100 Zarin

South Ossetia has no internationally recognized currency of its own — the Russian ruble is the territory's de facto medium of exchange. The "National Bank of the Republic of South Ossetia" exists as an institution, but issues no circulating currency. These zarin notes are collector pieces produced by Goznak in Moscow, the same state printing facility that produces Russian federal banknotes and official documents, which lends them a certain technical credibility without any actual monetary function.

The zarin denomination series has been issued sporadically since the mid-2000s. A watermark on a non-circulating novelty item is an interesting choice — Goznak printing to its own standard regardless of purpose.