200 Tengas Treasury

The Emirate of Bukhara's paper currency program was always precarious, and by 1920 it was effectively over. The Red Army took Bukhara in September of that year, deposing Emir Alim Khan and establishing the Bukharan People's Soviet Republic within weeks. Notes issued in 1920 thus circulated — if they circulated at all — during a violent transition, and many will have been rendered worthless almost immediately upon issue.

The tenge denomination places this squarely in the older Central Asian monetary reckoning, where 20 tenge equaled one tenga (sometimes rendered "tanga"), itself a unit with deep Silk Road commercial roots. The Treasury — not a formal bank — produced these under conditions that were logistically strained at best.

Printing quality across this series is notoriously inconsistent, and misaligned impressions are common enough to be considered typical rather than exceptional.