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The Turkmen people probably entered present-day Turkmenistan in the 1200s and subsequently came under the rule of the Seljuqs (Seljuks) and the Mongols. Until the early 1900s the Turkmen were organized solely by tribes, which fought each other when they were not fighting other peoples. The first Russian incursion into the area, in 1717, was unsuccessful, but in 1869 the Russians established a foothold. They gained complete control of the region after breaking Turkmen resistance at the Battle of Gök-Tepe in 1881. Turkmenistan was part of the Turkestan Soviet Socialist Republic (SSR) within the Russian SFSR. The Turkestan SSR was part of the Russian SFSR when the Soviet Union was founded on January 1, 1923. The Turkmen SSR was proclaimed on October 27, 1924, and acceded to the Soviet Union on May 13, 1925. Turkmenistan declared its independence on October 27, 1991.

Turkmenistan’s monetary history followed that of the Soviet Union until it gained its independence in 1991. Russian Rubles (RUEP) were used in Turkemenistan until 1918. The Russian Ruble Sovnazki (RUFS) replaced the Tsarist Ruble at par in 1918. Lenin deliberated pursued inflationary policies to debilitate the capitalists. The resulting inflation led to the creation of new currencies, which also suffered from inflation. The Russian Ruble of 1922 (RUFR) was introduced on January 1, 1922 and replaced the Ruble Sovnazki at the rate of 1 Ruble of 1922 equal to 10,000 Rubles Sovnazki. The Soviet Ruble of 1923 (SUB) replaced the Ruble of 1922 at the rate of 1 Ruble of 1923 equal to 100 Rubles of 1923.

The Chervonetz (SUC) was introduced on December 27, 1922, which was backed 25% by gold, and eventually replaced the Ruble Sovnazki as a unit of account. The Gold Ruble (SUG) was introduced on March 7, 1924 equal to 1/10 Chervonetz and 50,000 Rubles of 1923 (i.e. it took 50,000,000,000 Soviet Gold Rubles to get one Tsarist Gold Ruble). A New Ruble (SUN) replaced the Gold Ruble on December 29, 1947 at the rate of 1 New Ruble equal to 10 Gold Rubles. On January 1, 1961, the Hard Ruble (SUR) replaced the New Ruble at the rate of 1 Hard Ruble equal to 10 New Rubles. The Ruble is divisible into 100 Kopeks, and has been issued by the State Treasury and by the State Bank (Gosbank).

After Turkmenistan declared its independence, it used the Russian Ruble (RUR) as its medium of exchange until November 1, 1993 when it introduced the Manat (TMM) with 1 Manat equal to 500 Russian Rubles. The Manat is issued by the Central Bank of Turkmenistan and has no subsidiary units.

This 1 Manat note is undated, issued between 1995 and 1998. The note is brown and tan on orange and multicolored underprint. The obverse features the Ylymlar Academey in the center and a native art craft to the right. The reverse depicts a temple in the center with the national coat of arms to the left. The note carries a watermark of a Rearing Arabian Horse.

• Krause# Pick-1
• Signature: Khudaiberdy Orazov

Reverse

Here is a 5 Manat note printed in 1993 and issued between 1995 and 1998. The note is blue and green on multicolored underprint. The obverse depicts a building in the center. The reverse shows the coat of arms to the left, and a building in the center. The note has a rearing Arabian horse as a watermark.

• Krause# Pick-2
• Signature: Khudaiberdy Orazov

Reverse

This 10 Manat note was issued between 1995 and 1998 during the term of the cnetral bank director Khudaiberdy Orazov. The note is brown and pale orange on multicolored underprint. The obverse features President Saparmurat Niyazov to the right with a givernment building in the center. The reverse is red-violet, and alos has a government building in the center, with the national coat of arms to the left. This note has a watermark depicting a rearing Arabian horse.

• Krause# Pick-3
• Signature: Khudaiberdy Orazov

Reverse

This is a 2005 dated 50 Manat note.

• Krause# Pick-17
• Signature: Khudaiberdy Orazov

Reverse

• Krause# Pick-
• Signature:

Reverse