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| 正面铭文 | СѢВЕРНАЯ РОССІЯ ГОСУДАРСТВЕННЫЙ КРЕДИТНЫЙ БИЛЕТЪ ПЯТЬ РУБЛЕЙ ГОСУДАРСТВЕННАЯ ЭМИССИОННАЯ КАССА РАЗМѢНИВАЕТЪ КРЕДИТНЫЕ БИЛЕТЫ НА ФУНТЫ СТЕРЛИНГОВЪ БЕЗЪ ОГРАНИЧЕНІЯ СУММЫ ПО КУРСУ 40 РУБ. = 1 ФУН. СТЕРЛИНГОВЪ. |
| 背面描述 | The reverse is dominated by a large central vignette of the uncrowned republican double-headed eagle set within an elaborate ornamental cartouche of ribbons, foliage, and acanthus scrollwork, with swords crossed beneath. The denomination numeral '5' appears at upper left and right corners, and the legend ПЯТЬ РУБЛЕЙ (Five Roubles) runs along the lower margin. A rectangular text panel below the eagle contains statutory notes regarding the security backing of the credit notes and penalties for counterfeiting. |
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The Provisional Government of the Northern Region — commonly called the Chaikovskiy Government after its Socialist-Revolutionary leader Nikolai Chaikovskiy — controlled Arkhangelsk under Allied military protection from 1918. These notes were issued as the White administration struggled to maintain a functioning economy in a territory dependent on British logistical support and deeply exposed to Bolshevik military pressure from the south.
The government collapsed in 1920. Notes from this series rarely show heavy circulation wear — not because they were preserved carefully, but because the regime's geographic reach was narrow and its lifespan short.