Banknotes from Azerbaijan: the old and the new

The Azerbaijanis call their currency the “Manat” which is derived from the the Russian word for “coin” (moneta). There have been three versions of the Manat including:

“1st Manat” (1919-1923) was issued by the Azerbaijan Democratic Republic and its Communist successor the Azerbaijani Soviet Socialist Republic.

“2nd Manat” (1992-2006) Azerbaijan began to reissue their own currency following the breakup of the old Soviet Union.

“3rd Manat” (2006 to the present) After a decade of serious hyperinflation, Azerbaijan reintroduced their currency. We think this series is quite beautiful.