25 Roubles

Belarus issued its first ruble-denominated notes in 1992 as the country transitioned away from Soviet-era currency following independence. The National Bank introduced this series — commonly called "zaichiki" (little hares) by the Belarusian public — while the Russian ruble was still nominally circulating alongside it, creating a brief and chaotic dual-currency period that complicated everyday commerce considerably.

Printed by the British firm Harrison and Sons, the series was designed quickly under tight timelines. Rampant inflation in the early post-Soviet years rendered the lower denominations, including this 25 ruble note, effectively worthless within a few years of issue.