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50 Roubles - Perforated North Russia - Chaikovskiy Government
| Issuer | Northern Region Government (Chaikovskiy Government) |
|---|---|
| Year | 1919 |
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| Composition | Log in to see details |
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| Shape | Rectangular |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | БИЛЕТА ГОСУДАРСТВЕННАГО КАЗНАЧЕЙСТВА ПЯТЬДЕСЯТЪ РУБЛЕЙ 1914 4% Билетъ дѣйствителенъ по 1 Августа 1928 г. |
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| Protection description | A pattern of small punch-hole perforations applied across the upper central portion of the note, used by the Chaikovskiy Government to validate or cancel the underlying Imperial State Treasury bond for reissue as circulating currency. |
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| Comments |
The Northern Region Government under Nikolai Chaikovskiy was established in Arkhangelsk in August 1918 under Allied protection — British and American troops had landed to keep the region out of Bolshevik hands and, nominally, to reconstitute an Eastern Front. The currency this administration issued was never backed by anything more solid than Allied goodwill and a precarious military perimeter.
The cancellation perforation on P#S168 is the defining feature for collectors. Notes were perforated when withdrawn from circulation or voided at the issuing office, and perforated survivors outnumber clean examples in some denominations — a reversal of the usual survival pattern that catches new buyers off guard.