25 000 Roubles Don Cossack Military Government

The Don Cossack Military Government operated out of Novocherkassk and issued its own currency during the Civil War period when the White movement controlled significant southern Russian territory. This 25,000 rouble denomination reflects the runaway inflation of that conflict — the Don government had been issuing notes in much smaller denominations just months earlier, and the denominations climbed rapidly as the military situation and supply chains deteriorated through 1919.

By early 1920, Denikin's forces were in full retreat and the Don Republic effectively ceased to exist as a functioning administrative entity. Notes from this late high-denomination series saw little meaningful circulation before the issuing authority collapsed.