20 Roubles

Khorezm — the short-lived People's Soviet Republic carved from the old Khanate of Khiva after the Bolshevik advance into Central Asia in 1920 — issued its own currency during the brief period before being absorbed into the Soviet Union in 1923. This 1922 emission came at a moment when the republic nominally retained autonomous institutions, including its own treasury, while Soviet control was already effectively total.

Central Asian paper money from this transitional period survives poorly. The climate, low literacy rates, and rapid currency replacement all worked against preservation.