10 Roubles Archangel - White regime

The Archangel Branch of the State Bank began issuing its own obligations in the summer of 1918 following the Allied intervention at Archangel — British, French, and American forces landed in August of that year to support the anti-Bolshevik Northern Government under Nikolai Chaikovsky. With Bolshevik currency deemed politically and practically unusable in the occupied zone, local emission became a military and administrative necessity rather than a deliberate monetary policy.

The S-prefix in Pick's classification marks it as a regional separatist or provisional issue, and P#S107 sits within a short-lived series that ceased when the Allies withdrew in 1920 and the White forces collapsed shortly after. Notes from this series frequently show evidence of hard use — the region's economy during the intervention period was under severe pressure, and these circulated alongside British military scrip.