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| 正面描述 | A 5% short-term State Treasury obligation, with the denomination '50,000' in large numerals at left within an ornate guilloche medallion surmounted by the Imperial double-headed eagle. The central text in Cyrillic script states the obligation and redeemability at State Bank offices and agencies, with signature lines for the Director of the State Treasury Department, the Head of the Accounting Division, and the Bookkeeper below. Issue date 'Петроград, 1 Ноября 1916' and maturity date '1 Ноября 1917' are printed at top and bottom respectively, with serial number at lower centre. |
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| 正面铭文 | Именное Срок 1 Ноября 1917 г. Руб. 50.000 5% краткосрочное обязательство Государственного Казначейства. Предъявителю сего уплачивается 1 Ноября 1917 года пятьдесят тысяч рублей в Государственном Банке и его Конторах и Отделениях. Директор Департамента Государственного Казначейства Начальник Бухгалтерского Отдела Бухгалтер Петроград, 1 Ноября 1916 |
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The 50,000 Rouble Treasury notes of 1916–1917 were issued under conditions of extreme wartime fiscal stress. Russia's participation in the First World War had shattered conventional monetary discipline, and the State Treasury resorted to massive short-term obligations as the banking system buckled under military expenditure. These were not banknotes in the conventional sense — they functioned as interest-bearing treasury bonds of large denomination, circulating among institutional holders rather than in retail trade.
The "R" suffix in the Pick reference denotes a remainder — unissued stock that never entered circulation, which accounts for the bulk of surviving examples. Genuinely issued and redeemed examples are considerably harder to find.