5 Roubles

Khorezm — the small Soviet-aligned republic carved from the old Khanate of Khiva in 1920 — had a monetary situation that defies easy categorization. Cut off from reliable supply lines and operating with almost no functioning financial infrastructure, the republic issued its own currency series in 1922 largely because Bolshevik central banknotes simply weren't reaching the region in usable quantities. The notes were crudely produced by local means, which shows.

Khorezm was absorbed into the Soviet system by late 1923, making this entire emission short-lived. The series circulated for well under two years before being superseded by Soviet issues following the republic's formal dissolution.