1 Rouble First PMR Bank

Transnistria's banknotes occupy a peculiar position in the hobby — issued by a state recognized by no UN member, yet printed and circulated with full central-bank formality since 1994. The 2021 series represents a continuation of that unbroken institutional insistence on sovereign-looking currency from a territory that legally does not exist. The Transnistrian Republican Bank has maintained its own monetary system in parallel with the Moldovan leu for three decades, funded largely through Russian subsidies and the revenues of Sheriff Enterprises, the conglomerate that dominates the local economy.

For a note this recent, the security specification is notably thin — watermark only, no metallic thread.