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34 Roubles 5% Freedom Loan Debenture Bond - Type 3
| Issuer | Rostov-on-Don Office of the State Bank (Russia - Civil war issues) |
|---|---|
| Year | 1918-1920 |
| Type | Local banknote |
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|---|---|
| Obverse lettering | (round stamp) Ростовская на Дону Контора Государственного Банка (rectangular stamp) -34 руб.- Настоящая облигацiя безъ купоннаго листа выпущена Ростовской н-Д. Конторою Государственнаго Банка въ качествѣ денежнаго знака въ суммѣ тридцать четыре (34р.) рублей. (Translation: (round stamp) Rostov on Don Main Office of the State Bank (rectangular stamp) -34 rub.- This bond without a coupon sheet was issued by the Rostov-on-Don State Bank as a banknote in the amount of thirty-four (34r.) rubles.) |
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| Protection type | Watermark |
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| Comments |
The Freedom Loan was originally a bond programme launched by the Provisional Government in spring 1917, intended to finance Russia's continued participation in the First World War. When the Civil War fragmented monetary authority, regional State Bank offices — cut off from Moscow and Petrograd — began issuing fractional bond debentures as emergency currency, effectively monetising the coupons and bonds themselves. The Rostov-on-Don office operated under shifting control: the city changed hands between Red and White forces multiple times between 1918 and 1920.
The denomination of 34 roubles is arithmetically derived — it represents the annual interest payment on a 680-rouble bond at 5%.