Prince Miklós I, King of Montenegro ruled from 1860-1918. During his reign, the country's financial system underwent significant changes. In 1860, after liberation from Turkish rule, Montenegro received its own minting rights. Taking advantage of this, Prince Miklós started minting his own coins in 1864. Montenegro introduced its own currency, the perper. The perper was divided into 100 paras. The litigious coins were made in denominations of 1, 2, 5, 10, 20, 50, 100, 200, 500 and 1000. The coins featured the portrait of Prince Miklós and the Montenegrin coat of arms. I. During the reign of Prince Mikós, the Montenegrin coinage system underwent significant development. By acquiring its own minting rights, Montenegro was able to act as an independent state on the international financial market. Montenegrin litigious coins are still valuable collector's items today.