50 Roubles

The 1923 RSFSR issues occupy an awkward moment in Soviet monetary history: the ruble was in freefall, the Sovznak series was being systematically debased, and Goznak was printing denominations in the tens of millions just to keep pace with hyperinflation. This 50-rouble note was already economically marginal by the time it reached circulation — the parallel chervonets system, introduced the previous year, was quietly absorbing whatever remained of public confidence in paper money.

The Sovznak series was formally withdrawn in 1924 when the currency reform unified the monetary system under the new ruble. Most surviving examples show heavy use; these notes passed through many hands quickly and were rarely preserved.