500 Manat

Azerbaijan's first manat series was issued as the country rebuilt financial infrastructure following independence from the Soviet Union, and the 500 manat was among the higher denominations introduced as inflation steadily eroded purchasing power through the mid-1990s. By the late 1990s, the note was effectively small change — hyperinflationary pressure during this period meant the 500 denomination lost practical utility faster than the print runs could keep pace with economic reality.

The series was demonetized when Azerbaijan redenominated in 2006, replacing the old manat at a rate of 5,000 to 1.