200 000 Karbovantsiv

Ukraine's hyperinflation in the early 1990s was severe enough that denominations climbed from single karbovantsi to hundreds of thousands within just a few years of independence. This 200,000 karbovantsiv note was among the highest values issued in the series before the entire currency was replaced by the hryvnia in September 1996 at a conversion rate of 100,000 karbovantsiv to one hryvnia — effectively erasing the nominal value of notes like this overnight.

The Canadian Bank Note Company contract was part of a broader pattern of newly independent post-Soviet states turning to Western security printers while domestic infrastructure remained unreliable. Ukraine had no established banknote printing capacity of its own at the time.