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| 正面描述 | At upper centre, an Imperial double-headed eagle vignette is flanked on either side by the denomination numeral '200'. Below, a guilloche border frames the body of the note, within which the Cyrillic heading 'Кисловодское Отделение Государственного Банка' introduces a cheque-style promise to pay the bearer двести (200) рублей, issued under the authority of the Financial Commission of the Piatigorsk-Batalpashchinsk detachment of the Volunteer Army. A counterfeit warning inscription runs along the lower margin. |
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| 正面铭文 | 200 Кисловодское Отделение ГОСУДАРСТВЕННАГО БАНКА Прошу заплатить предъявителю сего 200 (двести) рублей и таковую же сумму списать со моего счета Финансовая Комиссія, отряда, приказомъ Команд. войсками Баталпашин- скі-Пятигорскаго отряда Добровольческой Арміи Подѣлка преслѣдуется закономъ |
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The Volunteer Army's southern operations in 1918 produced a chaotic patchwork of local currency obligations, and this Piatigorsk-Batalpashchinsk issue is among the more geographically specific. The company designation refers to a military-administrative district unit rather than a commercial firm — a distinction that confuses collectors encountering this series for the first time. Kislovodsk, a spa town in the northern Caucasus, was briefly under White control during the fluid back-and-forth of that summer's fighting.
Authentication rested entirely on the applied official stamp — no watermark, no printed serial sophistication. Forgeries and unauthorized local impressions circulated alongside genuine examples almost immediately.