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100 000 Roubles STATE TREASURY 5% SHORT TERM OBLIGATIONS

Issuer State Treasury of the Russian Empire
Year 1915
Type Non-circulating banknote
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Obverse description The Imperial double-headed eagle arms at centre between the printed issue date (15 Августа 1915 г.) and redemption date (15 Февраля 1916 г.). The denomination 100.000 Р. appears twice in the upper portion flanking a serial number field, with the full Cyrillic text СТО ТЫСЯЧЪ РУБЛЕЙ in large letterpress below, followed by a block of redemption terms in smaller text. Two manuscript signatures of the Director of the State Treasury Department and the Chief of the Accounting Division appear at the foot of the note, above the French legend Bon du Trésor de CENT MILLE roubles; the entire design is framed by an intricate guilloche border with denomination tablets in the corners.
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Reverse description The reverse is printed in a single pale green tone on an overall fine guilloche underprint ground. At centre, a large oval guilloche vignette carries the numeral 100.000 in bold figures, with the Cyrillic word рублей beneath in a decorative letterpress font; the surrounding field is filled with a uniform geometric lathe-work pattern.
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By 1915, the Russian state was burning through reserves at a pace the regular note-issuing apparatus couldn't sustain. These short-term obligations — technically interest-bearing debt instruments, not banknotes — were a fiscal improvisation, letting the Treasury pull liquidity from the public while bypassing the State Bank's issuance limits. The 5% coupon was real; holders could clip and redeem coupons at specified intervals, which means surviving examples sometimes show coupon sheets partially or fully detached.

At 100,000 roubles face value, this was not a note for ordinary commerce. It circulated among institutional holders and large private creditors. The Pick 31 series covers a range of denominations in this obligation type; the 31E suffix places this at the upper end.

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