100 Denars – North Macedonia
Non-circulating coins
Commemoration: Signs of the Zodiac
North Macedonia
Context
Material
References
KM: #Click to copy to clipboard70
Numista: #161163
Value
Exchange value: 100 MKD
Bullion value: $61.27
Obverse
Description:
Four Atlases holding the sky above a zodiac circle, featuring the Macedonian coat of arms and inscriptions: “Република Македониjа” and “2018”.
Inscription:
РЕПУБЛИКА
МАКЕДОНИЈА
100 ДЕНАРИ
2018
МАКЕДОНИЈА
100 ДЕНАРИ
2018
Translation:
REPUBLIC OF MACEDONIA
100 DENARI
2018
100 DENARI
2018
Script: Cyrillic
Language: Macedonian
Reverse
Description:
A coin featuring Johannes Hevelius's 17th-century "Firmamentum Sobiescianum" star atlas, with the Aquarius constellation on a cobalt glass insert and its zodiac symbol above.
Inscription:
AQUARIUS Ag 925
Script: Latin
Edge
Plain
Categories
| Astrology> Western astrological sign |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2018 | — | 7,000 | Proof |
Historical background
In 2018, the currency situation in North Macedonia was characterized by notable stability, with the Macedonian denar (MKD) maintaining a firm and predictable exchange rate against the euro. This stability was primarily underpinned by a de facto currency peg, managed by the National Bank of the Republic of North Macedonia (NBRNM). The central bank actively intervened in the foreign exchange market to keep the denar trading within a very narrow band, effectively pegging it to the euro. This long-standing policy, in place for decades, provided a crucial anchor for inflation, fostered economic predictability for businesses and investors, and supported the country's high level of euroization in savings and loans.
The stable denar existed within a context of positive economic momentum following a prolonged political crisis. The resolution of the "name dispute" with Greece, leading to the Prespa Agreement and the country's subsequent NATO invitation, improved investor sentiment and reduced political risk premiums. This contributed to increased foreign direct investment and economic growth, which in turn supported the currency's stability. Furthermore, the NBRNM maintained adequate foreign currency reserves, which bolstered confidence in its ability to defend the peg and manage any potential external shocks.
However, this stability was not without underlying vulnerabilities. The economy remained heavily euroized, with a significant portion of bank deposits and loans denominated in euros, exposing the financial sector to indirect exchange rate risk. Additionally, as a small, open economy, North Macedonia remained susceptible to external pressures, including potential volatility in the European economy (its main trading partner) and shifts in global financial conditions. Nevertheless, throughout 2018, the managed float regime successfully provided a stable monetary environment, which was a key pillar of macroeconomic policy during a year of significant political transformation and economic growth.
The stable denar existed within a context of positive economic momentum following a prolonged political crisis. The resolution of the "name dispute" with Greece, leading to the Prespa Agreement and the country's subsequent NATO invitation, improved investor sentiment and reduced political risk premiums. This contributed to increased foreign direct investment and economic growth, which in turn supported the currency's stability. Furthermore, the NBRNM maintained adequate foreign currency reserves, which bolstered confidence in its ability to defend the peg and manage any potential external shocks.
However, this stability was not without underlying vulnerabilities. The economy remained heavily euroized, with a significant portion of bank deposits and loans denominated in euros, exposing the financial sector to indirect exchange rate risk. Additionally, as a small, open economy, North Macedonia remained susceptible to external pressures, including potential volatility in the European economy (its main trading partner) and shifts in global financial conditions. Nevertheless, throughout 2018, the managed float regime successfully provided a stable monetary environment, which was a key pillar of macroeconomic policy during a year of significant political transformation and economic growth.
✨ Legendary