100 Tengas Treasury

The Emirate of Bukhara's paper money issues of 1919 came at a moment of acute political pressure — the emir, Alim Khan, was simultaneously navigating Bolshevik encroachment from the north and the collapse of traditional trade networks that had sustained the region for centuries. These treasury notes were a desperate fiscal measure, not a functioning monetary system.

Bukhara fell to the Red Army in September 1920, and the emirate ceased to exist within weeks of that assault. Most of this series had an effective circulation life of under eighteen months before Soviet currency replaced it entirely.