1 Rouble Terek-Daghestan Territory

The Terek-Daghestan Territory was a short-lived anti-Bolshevik government formed in early 1918 in the northern Caucasus, attempting to assert control over a region simultaneously contested by Bolshevik forces, the Volunteer Army, and various mountain peoples seeking their own independence. It collapsed within months. Notes like this one were issued not from any position of consolidated authority but from one of genuine administrative desperation — the territory needed a functioning medium of exchange and had neither the infrastructure nor the time to properly establish one.

P#S523 falls within the broader category of Caucasian Civil War emergency issues, many of which are poorly documented and survive in small quantities due to the region's prolonged instability through 1920.