50 000 Manat

Azerbaijan's mid-1990s denominations climbed steeply as the manat shed value following independence and the ongoing war with Armenia over Nagorno-Karabakh. The 50,000 manat was among the higher-denomination notes issued during this inflationary stretch, a direct consequence of economic collapse rather than any planned currency architecture.

Thomas De La Rue's involvement gave the series a technical credibility the young republic's institutions couldn't yet produce domestically. The 1995 notes were replaced when Azerbaijan redenominated in 2006, converting at 5,000 old manat to one new manat — effectively erasing the entire high-denomination series from circulation.