1 Chervonets

This note belongs to a short-lived and poorly documented episode: the German occupation monetary apparatus in Ukraine. Following the Wehrmacht's capture of Kiev in September 1941, occupation authorities permitted or organized limited local currency emissions to facilitate trade and wage payments in newly controlled territory. The Emissionniy Bank was not a continuation of Soviet banking infrastructure — it was a creature of occupation administration, and its notes were never backed by any meaningful reserve.

Pick 45 is scarce in any condition. The print run was limited and the political situation that produced it collapsed within a few years, leaving few surviving examples outside specialist collections.