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20 Manat

Issuer Central State Bank of Turkmenistan
Year 1993-1995
Type Standard circulation banknote
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Protection description Horse rearing on its hind legs
Variants P#4a - ND (1993)
P#4b - 1995
Comments

Turkmenistan's first national currency, the manat, replaced the Soviet ruble in November 1993 at a rate of 500 rubles to 1 manat — a deliberate move to establish monetary independence before hyperinflation made the ruble worthless in the new republic. The early manat series, including this note, was printed by De La Rue in the United Kingdom, though no printer's imprint appears on the face of the notes themselves.

The series was short-lived. A second, redesigned manat series followed by the late 1990s, making the 1993–1995 issues relatively short-circulation pieces in a country that had only existed as a sovereign state for two years when they were first released.

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