1.000 Tengas / Tingov = 200 Rubles

The Bukharan emission of 1918 was not a banking exercise — the Emirate had no central bank. These notes were produced under the authority of the treasury (Khazina) as the emir's government scrambled to maintain some financial footing amid the revolutionary upheaval overtaking the surrounding region. The equivalence printed on the face, equating 1,000 tengas or tingov to 200 Russian rubles, reflects the awkward monetary reality of a nominally independent state still economically tethered to the collapsing ruble zone.

Cotton fabric as a substrate was not affectation — it was practical geography. Bukhara sat at the heart of Central Asia's cotton trade, and the material was locally abundant in a way that imported banknote paper simply was not. The Emirate itself was abolished by the Red Army in September 1920, which cut short the circulation life of the entire series.