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| 背面描述 | Brown on green underprint. The reverse carries dense Cyrillic text in multiple numbered clauses setting out the regulations governing this series of State Treasury bonds, arranged in two columns within an ornate border with guilloche corner pieces and denomination numerals 50 at each corner. The heading reads Положение о разрядѣ (серіи) билетовъ Государственнаго Казначейства за № CDXLIV (444), with a closing line at the foot stating interest accrues from 1 August 1914, and the series designation СЕРІЯ CDXLIV (ЧЕТЫРЕСТА СОРОКЪ ЧЕТВЕРТАЯ) printed in full below the text block. |
| 背面铭文 | Положеніе о разрядѣ (серіи) билетовъ Государственнаго Казначейства за № CDXLIV (444) ПРОЦЕНТЫ НАЧИСЛЯЮТСЯ СЪ 1 АВГУСТА ТЫСЯЧА ДЕВЯТЬСОТЪ ЧЕТЫРНАДЦАТАГО ГОДА. СЕРІЯ CDXLIV (ЧЕТЫРЕСТА СОРОКЪ ЧЕТВЕРТАЯ) |
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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 Notes were perforated when withdrawn from circulation or voided at the issuing office, and perforated survivors outnumber clean examples in some denominations — a reversal of the usual survival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.