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40 Roubles Kerensky Rouble

Issuer Provisional Government of Russia
Year 1917
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Composition Paper (White paper.)
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Obverse description Printed in red with yellow and green guilloche underprint. The state coat of arms is centred, flanked by the denomination value rendered in both numeral and text form within an ornate vignette. The overall layout is compact and typographic in character, consistent with the emergency small-format treasury note series of 1917.
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Protection description Lozenge pattern watermark across the entire note.
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Comments

The 40-rouble denomination was a direct consequence of the February Revolution: the Provisional Government needed new currency quickly, and this note — soon nicknamed "Kerenksy" or "kerenki" — was deliberately designed for mass, cheap production. The watermark pattern runs across the full sheet rather than individual notes, meaning position varies widely across the print run and is often partially or entirely absent on any given example.

These were issued uncut in large sheets and circulated that way in many areas, snipped apart by hand as needed. By late 1917 they were already being refused by merchants outside major cities.

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