100 Roubles Kislovodsk

Kislovodsk, a Caucasian spa town, became an unlikely financial center during the Russian Civil War when the Volunteer Army and successive White forces controlled the North Caucasus. Provincial branches of the State Bank issued their own emergency obligations throughout 1918 as central supply from Petrograd collapsed entirely — this note is one of dozens of such locally-authorized issues, each with its own quirks of authorization, printing, and redemption promise.

The S-prefix Pick designation places it firmly in the Specialized catalog's Russian Civil War section. Survival rates for North Caucasus provincials vary sharply; Kislovodsk issues are among the less commonly encountered compared to Rostov or Ekaterinodar equivalents.