Catalog
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| Issuer | Narkomfin (People's Commissariat of Finance), USSR |
|---|---|
| Year | 1925 |
| Type | Standard circulation banknote |
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| Obverse description | Portrait vignette of a male worker at left, set within an oval frame with intricate guilloche border work; the Soviet State emblem appears at upper centre, with the numeral '5' in large format at right. The denomination 'ПЯТЬ РУБЛЕЙ' is inscribed in Cyrillic lettering at centre, with multilingual denomination inscriptions along the lower margin and two printed signature lines below the central text. |
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| Reverse description | The reverse is dominated by an elaborate geometric guilloche pattern in deep blue and red tones, with the numeral '5' rendered in large format at left and right within ornate cartouches. A central rectangular panel contains a block of Cyrillic text setting out the legal tender obligations of the note across the territory of the Soviet Union, surmounted by a small red star; the overall design is framed by intricate interlocking border ornaments. |
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| Comments |
The 1925 Soviet treasury notes (kazznaki) occupied an awkward institutional position — issued by Narkomfin rather than the State Bank, they technically were not bank notes at all but state treasury obligations, a distinction that mattered enormously during the NEP period when the chervonets-backed Gosbank notes and the older sovznaki series were still competing for legitimacy in the public mind. By 1925 the hyperinflationary collapse of the early Soviet issues was recent memory, and treasury notes of this type were part of a deliberate stabilization architecture.
The series is known for ink bleed on lower-grade examples due to the absorbent domestic paper stock used at Goznak.