250 Roubles Kislovodsk

Kislovodsk, a spa town in the northern Caucasus, became an unlikely issuing authority during the Civil War period when central banking infrastructure collapsed and local branches of the People's Bank began printing their own emergency notes to meet payroll and basic commerce. The S965 series covers several denominations issued by this branch, and the "E" suffix in Pick indicates a specific variety — likely a signature or overprint distinction within the run.

The northern Caucasus changed hands repeatedly between 1918 and 1920, passing through Volunteer Army, Bolshevik, and various regional controls. Notes issued by Soviet-affiliated local banks in this region were often demonetized, overstamped, or simply abandoned as authority shifted, which accounts for the general scarcity of clean surviving examples from Kislovodsk issues.