5 Roubles High Command of the Armed Forces

The Armed Forces of South Russia, under Denikin and later Wrangel, issued a substantial volume of their own currency throughout 1919–1920 as the White movement attempted to maintain a functioning economy across the territories it controlled. These notes circulated alongside — and competed against — Bolshevik sovznaki, various regional emissions, and a chaos of older Imperial and Provisional Government paper, none of which traded at stable rates against each other.

S426 belongs to the final period of the White southern command, printed as Wrangel's forces were being compressed into the Crimea. By November 1920, evacuation was complete and the currency was worthless.