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| 正面描述 | 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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| 正面铭文 | КРАТКОСРОЧНОЕ ОБЯЗАТЕЛЬСТВО ГОСУДАРСТВЕННАГО КАЗНАЧЕЙСТВА одиннадцатаго выпуска 1915 года 100.000 Р. №0000 100.000 Р. СРОКЪ ВЫПУСКА: 15 Августа 1915 г. СРОКЪ УПЛАТЫ: 15 Февраля 1916 г. СТО ТЫСЯЧЪ РУБЛЕЙ. Директоръ Департамента Государственнаго Казначейства Начальникъ Бухгалтерскаго Отдѣла Бухгалтеръ Bon du Trésor de CENT MILLE roubles. |
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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.