25 000 Roubles Don Cossack Military Government

The Vsevelikoye Voysko Donskoye — the Don Cossack government seated at Novocherkassk — issued an extraordinary range of emergency currency between 1918 and 1920 as the White cause crumbled in the south. By 1919, when this 25,000-rouble note appeared, runaway inflation had rendered lower denominations functionally useless; the Don government was printing in denominations that would have been unthinkable eighteen months earlier.

Novocherkassk fell to Bolshevik forces in January 1920, effectively ending Don Cossack autonomous finance. Notes printed in the final months of the regime's existence rarely saw extended circulation.