25 Roubles Vladikavkaz

The Vladikavkaz Branch of the State Bank operated during one of the most chaotic periods of monetary fragmentation in Russian history — the Civil War years, when regional branches, military commands, and local governments all issued their own paper with little coordination and no reliable redemption mechanism. This note belongs to the prolific S600 series, which was produced in multiple variants (S600A through S600C and beyond), distinguished primarily by serial number ranges and minor typographic differences rather than any substantive change in design or authorization.

Vladikavkaz itself changed hands repeatedly between 1918 and 1920 — White, Red, and Terek Cossack forces all passed through. Notes issued here often circulated far outside their intended territory simply because any paper was better than none.