In the months immediately following the formation of the new state, the Kingdom of Serbs, Croats and Slovenes, the issue of the formation of a unified monetary market was raised. Under the circumstances that marked the period immediately after the proclamation of the Kingdom, there was an increased demand for a larger amount of small denominations, necessary to meet everyday retail needs. Already in 1919, some cities began to issue their own municipal banknotes of smaller denominations, i.e., some sort of coupons. In Belgrade, they were issued since June 1920.