50 Roubles

The 1866 issue falls within the credit note series that the State Bank had been managing since its establishment in 1860, when it absorbed the functions of the earlier State Commercial and State Loan Banks. These 50-rouble notes circulated alongside silver and gold coinage during a period when Russia was still nominally on a metallic standard, though convertibility in practice was erratic following the Crimean War's fiscal damage.

Pick A46 is poorly documented in most Western references — survivor population appears thin, and distinguishing genuine examples from later forgeries requires attention to the paper and seal impressions specific to this run.