5 Roubles

The 1922 RSFSR notes were issued during the brief window between the collapse of the Soviet wartime economy and the monetary reform of 1922–24 that eventually produced the chervonets. Hyperinflation had rendered earlier denominations effectively worthless — by this point, a single pre-war kopek's purchasing power required thousands of roubles in paper — and these notes circulated against a backdrop of the New Economic Policy, Lenin's tactical retreat toward limited market activity.

The series was superseded quickly. Most examples saw heavy use before the 1923 redenomination swept them out of circulation, making clean survivors less common than the print runs might suggest.