5 Manat

Turkmenistan's first banknote series appeared in November 1993, months after independence from the Soviet Union, replacing the Russian ruble at a rate of 2 manat per ruble. De La Rue produced the notes under considerable time pressure — the government had been using Soviet-era transitional coupons and needed a permanent currency quickly. The watermark is the sole security feature, a minimalist specification that reflected budget constraints rather than any assessment of counterfeiting risk in a newly sovereign state.

Pick #2 is among the more common denominations from this inaugural series, though early issues are prone to edge wear given the light paper stock used.