25 Roubles

The 1923 RSFSR emission was the last gasp of sovznak currency before the monetary reform of that same year swept it away. Inflation during the Civil War period had been so catastrophic that the 1923 series re-denominated at a rate of 1 new ruble to 1,000,000 old rubles — a ratio that tells you everything about the preceding years.

The extraordinary number of facsimile signatures on this note reflects the volume of notes being produced and the bureaucratic insistence on maintaining the fiction of individual authorization across a mass-printed emission. By late 1923, the chervonets had already been introduced as a parallel hard currency, and sovznaki like this one were effectively obsolete before they left the press.