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| 正面描述 | Brown and pink note with an intricate guilloche underprint carrying large numeral '200' in rose. The left border carries a vertical inscription 'ZWEIHUNDERT' within an ornamental panel, with denomination numerals '200' in corner cartouches. To the right, an intaglio oval vignette portrays a Ukrainian peasant woman in a traditional headscarf, set within an elaborate lace-like guilloche frame. The central field bears the large Gothic-style inscription 'ZWEIHUNDERT KARBOWANEZ', issuance text dated Rowno, 10. März 1942, the issuer name 'ZENTRALNOTENBANK UKRAINE', a manuscript signature, and an eagle seal with swastika. |
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| 正面铭文 | ZWEIHUNDERT KARBOWANEZ Ausgegeben auf Grund der Verordnung vom 5. März 1942 ROWNO, den 10. März 1942 ZENTRALNOTENBANK UKRAINE 200 |
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The Zentralnotenbank Ukraine was established by German occupation authorities in 1942 as a tool of economic administration, not as a genuine central bank in any functional sense. The Karbowanez it issued was pegged to the Reichsmark at a rate deliberately disadvantageous to the local population, enabling the systematic extraction of goods and labor. Inflation was baked in from the start.
Printed by the Reichsdruckerei in Berlin — the same facility producing Reichsmarks simultaneously — these notes were never intended to serve a postwar economy. The occupation collapsed before any redemption mechanism was needed.