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| 正面描述 | At the left, the Imperial Russian double-headed eagle arms appear within an ornate circular guilloche vignette, with the denomination numeral '50' below. To the right, the principal text is set in large Cyrillic letterpress type, stating the denomination in words with the phrase 'РУБЛЕЙ СЕРЕБРОМ' beneath. Printed signature lines for the Director and Accountant of the State Treasury appear at the lower portion, with the issue date 1895 at the bottom centre. |
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| 正面铭文 | БИЛЕТЪ ГОСУДАРСТВЕННАГО КАЗНАЧЕЙСТВА ВЪ ПЯТЬДЕСЯТЪ РУБЛЕЙ СЕРЕБРОМЪ Билетъ дѣйствителенъ по 1 Февраля 1909 года. Управляющiй Государственной коммиссiей погашенiя долговъ Директоръ Бухгалтеръ 1895 |
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The State Treasury issues of the 1890s occupied an awkward institutional space — these were kazennye bilety, obligations of the treasury rather than of the State Bank, and technically bore interest, though by the 1890s that distinction had become largely theoretical in everyday use. The 1895 series was printed by the Expedition for the Preparation of State Papers in St. Petersburg, the same government establishment that had controlled Russian note production since 1818.
The convertibility question loomed over every treasury issue of this decade. Witte's currency reform was already in motion — the gold standard peg was formalized in 1897, making notes issued just prior to that transition an interesting marker of Russia's last years on a managed silver-adjacent system.