2 Kopek Rostov-on-Don

The Belgian Company of the Rostov-on-Don Tramway was one of several foreign-owned municipal utilities operating in late Imperial Russia — Belgian capital had penetrated the tram networks of dozens of Russian cities before 1914. When the Bolshevik takeover and subsequent civil war shattered the ruble's reliability in 1918, local enterprises across southern Russia began issuing their own fractional scrip to make change. This note is a product of that breakdown, not of any monetary authority.

Rostov-on-Don changed hands repeatedly between Red and White forces throughout 1918 and 1919. Scrip issued by a Belgian tramway company would have been worthless the moment the company ceased to function — which it did.