25 000 Roubles

Khorezm — formerly the Khanate of Khiva — was a short-lived Soviet client state that existed from 1920 to 1924, when it was dissolved and absorbed into the Uzbek and Turkmen SSRs. Its paper currency was issued during a period of near-total economic collapse, with the local monetary system already wrecked by years of war, Russian imperial disruption, and the violent 1920 Red Army campaign that ended Khivan rule.

At 25,000 roubles, this denomination reflects runaway inflation that rendered lower values functionally useless within months of issue. The series is genuinely rare in any condition — production infrastructure in Khiva was primitive, distribution was chaotic, and most of what circulated was quickly superseded or destroyed.