100 Hryven

The Derzhavna Skarbnytsya — the State Treasury of the Ukrainian People's Republic — issued this note during one of the most chaotic intervals in Ukrainian political history. Between late 1917 and late 1918, the UNR government changed hands and allegiances repeatedly, cycling through conflict with Bolshevik forces, German occupation under the Hetmanate, and then renewed collapse. Treasury notes of this denomination were produced domestically under severe material constraints, and the printing quality reflects those pressures.

Pick 13 is among the higher-denomination Treasury obligations of the series, issued as the UNR struggled to maintain a functioning monetary system independent of the Russian ruble. That project effectively ended before the notes could establish any real economic foothold.