25 000 Roubles Short term certificate

The short-term certificates (kratkosrochnye obyazatelstva) of 1922 were not banknotes in any conventional sense — they were interest-bearing state obligations issued as the Soviet government scrambled to absorb excess currency during the early NEP period. The RSFSR was hemorrhaging value through hyperinflation so severe that the printing presses could not keep pace with price increases, and these certificates functioned partly as a sterilization tool, pulling sovznaki out of circulation while nominally promising a return.

The 25,000 rouble face value was already economically trivial by late 1922, when the chervonets was being introduced to replace the entire sovznak system. Most of these certificates were redeemed or voided within months of issue.