200 000 Karbovantsiv Victory in the Great Patriotic War

Issued on the 50th anniversary of the Soviet victory over Nazi Germany, this coin appeared during one of the most economically turbulent periods in Ukrainian post-independence history. The karbovanets — a transitional currency introduced in 1992 to replace the Soviet ruble — was by 1995 suffering catastrophic inflation, with annual rates exceeding 280%. A 200,000-denomination coin was not an abstraction; it reflected genuine purchasing collapse.

Ukraine replaced the karbovanets with the hryvnia the following year, making this among the last commemorative issues in that currency. The Zahreba listings distinguish at least two variants, likely differing in edge treatment or alloy tolerances.