1 000 000 Kuponi

Georgia's coupon currency — the kuponi — was introduced as a transitional instrument after independence, initially circulating alongside the Soviet ruble before replacing it entirely. By 1994, inflation had reached such severity that million-denomination notes were a practical necessity, not an anomaly. The kuponi was itself replaced by the lari in 1995 at a rate of one million kuponi to one lari, which tells you exactly where things stood.

A watermark is the sole security feature on a note of this face value — a detail that reflects the stripped-down production circumstances of the period rather than any deliberate design choice.