10 000 Roubles

The Khorezm People's Soviet Republic was a short-lived Soviet client state carved out of the former Khanate of Khiva in 1920, after Red Army forces deposed Khan Sayid Abdullah. It lasted less than four years before being dissolved into the Uzbek SSR in 1924. This note belongs to a currency system that had almost no stable economic infrastructure behind it — Khorezm's monetary emissions were as much an assertion of statehood as anything else.

The 10,000 rouble denomination reflects the inflationary pressure that was already tearing through Soviet-aligned currencies in the early 1920s. Surviving examples in any condition are genuinely uncommon; the region's remoteness and political instability meant few notes were preserved after the republic ceased to exist.