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| 正面铭文 | (round stamp) Ростовская на Дону Контора Государственного Банка (rectangular stamp) 34 р. Настоящая облигация съ 8 (восьмью) купонами выпущена Ростовской Конторой Государствен- наго Банка въ качествѣ денежнаго знака въ суммѣ 34 (тридцать четыре рубля) (Translation: (round stamp) Rostov on Don Main Office of the State Bank (rectangular stamp) 34 r. This bond with 8 (eight) coupons is issued by the Rostov Office of the State Bank as a banknote in the amount of 34 (thirty-four rubles).) |
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| 防伪描述 | Fat stars watermark pattern |
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The "Freedom Loan" was a domestic bond drive launched by the Provisional Government in 1917, intended to keep Russia solvent and in the war. It failed spectacularly. When the Bolsheviks repudiated state debts in 1918, the unissued debenture stock held in regional bank branches became emergency currency almost by improvisation — the Rostov office simply stamped and circulated the bond certificates as banknotes rather than let the vaults sit idle during the Don region's chaotic succession of occupying forces.
The 34-rouble denomination is arithmetically odd by design: each certificate represented one-tenth of a 340-rouble bond, meaning the face value is a function of bond division rather than any conventional monetary logic.