目录
| 正面描述 | The circular imperial arms vignette occupies the left portion, enclosing the double-headed eagle within an ornate border surmounted by the imperial crown. To the right, the large numeral '25' is set in bold intaglio against a finely engine-turned guilloche background. The heading reads 'Государственный Кредитный Билетъ' in large Cyrillic letterpress at top, with the denomination 'ДВАДЦАТЬ ПЯТЬ РУБЛЕЙ' inscribed below the central text block. Two serial numbers appear in the lower margin flanking the series letters, with manuscript signatures of the Manager and Cashier beneath. |
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| 背面描述 | A central oval portrait vignette presents Grand Duke Alexander Mikhailovich (Emperor Alexander II) in full imperial regalia, with the circular legend identifying the subject running around the frame. Flanking the portrait are two mirrored guilloche rosettes each bearing the numeral '25', set within an elaborately engraved border. The heading 'ИЗВЛЕЧЕНIЕ ИЗЪ ВЫСОЧАЙШАГО МАНИФЕСТА О КРЕДИТНЫХЪ БИЛЕТАХЪ' appears across the top, with columns of statutory text below in small letterpress, and the year '1872' printed at the foot centre. |
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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.