100 000 Roubles Federation of Socialist Soviet Republics of Transcaucasia

The Transcaucasian Federation — formally the Federative Union of Socialist Soviet Republics of Transcaucasia, later reorganized as the TSFSR — existed as a short-lived administrative consolidation of Armenia, Azerbaijan, and Georgia, created in 1922 partly to manage chronic inter-republican economic friction and partly because Moscow wanted a single negotiating unit for the new Soviet Union. Its currency issues were correspondingly brief and chaotic. By 1923, Soviet monetary policy was already moving toward the chervonets system, which meant these high-denomination regional notes were obsolescent almost from the moment of printing.

The extreme face value reflects the hyperinflationary conditions of the early Soviet period, not any practical purchasing power.