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| 正面描述 | Elaborate allegorical vignette with a female figure at left and a male peasant figure at right, both flanking an ornate central cartouche bearing the denomination in Cyrillic script. The trident arms of Ukraine appear at upper centre within a guilloche surround, and the year 1920 is printed at the lower centre below the signatures of the Director of the State Bank and the Treasurer. |
|---|---|
| 正面铭文 | ДЕРЖАВНИЙ КРЕДИТОВИЙ БІЛЕТ П'ЯТДЕСЯТ ГРИВЕНЬ ДИРЕКТОР ДЕРЖАВНОГО БАНКУ СКАРБНИК 1920 |
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The Ukrainian People's Republic was fighting for its existence in 1920, pressed simultaneously by Bolshevik forces from the east and Polish armies in the west. Notes issued under the UNR that year were effectively wartime scrip — the government had no stable territorial base, no functioning central bank, and no guarantee that any currency it printed would ever circulate in a pacified economy. Many issues from this period were printed in limited runs and distributed under chaotic conditions.
Pick 26 belongs to a series authorized by the UNR in exile and printed under severe logistical constraints. Whether these notes reached general circulation in any meaningful volume remains genuinely uncertain.