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10 000 000 Roubles Short term certificate
| Issuer | Narodni Komissariat Finansov (People's Commissariat of Finance), RSFSR |
|---|---|
| Year | 1921 |
| Type | Emergency banknote |
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| Obverse description | Plain typeset obligation note on white paper with a large guilloché numeral panel reading '10.000.000' printed vertically along the left margin. The upper portion carries the series designation 'Серия АВ.' at left and the denomination 'Руб. 10.000.000.' at right, below which the full title of the issuing authority is set in bold Cyrillic letterpress. The body text, rendered in smaller typeface, states the bearer clause and conditions of redemption, followed by the serial number, two manuscript signatures, and the date '1921 г.' at lower right. |
|---|---|
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| Reverse description | Unprinted pale green paper reverse displaying a large watermark device of interlocking guilloché scrollwork and a circular central motif visible as an impressed watermark pattern across the full surface of the note, with no additional printed text or design elements. |
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| Comments |
The short-term certificates (kratkosrochnye obyazatel'stva) of 1921 occupied an awkward position in Soviet monetary policy — they were technically interest-bearing government obligations rather than banknotes, a legal fiction designed to sidestep Marxist ideology's discomfort with paper currency while the state was in desperate need of circulating medium. In practice, they traded as money. The People's Commissariat of Finance issued them as the hyperinflationary spiral of the civil war period pushed denominations into the millions.
The 10,000,000 rouble face value reflects just how far the rouble had collapsed by 1921 — the same year Lenin launched the New Economic Policy, partly in response to the monetary chaos these very instruments were struggling to paper over.