50 Kopecks Crimea

The Crimean Regional Government — a short-lived autonomous administration under General Sulkevich — issued this note during the German occupation of 1918, a period when the peninsula was nominally independent but entirely dependent on Berlin's strategic calculus. When German forces withdrew in November 1918, the government collapsed within weeks, and its currency became worthless almost immediately.

Low-denomination fractional notes like this one circulated because small change had essentially vanished across the former Russian Empire by mid-1918 — a universal problem that prompted dozens of local and municipal authorities to print their own substitutes.