100 karbovantsev 1918

Common. The eBay market data shows recent sales in the EF-AU range at $57-60, well below the 2016 UNC catalogue value of $80, indicating steady availability in the collector market. The PMG population report confirms P-38b is a catalogued variant (not a rare sub-type), and the reasonable secondary market prices suggest adequate surviving print quantities. While Ukrainian State notes of 1918 have historical significance, this particular denomination and variant remains accessible to collectors.

This banknote was issued during Ukraine's brief period of independence under the Ukrainian State (Українська Держава), specifically during the Symon Petlyura Directorate era of 1918. The iconography reflects Ukrainian national identity through the prominent coat of arms and wheat stalks, which represent both sovereignty and the nation's agricultural foundation. The use of the Ukrainian language and Cyrillic script on the note's reverse ("Валютна Банкнота" and "Правління Народного Хозяйства") underscores the assertion of Ukrainian state authority during a tumultuous period of transition following the Russian Revolution.

The front features a distinctive left-side oval portrait space (characteristic of P-38b variant), though the portrait area appears unprinted or blank in this example. The dominant central element is the coat of arms of the Ukrainian State—an eagle or heraldic symbol within an ornate circular medallion—flanked symmetrically by wheat or grain stalks representing agricultural prosperity. The design is framed by an intricate decorative border comprising interlocking geometric and floral patterns, with repeating '100' denomination markers integrated throughout. The back mirrors this ornamental approach with corner medallions featuring heraldic eagles and elaborate floral corner pieces, all surrounding a large central oval frame containing official text. The overall aesthetic reflects early 20th-century Art Nouveau influences combined with traditional Ukrainian decorative motifs.

FRONT: 'Українська Держава' (Ukrainian State), '100' (denomination), 'КАРБОВАНЦІВ' (karbovantsev - the currency unit), '1918' (year of issue), Serial number 'АБ 289753'. BACK: 'УКРАЇНСЬКА ДЕРЖАВА' (Ukrainian State), 'Валютна Банкнота' (Currency Banknote), 'Правління Народного Хозяйства' (Administration of National Economy), 'сто карбованців' (one hundred karbovantsev in written form).

This note was produced using intaglio (engraved) printing, evidenced by the fine line work, detailed engraving throughout, and the sharp impression of complex decorative borders and denomination markers. The multi-color printing (brown and tan on cream background) suggests separate passes or plates for different color elements, typical of currency production during this period. The precise registration of the ornate border patterns and the clarity of the Cyrillic inscriptions indicate professional-grade currency printing by an established security printer, likely the Austrian or German printer traditionally associated with early Ukrainian State banknotes.

This note is catalogued as Pick P-38b, representing a known variant of the 100 Karbovantsiv. The visual analysis identifies serial number 'АБ 289753' with red printing on the left margin. According to the realbanknotes.com reference, there are 2 known serial number varieties for this note. The P-38b variant is distinguished from P-38a in the PMG population records, though specific identifying characteristics between variants (such as printer marks, signature variations, or serial number prefix differences) would require comparison to both variants. The blank portrait oval on the left side appears consistent with the P-38b variant designation.