10 Manat

Azerbaijan declared independence in 1991, and this 1992 issue belongs to the country's first sovereign currency series — printed by Thomas De La Rue in London while the new state was simultaneously fighting a war with Armenia over Nagorno-Karabakh. The manat replaced the Soviet ruble at par initially, though hyperinflation quickly made low denominations like this one functionally obsolete within a few years of issue.

The single security feature — a watermark — reflects the compressed timeline under which these notes were commissioned. More sophisticated specifications simply weren't practical given the urgency of establishing a functioning currency from scratch.