1 Rouble

The 1923 RSFSR rouble issues occupy a peculiar administrative moment: the Russian Soviet Federative Socialist Republic was still issuing its own currency even as the USSR had formally come into existence in December 1922. Narkomfin continued producing RSFSR-designated notes into 1923 while the new Soviet monetary architecture was being assembled, meaning this note was obsolescent almost from the date of printing.

The 1923 series also coincided with the tail end of catastrophic hyperinflation — earlier 1921–22 denominations had reached into the millions of roubles. By 1923, a redenomination was already underway, and the chervonets-based reform would render these roubles worthless within months of issue.