5 Roubles Russian Government - South Russia

The Armed Forces of South Russia — Denikin's command, and briefly Wrangel's after April 1920 — issued this note under the "Russian Government" designation as a deliberate assertion of legitimacy against Bolshevik currency. The series was printed under severe logistical pressure, with the White forces losing ground throughout 1920 and the currency's viable circulation territory shrinking faster than the notes could be distributed. By November 1920, the evacuation from Crimea effectively ended the issuing authority's existence entirely.

Surviving notes from this series often show uneven ink saturation, a consequence of printing conditions rather than post-issue wear.