Historic German Occupation of Ukraine 5 Chervonets Offered in January 2023 Auction

Our 2023 January NYINC auction is shaping up to be an exciting sale. We will be featuring the Richard Rosenman Collection of Venezuelan Banknotes; stay tuned for a future blog on that exciting offering. Among European notes, we are excited to present a German Occupation of Ukraine P-47a 1941 5 Chervonets graded About Uncirculated 50 by PMG.

Operation Barbarossa began on June 22, 1941, when 3.8 million personnel of the Axis powers invaded the Soviet Union (the largest invasion force in the history of warfare). The Soviet Red Army was suffering internally at the time due to the Great Purge of the officer corps by Stalin, most of whom were executed or imprisoned. Initial advances by the Axis invaders were immense, swallowing up large swaths of land and taking many prisoners. The advance was eventually stopped in December 1941, when the Red Army was able to regroup and launch counter-offensives. Much of Ukraine was occupied from 1941 until October 1944. The warfare in Ukraine was brutal (much like the rest of the Eastern Front), with many atrocities and war crimes committed by the Nazis.

Currency was issued by Nazi Germany in their occupied territories during the war, including in Ukraine. The 5 Chervonets (5 Gold Rubles) note featured here was intended to circulate in the occupied Ukrainian territory, but the Germans decided not to circulate currency with the Russian language on it. Instead, the Zentralnotenbank Ukraine issue was issued ( P-49 through P-57). This P-47a note was possibly saved in case the Reichskommissariat Ukraine, the civilian occupation regime of the country, decided to issue this Russian language series after the conquest of the Soviet Union was complete. The design of the note features three large “5” counters on the front and five on the back. The underprint is green in the center, with red comprising the rest of the obverse. The back is printed in a dark brown ink. “Киев” (Kiev) at center next to a date of 1941. This note was never issued for circulation, and it is a miracle that it survived for collectors today. Only two examples have been graded by PMG, a VF-30 and this impressive AU-50 note. PMG comments “Minor Rust”. PMG Pop 1/None Finer.

We are currently taking consignments for our 2023 showcase auction season as well as for our Collectors Choice Online Auctions. To consign your U.S. paper money and world paper money to a future sale, contact a consignment specialist at 800-458-4646 or visit For more information on viewing lots or for assistance in registering to bid, email your inquiry to: [email protected]​.

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