100 Roubles

Khorezm — the short-lived republic carved out of the former Khanate of Khiva after the Red Army intervention of 1920 — issued its own currency throughout its brief existence before being absorbed into the Soviet system in 1923, the same year this note was produced. The republic formally dissolved into the Khorezm Soviet Socialist Republic in October of that year, making late 1923 issues transitional in the strictest sense.

The Khorezm series as a whole is scarce in Western collections, largely because the notes circulated in a remote region with limited outside contact and most surviving examples remained in Soviet-era institutional holdings for decades.