First Money — History of the Croatian Currency

The peoples that had passed through or lived on the territories of today's Republic of Croatia left their imprint on many segments of life, including coin minting. According to available sources, the Croats living on the territory of today's Croatia started to mint their own coins in the late 12th century. Before that time, they had minted replicas of Byzantine coins.

Issa (Vis), Pharos (Stari Grad), Rhizon (Risan), Lissos (Lješ) and Skodra (Skadar) were the Greek cities where coinage was minted. Siscia (Sisak) and Sirmium (Srijemska Mitrovica) were the mints in the Roman period.

The money of the White Croats, a powerful tribe living on the territory of today's Czech Republic, is believed to be the oldest Croatian money. The Croat princes Slavniković minted their coinage in the 10th century. We are nowadays familiar with many types and variants of the silver senar, issued by Sobjeslav Slavniković (985-995) and his brother bishop Adalbert of Prague (982-988 and 992-994).

In 1102, Croatia entered into alliance with Hungary. Under this political relationship, the Hungarian ruler was the common king for Croatia and Hungary. However, Croatia was allowed some degree of independence, so that its ruler, a herceg (duke), was entitled to mint his own coinage, which was valid on the whole Croatian territory.

Herceg Andrija (1192-1211) minted the silver denar and half-denar according to the example of a foreign coin, the frisatic, and hence the name the Croatian frisatic.

 
Croatian frisatic minted by herceg Andrija
 

A representative example of the Croatian money is the banovac (banski denar), minted by the Croatian bans (viceroys), successors of herceg Andrija, in the period from 1235 to 1384. These coins are valued for their composition and high quality finish – they were minted from fine silver in the mints in Zagreb and Pakrac.

In a span of more than five centuries (1294-1803), the Dubrovnik Republic minted the coinage which nowadays has a great appeal among collectors both in Croatia and abroad.

The first Croatian paper money was the assignat of the City of Pag, dating from 1778. Prior to its introduction, the City of Pag paid its officers, clerks and doctors in salt. When assignats were introduced, the salt amount was converted into the lira equivalent and a receipt for this amount was issued. Inscribed on each assignat was the sum and issue date.