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| 正面描述 | Black on brown underprint. Central vignette shows the State Duma building in Moscow within a wreath of laurel branches, with the inscription ГОСУДАРСТВЕННАЯ ДУМА below the vignette. The heading ЗАЕМЪ СВОБОДЫ arches above, with serial number and series designation at upper left and right. Text below reads 5% ОБЛИГАЦІЯ ВЪ СТО РУБЛЕЙ нарицательных, followed by a patriotic appeal text and multiple manuscript signatures, dated Петроградъ, 27 марта 1917 года. |
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| 背面铭文 | 1917 • ЗАЕМЪ СВОБОДЫ • 1917 Управляющий Государственным Комиссиом Погашения Долгов Бухгалтер Срокъ послѣдняго купона 16 марта 1922 года. |
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The Northern Region government under Nikolai Chaikovsky operated out of Arkhangelsk following the Allied intervention of August 1918, functioning as one of several anti-Bolshevik administrations scrambling to establish financial credibility in territory they barely controlled. These notes were printed in Petrograd — still under Bolshevik control — which raises the obvious question of logistics; the printing almost certainly predated the political rupture or involved plates that had been removed.
The perforation is the defining feature here. Applied to distinguish authorized notes from counterfeits or unauthorized releases, it was an improvised authentication measure that speaks directly to how unstable and contested the currency supply had become in the Russian North during 1919. The Chaikovsky government collapsed later that same year when Allied forces withdrew.