200 Hryven

The Derzhavna Skarbnytsya series was issued under the Ukrainian People's Republic during one of the most unstable periods in the country's short-lived independence — the German-backed Hetmanate had not yet consolidated power, and the Central Rada was issuing currency against almost no functional reserve. These notes circulated alongside German Marks, Russian rubles, and a half-dozen other competing instruments, all trading at wildly fluctuating rates.

Pick 14 is among the higher denominations of the State Treasury issue, and high-denomination notes from this series suffered heavily from the hyperinflationary psychology of 1918: they were spent quickly or rejected outright. Survivors in any honest condition are genuinely uncommon.