25 Roubles Terek Republic

The Terek Republic was a short-lived Soviet entity in the North Caucasus, proclaimed in early 1918 and effectively destroyed by 1919 as Denikin's Volunteer Army swept through the region. It issued its own currency out of practical necessity — the Russian financial system had collapsed, Kerensky notes were depreciating rapidly, and local trade needed a medium of exchange that carried some local authority.

The S-prefix in Pick reflects its classification as a regional Soviet issue rather than a central RSFSR emission. Notes from this series are rarely encountered in any grade; the Terek Republic's brief existence, combined with the violence and displacement of the Civil War, meant most surviving paper was destroyed or lost during the Volunteer Army occupation of Vladikavkaz in early 1919.