...South Ossetia (Georgia) - 100 Zarin Investment Banknote 2025

Republic of South Ossetia

(State of Alania - disputed territory)

 

The National Bank of South Ossetia

Currency - Zarin 

This is a commemorative note of 100 zarin, reportedly issued on 19.09.2025. The note was issued to celebrate the First International Economic Forum (not confirmed).

In case you wonder, South Ossetia is a disputed territory which is internationally recognised as part of Georgia. South Ossetia is located in the central north of Georgia and has a population of approximately 57,000+/-. On 01.08.2008, hostility started when a bomb exploded and targeted a car carrying Georgian peacekeepers. Fighting then broke out between the Georgian army and the people of South Ossetia (South Ossetian separatists) backed by the Russian army. The Russians blamed the incident on the Georgian government and launched a large-scale land, air and sea invasion of Georgia. A ceasefire agreement was reached on 12.08.2008 and Russia announced the withdrawal of troops on 17.08.2008. On 26.08.2008, Russia recognised both South Ossetia and Abkhazia as separate independent states. In response, the Georgian government severed diplomatic relations with Russia. Since the hostility started, Georgia has maintained that both South Ossetia and Abkhazia are Russian-occupied Georgian territories.

As at 2024, only five members of the United Nations recognise South Ossetia as a sovereign state and they are Russia, Nauru, Nicaragua, Syria and Venezuela.

It is reportedly that a total of 20,000 pieces were printed. According to the authority, there are more banknotes for other denominations to come at a later date.

Like those issued by Abkhazia, this note is also an Investment commemorative note. To be honest, I have no idea what this means. 

One Hundred Zarin 

Front - Persian leopard. Mount Burkhokh is printed in the background. This mountain is situated in South Ossetia, and it is also known as Mount Khalatsa or Mount Halaskhokh. 

Signature - Soslan Bekoev (?)

Date - 2025

Watermark - Face of Persian leopard

Sizes - 157.5mm x 69mm

Back - A portrait of Kosta Levanovich Khetagurov (Poet b.1859-1906). An image of the village of Nar where Khetagurov was born. To the bottom left is an Ossetian twelve stringed harp. The Coat of Arms is printed to the far right of the note. 

 

...Kazakhstan - 1000 Tenge 2025 Commemorative 80th Anniversary of End of World War II

Қазақстан Республикасы

(Republic of Kazakhstan)

 

Қазақстан Ұлттық Банкі

(National Bank of Kazakhstan, Est.1993)

Currency - Tenge (KZT)

 

Here is the 1000 tenge commemorative note reportedly released on 09.05.2025, celebrating the 80th Anniversary of Victory in the Great Patriotic War (Second World War). A total of five million pieces were issued for this commemorative series. The design for this series is completely new. This is a legal tender note in the territory of Kazakhstan. This is the 12th commemorative banknotes issued by Kazakhstan since 1993.

 

It should be noted that during the last world war, Nazi Germany did not physically occupy today's Kazakhstan. However, as Kazakhstan was then part of the Russian Empire/Soviet Union since 1840, it became involved in the war after the Germans invaded the Soviet Union in 1941. In total, more than 130,000 Kazakhs died in the war from military involvements, famines and diseases. Also as a result of the Germans invasion, many ethnic Germans from the Volga region in Russia were deported to labour camps and settlements within Kazakhstan during the war.  

 

The date May 9, in Russia is called Den's Pobedy or Victory Day (День Победы). Whilst Nazi Germany surrendered on 08.05.1945, and due to the time difference between Russia and Germany, the signing of the surrender documents took effect for the Soviet forces on 09.05.1945 and as such this day is celebrated.  

 

A few countries celebrated the 80th Anniversary of the end of World War II, countries like the United Kingdom, United States, China, France and other European nations but only Kazakhstan and the disputed territory of Transnistria have issued banknotes to commemorate this celebration.

 

 

One Thousand Tenge

Front - On the front, it depicts The Glory Memorial in Almaty, which is located in the park named after 28 Panfilov Guardsmen, a tribute to the heroes who gave their lives for their homeland. Almost 1.2 million people from Kazakhstan were mobilised for the war, which represented almost 20% of the population then. These 1.2 million people were involved in the infantry, tank units, aviation and navy. To the left, four flying cranes with another four cranes in silhouettes personify goodness and hope. Below the flying cranes is the eternal flame.

 

Signature - Timur Suleymanov (Governor)

Date - 2025

Quantity - 5 million pieces 

Watermarks - the numeral 80 and years 1941-1945

Size - 130.5mm x 70mm

Back - An outline map of Kazakhstan printed with fragments of historical archival photographs provided by RSE 'Central State Archive of Film, Photo Documents and Sound Recordings' of the Committee of Archieve's Documentation and Book Affairs of the Ministry of Culture and Information of the Republic of Kazakhstan (a bit of a mouth full here). To the far right is a war medal and below the medal is the commemorative logo for this series.

...Cuba - 1000 Pesos 2025 Commemrative 65th Year Of Cuban Banking System (1960-2025)

 

República de Cuba
(Republic of Cuba)

Banco Central De Cuba (Est.1997)

(Central Bank of Cuba, previously National Bank of Cuba est.1948)
Currency - Peso (CUP)

This is a commemorative note dated 2025 and is issued to celebrate the country's 65 Years of Cuban Banking System (1960-2025). This note was reportedly issued officially on 21.10.2025. 

Whilst this note was issued to celebrate the country's 65th year of banking system, it is not much of a banking system or celebration as all banks in Cuba were nationalised in October 1960. The nationalisation of all banks in Cuba commenced on 17.09.1960, started with the three major US owned banks, namely - The National City Bank of New York, Chase Manhattan Bank (was then known as Chase National Bank) and Bank of Boston. The rest of the remaining banks were nationalised on 13.10.1960. However, two foreign banks were not initially included in this nationalisation programme, namely The Royal Bank of Canada and Bank of Nova Scotia. Despite this concession, these two banks later closed their operations in Cuba and both were acquired by the Cuban state by the end of 1960. 

It was reported that public opinions on this new note were mixed and some criticised the relevance of this commemorative note and the cost of printing of this note. Opinions on this note including the questions of having this new note issued without backing can only worsen the current rampant inflation that the country is already experiencing, and if this note was issued to celebrate the country's 65th year of economic disaster. Obviously the majority of the comments were directed to the current Cuban economy and the need for such notes and the cost associated with issuing a newly designed note. I wonder if new stock for the 1000 pesos banknotes are needed but even then, the authority can still use the previous design and simply just add a commemorative logo on it, rather than redesigning the reverse side of the note, which would cost the bank extra to produce them. 

 

One Thousand Pesos 

 

Front - The design on the front is the same as the current 1000 pesos note printed with the portrait of Julio Antonio Mella McPartland (b.1903-1929). McPartland was a Cuban political activist, journalist and a communist revolutionary. He was also one of the founding members of the Communist Party of Cuba. He was assassinated in 1929, while walking on his way home late at night in Mexico City Mexico. At the time of his assassination, he was walking with photographer Tina Modotti, and after the assassination, the Mexican government tried to implicate her in the murder by defaming her in public with the help of the Americans. Until today, the McPartland murder case is still unresolved. McPartland is related to Matias Ramon Mella Castillo (paternal grandfather b.1816-1864), the founding father of the Dominican Republic. The commemorative logo and text - Sistema Bancario Cubano are printed on the note. 

Signature - Juana Lilia Delgado (since 2024)

Watermarks - Julio Antonio Mella McPartland and electrotype 1000

Date - ANO 2025

Size - 150mm x 69mm

Back - Unlike the normal 1000 pesos in circulation, the design on the back for this commemorative is completely new. The design depicts the Sculpture Complex (Che Guevara Mausoleum) dedicated to Commander Ernesto 'Che 'Guevara (b.1928-1967) in Santa Clara which replaced the previous design of the University of Havana. Che Guevara was born Argentinian and is famous around the world. He was the president of the National Bank of Cuba from 1959 to 1961 and then the Minister of Industries from 1961 to 1965. In 1967, he joined the Bolivia National liberation Army fighting against the Bolivia government. He was then wounded and captured on 08.10.1967 in the jungle near La Higuera in Bolivia and executed by the Bolivian army (Bolivian angers) the next day. He was shot by the Bolivian Army warrant Officer Sergeant Mario Teran Salazar (b.1942-2022). It was reported the order for the execution of Che Guevara came from the CIA. In all, Salazar fired a total of 9 shots at Che Guevara, first hitting his arms and legs and then his chest that finally killed him. It appears that Che Guevara was made to suffer first by the executioner before his execution. 

The Che Guevara Mausoleum was built and completed in 1988. The mausoleum housed the remains of Che Guevara and 29 fellow combatants all killed in 1967 during Guevara's armed uprising in Bolivia. The mausoleum has a 22-foot statue of Guevara standing on a concrete pillar. Guevara's remains were discovered and exhumed and returned to Cuba and was buried in the mausoleum in 1997 with full military honors. 

The note on the back is only printed with a mono colour. The commemorative logo is also printed on the bottom left corner, and because the back is printed in mono colour, it is not easy to spot this unless you have a closer look. This note is still printed with white borders on all sides, one of the very few countries still printing banknotes in such a manner. 

It should be noted that Fildel Alejandro Castro Ruz (b.1926-2016) and his revolutionary force captured Havana that led to the overthrow of Fugencio Batista y Zaldivar's government on 01.01.1959. On 02.01.1959, Castro appointed Guevara as the commander of the La Cabana Fortress prison and he was in charge with the purging of Batista's army or anyone that were considered as the enemies of the revolution. In doing so, Guevara ordered the executions of those he considered as traitors, informants or committed war criminals. 

The reason I added some of the stories above is that every banknote tells a thousand words. Every banknote designed has a meaning to it and whilst not all agree or disagree to it, only the opinions of the locals matter, and even that, there are still no right or wrong answers but just opinions. Please note that I am either pro or anti any countries or any individuals here.

 

It was reported back in December 2025 that the Central Bank is in the process to authorise foreign banknotes as legal tender currencies in Cuba. In reality, foreign banknotes have been openly acceptable as payment by private businesses for quite a while now and often get change in pesos. The most common foreign currencies used in Cuba are the USD, Euro and Canadian dollar. The exchange rates offered by those private businesses are always better than the official exchanges.   

...Poland - 20 Zlotych 2025 Commemorative 1000th Year Coronation of Boleslaw I First King of Poland Hybrid

Rzeczpospolita Polska
(Republic of Poland)

Naradowy Bank Polski
(National Bank of Poland, Est.1945)
Currency - Zloty (PLN)

 

Here is another commemorative note of 20 zlotych officially released on 05.11.2025. Like all previous commemorative notes issued, this one is also released in a simple folder and is not intended for general circulation, as this note is sold at a premium. In addition to these banknotes, commemorative coins minted in gold and silver were also released in April 2025 honoring the reign and coronation of Boleslaw the Brave. 

This is the 17th commemorative banknote issued by the National Bank of Poland since 2006. The bank has the ability to issue commemorative banknotes as the country has not adopted the Euro Currency system yet. The country has not set a target to do so, and as long as they have their own currency, we may see more commemorative notes coming out of the central bank. 

At the moment, the only country that has issued more commemorative banknotes than Poland is Transnistria. However, Transnistria is not a recognised nation, so technically, Poland is the only country in Europe that has released the most commemorative banknotes so far. 

I must say that I was a bit surprised when I received this note as to me, this is a large size note for a face value of 20 zlotych. I am just wondering why they decided to print this commemorative note in such a large size as all previous commemorative notes issued since 2006 are all much smaller. 

 

Twenty Zlotych (Hybrid)

Front - This note commemorates the 1000th year of the Coronation of Boleslaw I, King of Poland. According to legend, he died two months after his coronation on 17.06.1025. At the time of this death, he was 58 years old. The front of the note depicts the portrait of Boleslaw I the Brave (b.967-1025) with his right hand clutching a sword. I believe this image is derived from a portrait painting by Marcello Baciarelli completed in c.1770. Boleslaw I is also known as Boleslaw the Great and was the first King of Poland. The current 20 zlotych circulating note is also printed with his image on the front. Boleslaw was the son of Poland's first Christian ruler Duke Mieszko. Boleslaw inherited his father's realm in 992. 

Whilst to me it is a bit strange to see a country which is now a Republic, yet celebrating a past Monarch figure on a banknote. However, this is not the first time that this is happening as many previous issues were the same including many commemorative coins issued too.

Signatures

President (Prezes) - Adam Glapinski (since 2016)

Chief Treasurer (Główny Skarbnik) - Barbara Jaroszek (since 2017)

Sizes - 171mm x 85mm

Watermarks - im­age of a fragment of the bordure of the Gniezno Doors and the notation of the coronation year of Boleslaus the Brave (electrotype 1025)

Quantity - 70,000 sets

Issue price - 160 zlotych

Period of sale - until 05.11.2028 unless all sold out prior

Hybrid

Back - To the left is an image of a silver coin struct under Boleslaw I the Brave. The design of this coin depicts the silhouette of a crowned eagle bird and the inscription Prince Polonie. To the right it features the Lance of Saint Maurice. In the middle it depicts a section of the Gniezno doors, which adorn the entrance to the cathedral in Gniezno.

A full list of all commemorative note folder issues since 2006

2006 - 50zl Karol Wojtyla aka Pope John Paul ll : qty 2.0M (i/p 90zl)

2008 - 10zl Josef Pilsudski : qty 80,000 (i/p 15zl) 

2009 - 20zl Poet Julius Slowacki : qty 80,000 (i/p 80zl)

2009 - 20zl Frederic Francois Chopin : qty 120,000 (i/p 50zl)

2011 - 20zl Marie Sklodowska Curie : qty 60,000 (i/p 60zl)

2014 - 20zl Josef Pilsudski [polymer] : qty 60,000 (i/p 50zl)

2015 - 20zl Jan Dlugosz : qty 30,000 (i/p 72zl)

2016 - 20zl Doubravka of Bohemia & King Miezko : qty 35,000 (i/p 75zl)

2017 - 20zl Our Lady of Czestochowa : qty 55,000 (i/p 60zl)

2018 - 20zl Josef Pilsudski : qty 50,000 (i/p 75zl)

2019 - 19zl Polska Wytwornia Papierow Wartosciowych [hybrid] : qty 55,000 (i/p 80zl)

2020 - 20zl Josef Pilsudski : qty 60,000 (i/p 80zl)

2021 - 20zl Lech Kaczynski : qty 80,000 (i/p 100zl)

2022 - 20zl Protection of the Eastern Front : qty 80,000 (i/p 50zl)

2023 - 20zl Nicolaus Copernicus [polymer]: qty 100,000 (i/p 160zl)

2009 - 20zl Frederic Francois Chopin : qty 120,000 (i/p 50zl)

2011 - 20zl Marie Sklodowska Curie : qty 60,000 (i/p 60zl)

2014 - 20zl Josef Pilsudski [polymer] : qty 60,000 (i/p 50zl)

2015 - 20zl Jan Dlugosz : qty 30,000 (i/p 72zl)

2016 - 20zl Doubravka of Bohemia & King Miezko : qty 35,000 (i/p 75zl)

2017 - 20zl Our Lady of Czestochowa : qty 55,000 (i/p 60zl)

2018 - 20zl Josef Pilsudski : qty 50,000 (i/p 75zl)

2019 - 19zl Polska Wytwornia Papierow Wartosciowych [hybrid]: qty 55,000 (i/p 80zl)

2020 - 20zl Josef Pilsudski : qty 60,000 (i/p 80zl)

2021 - 20zl Lech Kaczynski : qty 80,000 (i/p 100zl)

2022 - 20zl Protection of the Eastern Front : qty 80,000 (i/p 50zl)

2023 - 20zl Nicolaus Copernicus [polymer]: qty 100,000 (i/p 160zl)

2024 - 20zl Warsaw Uprising 1944-2024: qty 80,000 (i/p 140zl)

2025 - 20zl 1000th Anni. [hybrid] of the Coronation of Boleslaus the Brave: qty 70,000 (i/p 160zl)  

...Transnistria - 1 Ruble ND2025 Commemorative 35th Year of the Formation of Transnistria

Република Молдовеняскэ Нистрянэ

Приднестровская Молдавская Республика

(Pridnestrovian Moldavian Republic)

 

Transnistrian Republican Bank (Est.1992)

Currency : Ruble (RUP)

And there are more to come!

This is the 30th commemorative note issued by Transnistria since 2009. Like previous issues, the designs are the same but with the commemorative logo added to the watermark area of the banknote. 

Transnistria, officially known as the Pridnestrovian Moldavian Republic and to the locals simply as Pridnestrovie, is a landlocked breakaway state internationally recognised as part of Moldova. This note celebrates the 35 years of declaration of independence from Moldavian SSR (now Moldova) on 2nd September 1990.

Following the dissolution of the Soviet Union in 1990, the Pridnestrovian Moldavian Soviet Socialist Republic (Transnistria) was established, hoping that they would still be part of Russia should Moldova decide to seek unification with Romania. Moldova then became independent in 1991, and shortly after that arms conflict started between the two parties (Transnistris and Moldova) in March 1992. Ceasefire was declared in July 1992, but the dispute is still unresolved until today. 

Despite declaring independence in 1990, apart from Russia, hardly any other countries recognised the independence of Transnistria, except for Abkhazia and South Ossetia. However, both Abkhazia and South Ossetia are also disputed territories themselves and both are considered as part of Georgia by the rest of the world.

Like those previously commemorative issued, only 2,500 pieces are printed with 2,490 issued in a booklet. The Transnistria Ruble is not negotiable outside its territory. 

One Ruble 

Front - The format and design of this note is similar to the 2012 series. A portrait of the Russian General Alexander Vassilyevich Suvorov (b.1730-1800) in military uniform. General Suvorav was a Russian born military hero holding the rank of Field Marshal Generalissimo. He was born in Moscow and joined the army at the age of 17 and was promoted to the rank of colonel when he was 32 years old. By 1787, he was then promoted to the rank of General. During his lifetime, he was involved in at least 57 battles/wars with the majority of these conflicts ending in victory in his favour. He died at the age of 70 years old and was buried in the city of St Petersburg. He was the fourth Generalissimo of Russia.

To the right of the note where the watermark area is, is printed with the map of Transnistria (commemorative logo). The map is divided into seven districts illustrated in the colours of the flag of Transnistria. Next to the map, is the commemorative text:-

"35 ЛЕТ ПМР"

(35 YEARS OF THE PMR)  

Signature - N/A

Date: 2012 (2025 issue)

Watermarks - Alexander Vassilyevich Suvorov and electrotype ПРБ

Quantity - 2,500 pieces issued with 2,490 in booklet

Dimensions - 129mm x 56mm

Back - Kitskansk Bridgehead memorial or Chiţcani monument in Chitcani. This monument was built in 1972 (opened 09.05.1972) to commemorate victory against the German's invasion during the Second World War in 1944. Chitcani is situated north of Tiraspol, the capital city of Transnistria.  

Front Cover

List of all Commemorative notes issued since 2009

 

2009 - 15 Years of National Currency;

2014 - 20 Years of National Currency, 2020 sets (4 notes);

2015 - 70 Years of Victory in the Great Patriotic War (WWll), 7070 sets, 2000 sets in folders (2 notes);

2015 - 25 Years of Transnistria Republic, 2525 sets, 2000 sets in folders (4 notes);

2017 - 100 Years of the Great October Socialist Revolution, 5,000 sets, 2017 sets in folders (2 notes);

2017 - 100 Year of KGB/State Security Bodies, 2500 sets in folders;

2017 - 100 Years of Police Force, 2500 sets in folders;

2018 - 100 Years of Border Troops, 2500 sets, 1000 sets in folder;

2018 - 100 Years of Armed Force/State Police, 2500 sets, 1000 sets in folders (Text - 27 Yrs of the Armed Forces of the PMR);

2019 - 30 Years of Soviet Troops withdrawing from Afghanistan, 1500 sets in folders;

2019 - 75th Anniversary Years of Liberation from Nazi Invaders, 1500 sets in folders;

2019 - 75th Anniversary of Jassy-Kishinev Operation, 1500 sets in folders;

2019 - 25 Years of National Currency, 200000 pieces, 2500 sets in folders (2 notes);

2020 - 75 Years of End of World War ll (1945-2020), 2500 sets in folders;

2020 - 30th Year of Formation of Transdniestr, 2510 sets, 2500 sets in folders;

2021 - 30th Anniversary of the First PMR bank, 2510 sets, 2500 sets in folders issued;

2021 - 30th Anniversary of the PMR Financial System, 2510 sets, 2500 sets in folders;

2023 - 100th Year of the 2023 - 100th Year of Gold Chervonets, 2500 sets, 2490 sets in folders;

2024 - 30th Anniversary of the Pridnestrovian Ruble, 1,500 sets, 1,490 sets in folders;

2024 - 100th Year of Formation of the MASSR, 1,500 sets, 1,490 sets in folders;

2025 - 80th Year of Victory in the Great Patriotic War (WWII 1939-1945), 2,490 sets;

2025 - 35th Year of the Formation of Transnistria, 2,500 sets, 2490 sets in folder