200 Lei

Romania's hyperinflationary spiral of the early 1990s made this denomination almost instantly inadequate. By the time the note entered circulation, annual inflation was running well above 200%, and the 200 Lei — a substantial sum just years earlier — was losing purchasing power faster than the printing cycle could respond. The series it belongs to was superseded and largely withdrawn within a few years, a casualty of monetary conditions that eventually required a full redenomination in 2005.

The single watermark security feature reflects the limited anti-counterfeiting investment typical of transitional-period Romanian issues, where economic instability outpaced the infrastructure for upgraded security printing.