25 000 Roubles

The Khorezm People's Soviet Republic was a short-lived Soviet client state carved from the ruins of the Khanate of Khiva after the Red Army deposed Khan Sayid Abdullah in 1920. It lasted less than five years before being formally dissolved into the Uzbek SSR in 1924. This note belongs to that narrow window — a breakaway monetary system operating in a landlocked Central Asian territory still largely dependent on barter and subsistence trade.

At 25,000 roubles, this is among the highest denominations the republic issued, reflecting the inflationary pressures that plagued every successor currency in the region during the early 1920s. Local printing capacity was limited, and the production quality of Khorezm notes varies considerably across the series.