1 Manat

Azerbaijan's first manat series was introduced following independence from the Soviet Union, with the 1 Manat among the lower denominations of a currency that almost immediately struggled against severe inflation. By mid-decade, denominations had escalated so dramatically that the entire first manat series became effectively worthless in purchasing terms before most notes had seen meaningful circulation.

The series was withdrawn and replaced by a second manat in 2006 at a redenomination rate of 5,000 old manat to 1 new manat — a ratio that says more about the 1990s economic collapse than any monetary history text could.