5 Roubles Terek-Daghestan Territory

The Terek-Daghestan Territory was a short-lived anti-Bolshevik entity that emerged from the chaos of the North Caucasus in 1918, competing for legitimacy against Soviet authority, Chechen and Ingush irregular forces, and the White Army's own fractious command structure. Its currency issues were necessarily improvised — printed under conditions far removed from any normal banking arrangement.

P-S525 falls within a series that collectors treat with particular caution regarding authenticity, as contemporary forgeries and later facsimiles have both entered the market. The "S" prefix in the Pick numbering signals its provisional, quasi-governmental origin.