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| 正面描述 | Black on pink underprint. The main note bears the Imperial double-headed eagle vignette at the upper centre, flanked by ornate guilloche borders and the denomination '100' in each upper corner. The central inscription reads 'БИЛЕТА ГОСУДАРСТВЕННОГО КАЗНАЧЕЙСТВА' (State Treasury Bond) with 'СТО РУБЛЕЙ' (One Hundred Roubles) below, the year '1914' appearing in cartouches on both sides. Signature lines for the Director and Bookkeeper appear at lower centre, with the serial number below; a detachable coupon at upper left notes the 4½% interest rate and validity date of 1 August 1918. |
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| 正面铭文 | БИЛЕТА ГОСУДАРСТВЕННОГО КАЗНАЧЕЙСТВА СТО РУБЛЕЙ 1914 Управляющий Государственной казначейской палатою бланков Директор Бухгалтер Билет действителен по 1 Августа 1928 г. 4% Купон Билета Государства Казначейства Действителен в течение 10 лет с 1 Августа 1918 г. Серия СDXXXIX (439) 4½% 2 руб. |
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The State Treasury's 1914 short-term obligations — of which this is one — were issued not as conventional banknotes but as interest-bearing treasury certificates, technically debt instruments pressed into circulation as currency when war spending overwhelmed the ordinary money supply. Russia had suspended gold convertibility in late July 1914, within weeks of mobilization, and these notes filled the gap left by hoarded coin and withdrawn credit notes.
Pick 57 is frequently confused with the State Bank credit note issues of the same period. The distinction matters: different issuing authority, different legal obligation, same desperate fiscal moment.