25 Roubles

The State Bank of the Russian Empire — established only in 1860 as part of Alexander II's broader financial modernization program — issued this note during a period when Russia was still working through the consequences of the Crimean War's inflationary damage. The assignat system had already collapsed decades earlier, and public confidence in paper remained fragile throughout the 1860s and into the 1870s.

The P#A45 designation signals that this sits in Pick's supplementary listing — evidence that documentation on exact print runs and issue dates for this series remains incomplete among catalogers. The "A" prefix typically indicates notes added to the standard sequence after initial publication.

Watermark security at this period in Russian state printing relied on paper produced at the Ekspeditsiya Zagotovleniya Gosudarstvennykh Bumag, the imperial paper and printing works in St. Petersburg, which controlled the entire production chain internally.