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| 正面描述 | A double-headed eagle vignette occupies the upper centre, flanked by ornate scrollwork and floral guilloche borders. The central text panel carries the Cyrillic treasury note inscription in letterpress, with denomination numerals of 25000 repeated at upper left, upper right, and in a large cartouche at right. Two facsimile signatures appear at lower left and lower right, with serial number prefix AA below. |
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| 背面描述 | A large circular vignette at centre encloses an allegorical figure, surrounded by elaborate guilloche underprint with radiating sunburst patterns. Architectural vignettes and ornamental cartouches frame the composition at left and right, with denomination numerals 25000 at upper left and upper right. The date 1920 appears at lower centre within the decorative border. |
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The Armed Forces of South Russia — Anton Denikin's White movement — issued this note in 1920 during the final collapse of their campaign against the Bolsheviks. By the time these high-denomination notes were circulating in Rostov, Novorossiysk, and the shrinking territory still under White control, the currency was depreciating so fast that the 25,000-rouble face value was largely meaningless to the people forced to use it. The inflation that drove denominations this high was itself a symptom of a losing war.
Denikin resigned command in April 1920, handing authority to Wrangel — the notes predate that transfer but circulated through it. Pick S427 is part of a broader series of Armed Forces of South Russia emissions that were never redeemed and became worthless within months of issue.