3 Hryvni 60 Shahiv

Issued by the Ukrainian State Treasury under the Central Rada government, this fractional denomination reflects the acute coin shortage that gripped Ukraine in 1918 as the country lurched through successive changes of authority — the Rada, then the Hetmanate, then the Directorate, all within a single year. Paper substitutes for small-denomination coinage were a practical necessity, not an ideological statement.

The shahiv subdivisions were never struck as coin during this period, making fractional treasury notes the only circulating form of small change. Pick 18 belongs to the broader 1918 Treasury series that also includes 10, 20, 30, and 50 shahiv values, all printed domestically under difficult wartime conditions.