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| 正面描述 | Green intaglio-printed municipal bond with a central vignette of the Odesa Opera House facade, surmounted by an allegorical quadriga group. An elaborate acanthus and cherub cartouche frames the top border, while a guilloche medallion at the foot contains a standing civic figure. Denomination numerals appear in panel boxes at left and right, with the city name ОДЕСА and bond title in bold Cyrillic letterpress at centre. |
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| 正面铭文 | 1997 травень 200 двісті гривень двісті гривень 200 номер серія 045322 Б-1 ОДЕСА облігація міської позики Голова Виконкому Головний бухгалтер 50% Виконавчий комітет Одеської міської ради народних депутатів Україна, м. Одеса, Думська площа, 1 CANADIAN BANK NOTE COMPANY, LIMITED. |
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Odesa issued this loan note in 1997 as part of a short-lived municipal securities experiment that briefly proliferated across Ukrainian cities in the mid-1990s, when the central government's fiscal collapse pushed local authorities toward improvised quasi-monetary instruments. The Canadian Bank Note Company's involvement is the genuinely surprising detail here — a century-old Ottawa security printer best known for federal contracts taking on a commission from a cash-strapped Ukrainian port city council is not an obvious pairing, and speaks to how aggressively CBN was pursuing post-Soviet republic work during that decade.
Municipal loan notes of this type were redeemable against local taxes and utility payments rather than functioning as pure currency — a distinction that mattered legally, if not always in practice.