200 000 Karbovantsiv Hero-City of Sevastopol

Issued just four years after Ukrainian independence, this coin belongs to a short-lived karbovanets coinage program that was already collapsing under hyperinflation by the time it reached circulation. The karbovanets itself — a transitional currency introduced in 1992 to replace Soviet rubles — was abolished in September 1996 and replaced by the hryvnia at a rate of 100,000 to 1, rendering the entire series effectively obsolete within months of issue.

Sevastopol's "Hero City" designation dates to 1965, awarded by the Soviet presidium for its defense during the 1941–1942 siege. The city's status was politically charged in 1995: a predominantly Russian-speaking naval base city whose sovereignty between Ukraine and Russia was already being actively disputed.