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| 正面描述 | Green-grey note with an ornate guilloche border framing the central denomination numeral '25' and the Cyrillic inscription КАРБОВАНЦІВ in bold lettering, surmounted by the Ukrainian trident (tризуб) as the state emblem. A standing male figure holding a spade appears at left and a seated female figure with foliage at right, both rendered in an allegorical Art Nouveau style. The serial number appears twice at the lower margin flanking a handwritten director's signature, with the legend ХОДИТЬ НАРІВНІ З КРЕДИТОВИМИ БІЛЕТАМИ along the bottom edge. |
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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | The reverse is printed in rose-brown tones with a large central oval vignette containing an allegorical bust portrait, surrounded by an elaborate scrollwork frame. The denomination '25' appears in large numerals at upper left and upper right, with a repeat numeral '25' at lower left, and the Ukrainian trident emblem at lower right. A fine floral and geometric underprint covers the entire field, and the anti-counterfeiting warning inscription appears along the lower centre. |
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The State Treasury's 1918 issue came during an extraordinarily compressed and violent period of Ukrainian state-building — the Central Rada had declared independence in January, only to see the government displaced by the Hetmanate under Pavlo Skoropadsky by April, and then the Directorate by December. This note circulated across all three regimes, which created serious problems with public confidence and counterfeit detection as authority changed hands repeatedly.
Printing was handled domestically, remarkable given the near-total absence of established banknote infrastructure in Kyiv at the time. The results were predictably uneven — registration inconsistencies and ink variation are common across surviving specimens of this series.