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25 Chervontsev
| Issuer | State Bank of the RSFSR (Государственный Банк РСФСР) |
|---|---|
| Year | 1922 |
| Type | Standard circulation banknote |
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| Obverse description | The obverse is dominated by the RSFSR state emblem at upper centre, flanked by ornate multicolour guilloche underprint panels; the denomination «ДВАДЦАТЬ ПЯТЬ ЧЕРВОНЦЕВ» (Twenty-Five Chervontsev) is set in bold Cyrillic lettering to the right of the emblem, with the numeral 25 in a decorative cartouche at the far right. The left panel carries a circular guilloche medallion bearing the Cyrillic monogram «РСФСР» and the date 1922 below. Text panels in the lower half state the gold backing, exchange conditions, and security provisions of the banknote. |
|---|---|
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| Protection description | Watermarked paper with a repeating pattern visible on the reverse. |
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| Comments |
The chervonets was the Soviet state's deliberate attempt to restore hard-currency credibility after the catastrophic inflation that had rendered sovznaki nearly worthless by 1922. Unlike the sovznaki, chervontsy were nominally backed by gold and commodities — the State Bank was legally required to hold reserves covering at least 25% of the note's value in precious metals. The 25-chervonets denomination was the largest in the initial series, intended primarily for large commercial transactions rather than retail circulation.
Pick 144 is among the rarer pieces from this foundational issue. The watermark — a simple laid pattern — was the primary security measure, printing infrastructure for more sophisticated features having been largely destroyed or abandoned during the Civil War years.