250 Roubles High Command of the Armed Forces

The High Command of the Armed Forces of South Russia — Denikin's command structure, later inherited by Wrangel — issued these notes as military scrip during the final phase of the White Army's campaign in southern Russia. By 1920, the Volunteer Army's territorial control was collapsing, and the currency it printed was backed by nothing beyond the expectation of a victory that never came. Inflation in White-controlled zones was severe; the rouble had already lost most of its meaning in ordinary trade.

Notes from this issuer circulated alongside Bolshevik sovznaki, local municipal emissions, and foreign currency — often at wildly different rates within the same town. Wrangel was evacuated from Crimea in November 1920, effectively ending this series' issuing authority within weeks of many notes reaching circulation.