20 000 Kuponi

Georgia's kuponi series was never intended to be a permanent currency — it was a transitional instrument introduced after the collapse of the Soviet ruble zone, bridging the gap until the lari could be established in 1995. The 20,000 denomination reflects the hyperinflationary spiral that gripped the Georgian economy in 1993–94, when inflation ran at several thousand percent annually and lower kuponi values became functionally worthless within months of printing.

At roughly 12 million printed, this is not a rare note, but surviving examples in clean condition are less common than the print run suggests — heavy circulation in a cash-dependent economy during a period of severe civil conflict took a toll on the physical stock.