100 Roubles

Transnistria's 1993 note series emerged from one of the post-Soviet Union's most chaotic secession crises. The Pridnestrovian Moldavian Republic — unrecognized by virtually every government on earth — had been issuing provisional coupons since 1992 while fighting a brief but brutal war against Moldova. This 1993 paper issue was part of the first proper banknote series for a state that, legally speaking, most countries still refuse to acknowledge exists.

The watermark is the sole security measure — a thin defense for a currency already operating entirely outside international banking infrastructure.