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| 正面铭文 | ZWEIHUNDERT KARBOWANEZ Ausgegeben auf Grund der Verordnung vom 5. März 1942 ROWNO, den 10. März 1942 ZENTRALNOTENBANK UKRAINE 200 |
| 背面描述 | Green and dark olive note with a dense guilloche underprint throughout. The top border panel carries 'ZENTRALNOTENBANK UKRAINE' flanked by '200' numerals, below which appears 'ZWEIHUNDERT KARBOWANEZ' in bold Gothic lettering. A large bold numeral '200' occupies the central field over the guilloche work, with 'ДВІСТІ КАРБОВАНЦІВ' beneath. Anti-counterfeiting warnings appear in both German and Ukrainian within ornamental rosette panels on either side. The bottom border panel reads 'ЦЕНТРАЛЬНИЙ ЕМІСІЙНИЙ БАНК УКРАЇНИ' with corner numerals '200'. |
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The Zentralnotenbank Ukraine was established by German occupation authorities in 1942 as a tool of economic administration, not as a genuine central bank in any functional sense. The Karbowanez it issued was pegged to the Reichsmark at a rate deliberately disadvantageous to the local population, enabling the systematic extraction of goods and labor. Inflation was baked in from the start.
Printed by the Reichsdruckerei in Berlin — the same facility producing Reichsmarks simultaneously — these notes were never intended to serve a postwar economy. The occupation collapsed before any redemption mechanism was needed.