10 000 Roubles General Command of the Armed Forces of South Russia

The Armed Forces of South Russia (AFSR) under Denikin issued this note during the period of maximum White Army territorial control — by mid-1919, AFSR forces held much of Ukraine and the Don region and were advancing on Moscow. The currency was necessary because the territory under Denikin's command was a patchwork of former imperial provinces, each with circulating remnants of Tsarist, Provisional Government, and various local currencies all trading at wildly different discounts.

The watermark stock used for this series was reportedly sourced from pre-revolutionary paper reserves, which is why the watermark patterns across AFSR notes show considerable inconsistency — different batches drew on whatever suitable stock could be commandeered. By early 1920, the military collapse rendered the entire emission worthless.