100 Roubles 5% FREEDOM LOAN DEBENTURE BONDS

The Freedom Loan (*Zaём Svobody*) was launched in April 1917 by the Provisional Government as an urgent bid to keep Russia solvent and fighting — the Allies had made clear that continued financial support depended on it. Public subscription was promoted with aggressive patriotic campaigns, but the response from a war-exhausted population was deeply underwhelming. The bonds were issued in several denominations and bore 5% interest, though the government backing them would cease to exist before most coupons were ever honoured.

The Bolshevik repudiation of all Tsarist and Provisional Government debt in January 1918 rendered these bonds worthless almost immediately after issue. Soviet-era confiscation swept up much of the remaining stock, which is why intact examples with full coupon sheets still attached are considerably harder to find than the bonds alone.