25 Roubles

Transnistria's 1994 rouble series was effectively a second attempt at a functioning currency for a state that most of the world still refuses to recognize. The 1992 coupon issues had been provisional stopgaps; by 1994, the Pridnestrovian Moldavian Republic was printing notes intended to function as a permanent national currency despite the unresolved political situation following the 1992 war with Moldova.

The watermark security on these notes is modest — appropriate for a nascent central bank operating under significant economic and diplomatic constraints. Counterfeiting was a real concern in the post-Soviet vacuum, where multiple competing currencies circulated simultaneously across the region.