40 Roubles - Perforated North Russia - Chaikovskiy Government

The Provisional Government of the Northern Region — formed in Arkhangelsk in August 1918 under the Socialist Revolutionary Nikolai Chaikovsky, backed by Allied intervention forces — issued this note during one of the more peculiar currency arrangements of the Russian Civil War. Unable to produce entirely new stock quickly enough, the administration perforated existing Kerensky-era 40-rouble notes to distinguish them from currency circulating under Bolshevik authority. The perforation is the note's entire reason for being a separate cataloged type.

Allied withdrawal in 1919 doomed the government. Collapse came by February 1920, leaving substantial quantities of this perforated issue unredeemed.