2 000 000 Karbovantsiv Modern Olympics

Issued to mark Ukraine's debut as an independent nation at the 1996 Atlanta Summer Games — the first Olympics the country entered under its own flag, having previously competed as part of the Soviet team. The face value of two million karbovantsiv reflects the extreme inflation that had gutted the currency; within months of issue, Ukraine replaced the karbovanets entirely with the hryvnia at a rate of 100,000 to one.