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| 正面描述 | The obverse carries a Soviet state arms vignette at the left, with the hammer-and-sickle emblem inscribed 'USSR' below. The heading 'УПРАВЛЕНИЕ ХОЗЯЙСТВ. ПРЕДПРИЯТИЯМИ ВЦИК' appears in a panel across the top, flanked by the year '1923' in decorative boxes on either side. The denomination 'ПЯТЬДЕСЯТ руб.' is printed in bold Cyrillic letterpress at centre, with text below stating validity until 1 October 1924, two manuscript signatures for the Secretary and Chief Accountant of VTsIK, and series designation at the foot. |
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| 背面描述 | The reverse is a plain paper field printed in lilac, bearing a large bold '50' numeral as the central denomination mark, flanked by the abbreviated inscriptions 'Зол.' and 'Руб.' A circular official stamp impression of the Administration of Economic Enterprises of VTsIK is applied at centre, visible as a lightly inked dry-seal overprint. |
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VTsIK — the All-Russian Central Executive Committee — operated a sprawling portfolio of commercial enterprises in the early NEP years, and this note was issued by the administrative body managing those operations. It is not a state bank issue and has no connection to Narkomfin or Gosbank. The issuing authority functioned as a kind of internal scrip system, circulating within the VTsIK economic network at a moment when the sovznak was collapsing and the chervonets had not yet fully taken hold.
The timing matters: 1923 was the peak of Soviet hyperinflation, and parallel scrip from institutional issuers was a practical response to currency instability rather than a formal monetary policy decision.