The Makhnovist ruble was a banknote issued by the Revolutionary Insurgent Army of Ukraine, during the Ukrainian War of Independence, in the territory of the Makhnovshchina.

Full-fledged banknotes, allegedly printed and issued by the Insurgent Army, were found to be counterfeit.

[1][2][3] The issuing of banknotes by the Makhnovshchina was noted by the Ukrainian People's Army, which reported in July 1920 that the Makhnovists were issuing banknotes worth 1,000 Ukrainian karbovanets, as well as the American journalist William Henry Chamberlin,[4] who later reported that the notes bore a message stating that nobody would be prosecuted for forging the currency.

"[6] Colin Darch noted that reports of the Makhnovist banknotes were probable, as there was a systemic lack of legal tender due to the war, which had resulted in over 350 alternative currencies circulating throughout the former Russian Empire.

[7] However, Nestor Makhno's wife Halyna Kuzmenko disputed the existence of any Makhnovist currency, dismissing reports as "fairy tales and inventions, stories and legends created by people’s fancies.