50 Roubles - Perforated North Russia - Chaikovskiy Government

The Chaikovskiy Government — the Provisional Government of the Northern Region based at Arkhangelsk — issued this note under Allied occupation, backed by British military and financial support following the 1918 intervention. Nikolai Chaikovsky, a veteran Socialist Revolutionary, lent his name to an administration that had almost no real fiscal infrastructure and depended on London to remain solvent.

The perforated examples of this series were cancelled by treasury or banking authorities, almost certainly during the chaotic withdrawal of Allied forces in late 1919 and early 1920. When the Bolsheviks retook Arkhangelsk in February 1920, whatever notes remained in official hands were rendered void — perforation being the quickest method of mass cancellation available.

Cancelled survivors are actually more historically legible than circulated examples.