, having extracted over 4.5 million crowns. The Austro-Hungarians seized both gold and silver perpers from circulation, depriving Montenegrins of redeemable currency, and the paper that residents received as change after the war proved completely worthless. Although Montenegro was a victorious nation in 1918, with promises of restoration akin to Belgium’s, it ultimately became part of the Kingdom of Serbs, Croats and Slovenes (SHS). In this new state, the Austrian crown was initially adopted as temporary money, as significant quantities of that currency were discovered. They implemented tax stamps to combat counterfeiting, as individuals exploited the counterfeit issue even before the regulated currencies circulated throughout the nation…” emphasized Muhadinović. He continued, stating that the transition from the crown to dinar commenced with the crown dinar, as the dinar became the inaugural currency of the Kingdom of Serbs, Croats, and Slovenes. This currency was printed offshore until 1929, after which Yugoslav dinar printing began in Belgrade, marking the inception of the now renowed Kingdom of Yugoslavia. The currency from this phase is striking, showcasing designs featuring the Karađorđević dynasty, and remained in circulation until 1941, when Yugoslavia collapsed. MONEY SEAL OF THE SOUTH A simple newspaper article can never encompass all the vivid snapshots of history encapsulated in this establishment. The past, rendered onto paper, fails to provide practical insights into distinct eras, such as the engravings on coins or the visuals echoed in banknotes. While a diverse array of coins are displayed, the jubilee coins command attention, including the unused Njegoš’s golden Perun, as well as commemorative coins from various Yugoslav periods, honoring events such as the Mediterranean Games, Winter Olympics, the formation of the Non-Aligned Movement, and figures like Nikola Tesla, Vuk Karadžić, and the restoration of Montenegro’s independence, among others… A record 500 billion dollar bill On the upper floor, visitors will find a chronological exhibit of money printed in Belgrade from 1946 until the dissolution of Yugoslavia, predominantly characterized by images of girls in traditional costumes and laborers from the socialist framework. Noteworthy, Muhadinović mentioned that the figure of Josip Broz Tito appeared on banknotes only posthumously. Yugoslavia experienced its first major inflation in 1985, leading to the emergence of banknotes with excessive zeros, prominently featuring the 500 billion dinar note bearing Jovan Jovanović Zmaj’s likeness. “Anto Marković, the last Yugoslav prime minister, implemented a reform, collaborating with substantial nations to secure assistance. The currency stabilized with robust wages and diminished prices, taking four years for the reform to fully manifest. Nevertheless, due to internal power struggles, the country divided, leading to Slovenia and subsequently Croatia’s secession, escalating conflicts that tragically erupted in Bosnia and Herzegovina in 1992. The printed banknotes portrayed Tesla and Ivo Andrić, and by April of that year, a small Federal Republic emerged on Yugoslavia’s diminishing foundation, marked by extreme poverty, rampant inflation, and worthless wages—Yugoslavs became known as the poorest billionaires. Inflation was rampant in 1992, as a month’s salary could merely purchase a box of eggs, not even a box of matches in an hour,” Muhadinović shared. He noted that in 1994, as he explained, the New Dinar was introduced with Governor Dragoslav Avramović managing inflation through economic reforms that equalized the mark and the dinar. Despite initial success, it lasted only a few years as political pressures and reluctance to print additional currency precipitated a resurgence of inflation. Montenegro subsequently severed monetary ties with Belgrade in 1999, adopting the German mark until 2001, after which prices stabilized, wages regained value, and the euro was adopted the following year—a history many are already familiar with. The crown was also a fashion statement during the 18th to 20th centuries, utilized in the crafting of various jewelry pieces, from necklaces to hats and bracelets… Thus, a new perspective on the past through the lens of currency, housed in this two-story establishment nearly 120 years old, should be explored by all, particularly those who cherish history and seek to avoid repeating it. The museum effectively acts as a small time machine, offering wonders from antiquity to contemporary times through the medium of money. Muhadinović aptly summarized the experience: “Working here is a privilege”… “The Dragon Flies Low” During the inflation of 1993, a 500 billion dinar banknote, featuring Jovan Jovanović Zmaj, was issued, which Muhadinović noted was significant for carrying a staggering 11 zeros. The museum also holds an article from “Pobjeda”, a newspaper from that time, which discusses this banknote entitled “The dragon flies low”, referring to its lack of value. A legally protected building in Njegoševa Street: Museum of Money “We held a negative record, as it was the highest denomination on a single banknote until 2008, when Zimbabwe eclipsed it with notes of 50 and 100 trillion, featuring 14 zeros,” Muhadinović shared. “Crvendać” and the Monument in Front of the United Nations The museum also exhibits a 100 dinar banknote, famously dubbed the “red robin”, showcasing the peace monument located within the UN courtyard. Muhadinović reminisced that the UN was established after World War II to avert future major conflicts, charging each member with the responsibility of contributing towards this cause. “The United States provided the residence space, with the decorative features entrusted to the Swedes and Yugoslavs. The Yugoslav-Croatian sculptor Antun Augustinčić created the monument, which portrays a girl on horseback, one hand holding an olive branch and the other a globe symbolizing the Earth. This monument was presented to the UN in 1954, along with Augustinčić’s words—if women led global politics, there would be no wars. That monument remains in the UN courtyard in New York,” Muhadinović concluded.