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| 正面描述 | Central vignette of an anchor, axe, hammer, and compass at left, set against a guilloche underprint background. The denomination 25 appears in large numerals at upper left and upper right, with the Russian text ДВАДЦАТЬ ПЯТЬ РУБЛЕЙ (Twenty-Five Roubles) across the centre. Inscriptions state the bond is issued on the basis of a decree dated 10 April 1918, with multiple manuscript signatures of issuing officials at lower right and the serial number below centre. |
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| 背面描述 | Plain paper with a fine guilloche border frame enclosing three numbered paragraphs of text in Cyrillic script, setting out the conditions of acceptance and redemption of the bond at the cashier's office of the Black Sea Railroad Administration in exchange for credit notes, with a reference to the resolution of the Revolutionary Non-Party Committee of Workers' and Peasants' Deputies of 11 April 1918. A small printed number appears at lower right. |
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The Black Sea Railroad operated in the Caucasus region and, like dozens of other regional enterprises and municipalities during the chaos of 1918, resorted to issuing its own scrip when Kerensky-era banknotes became scarce and the Bolshevik takeover shattered normal currency supply channels. These emergency transport company notes — known collectively as bony — were technically obligations against future redemption rather than conventional banknotes, a legal fiction that gave issuers plausible cover.
Survival rates for regional Russian Civil War scrip vary wildly; many issues were repudiated outright and bulk quantities were never redeemed, yet others disappeared entirely through destruction. The Black Sea Railroad series sits somewhere in between — not genuinely rare, but not common in collectible condition either, as the paper quality used by provincial issuers in this period was rarely archival grade.