50 Kopecks Altai

Altai Gubernia — centered on Barnaul — was one of several Siberian administrative regions that found itself issuing local scrip during the monetary chaos of the early Soviet period, when central currency supply was simply inadequate for day-to-day commerce at the regional level. The S1265A is among the more obscure issues in the Siberian catalog, with documented survivor populations thin enough that attribution and condition assessment remain ongoing in specialist literature.

The perforation as the sole security feature reflects the bare-bones production circumstances — not a deliberate design choice but a practical constraint.