1 Rouble

The Emissionsbank in der Ukraine was established by the German occupation administration in 1942 — which makes any note bearing a 1941 date an anomaly worth examining. The bank did not formally begin operations until after its founding decree, and early-dated notes in this series are generally understood to reflect pre-dating or administrative backdating rather than actual 1941 issue.

Printed in Kiev under occupation conditions, the series was designed to displace Soviet currency and control the local money supply in the Reichskommissariat Ukraine. Karbovanets-denominated notes circulated alongside this rouble series, creating a deliberately fragmented monetary system that favored German administrative control over economic coherence.