In 1875, the first Dinar was minted. After Serbia’s independence in 1878, the country joined the Latin Monetary Union and Dinar and Franc could be exchanged at parity. In 1884, the Privileged National Bank of the Kingdom of Serbia was established. A businessman contributed to the capital of the Bank and served as governor. The National Bank continued to operate as the Kingdom of Serbia turned into the Kingdom of Serbs, Croats and Slovenes (1918); the union of South Slav states; Yugoslavia; and the Republic of Serbia (Videos).