200 Roubles

Transnistria's 1993 note issues came at a moment of acute economic instability — the breakaway republic had declared independence from Moldova in 1990 and fought a brief but bloody armed conflict in 1992. Printing its own currency was as much a political assertion as a practical necessity, given that Moldovan leu and Russian roubles were circulating simultaneously in a deeply uncertain monetary environment.

The watermark security on this series was rudimentary by any measure, reflecting the limited printing infrastructure available to an unrecognized state operating under international sanctions pressure. Counterfeiting of the early Transnistrian rouble issues was a documented problem.