10 Kyats

The Peoples Bank of Burma was established in 1952 but took on its full central banking role only after the 1962 military coup brought Ne Win to power. This 1965 issue belongs to the first series produced under that reorganized socialist state, replacing the earlier Union Bank notes as the new government moved to consolidate financial control. Security Banknote Company, a Chicago-based firm, held the printing contract — an unremarkable but telling detail given Burma's nominal nonalignment policy at the time.

The single watermark is the sole security feature, which was already considered minimal by mid-1960s standards.