50 Roubles Odessa

Odessa in 1918 was a city cycling through occupying forces with disorienting speed — German troops, then French, then various White Army factions, each period generating its own emergency paper. This note was issued by the city itself during a window of relative municipal autonomy, one of dozens of local emission authorities that filled the void left by the collapse of tsarist banking infrastructure.

The P#S338 series is among the more frequently encountered of Odessa's municipal issues, though condition varies sharply — the paper stock used was poor, and folding damage along horizontal creases is nearly universal in surviving examples.