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, existing only until its formal absorption into the USSR in 1924. Its paper currency issues were a political act as much as a practical one — asserting statehood through the issuance of money while the new administration in Khorezm remained heavily dependent on Moscow.

The 10,000 rouble denomination reflects the severe inflation that made smaller values functionally useless almost immediately after issue. Surviving examples in any condition are genuinely uncommon; Khorezm's brief independent monetary history produced low print runs relative to the major Soviet successor states.