25 Kopecks Terek-Daghestan Territory

The Terek-Daghestan Territory was a short-lived Bolshevik-aligned republic in the North Caucasus, proclaimed in early 1918 and effectively dissolved by mid-1919 when White Army forces under Denikin consolidated control over the region. Its paper money, including this 25 kopeck note, was issued under conditions of near-constant civil war fighting, shifting front lines, and almost no functioning banking infrastructure.

The kopeck denominations of this series are considerably scarcer than the higher ruble values — low-denomination emergency scrip had harder circulation lives and was rarely saved.