20 Roubles Khabarovsk

The summer of 1918 was administratively chaotic in the Russian Far East. With Bolshevik authority collapsing and the White movement not yet consolidated, local branches of the State Bank began issuing their own emergency currency simply to keep commerce functioning. This Khabarovsk issue is a product of that institutional improvisation — printed locally, with whatever equipment and paper the branch had on hand.

The perforation security feature is notable: locally-produced emergency notes rarely bothered with anything beyond a rubber seal, making the perforated series slightly more deliberate in execution than most regional contemporaries.