1 050 000 Karbovantsiv Privatization certificate

Ukraine's 1995 privatization certificates were not currency in any conventional sense — they were one-time-use vouchers issued to citizens as part of the mass privatization program that transferred Soviet-era state enterprises into nominally private hands. Each adult Ukrainian received a single certificate, booklet-style in format, entitling them to invest in enterprises sold through privatization auctions. The program was broadly criticized: most citizens, lacking financial literacy or access to auction information, sold their certificates well below face value to speculators and investment funds.

Pick lists this under banknotes largely as a cataloguing convenience. The watermark is the sole conventional security feature — unsurprising for an instrument never intended to circulate.