5 Karabovantsi Kiev Ukrainbank

Ukrainbank — the All-Ukrainian Cooperative Bank — was established in 1922 as part of the Soviet NEP experiment, which briefly permitted quasi-commercial banking structures within the cooperative sector. This note is a product of that narrow window: not a state treasury instrument, but a scrip issued by a cooperative financial institution operating under Soviet sanction in Kyiv.

The karabovanets' unit here is the NEP-era Ukrainian ruble equivalent, distinct from the earlier 1917–1920 Rada-period karbovanets'. The Kyiv branch's authority to issue such obligations was curtailed as Soviet centralization tightened through the late 1920s, making this a short-lived series by institutional design rather than accident.

Pick S328 is sparsely documented in major reference collections.