50 Roubles - Perforated North Russia - Chaikovskiy Government

The Supreme Administration of the Northern Region — the Chaikovskiy Government, named for the Socialist-Revolutionary Nikolai Chaikovskiy — controlled Arkhangelsk from August 1918 under direct Allied military protection. These notes were originally Russian Imperial or Provisional Government issues reworked for local circulation: the perforation was the authenticating intervention, a crude but functional device to distinguish notes sanctioned by the Arkhangelsk administration from uninflated southern stock flooding north.

The Allies withdrew in 1919, the government collapsed shortly after, and the Red Army took Arkhangelsk in February 1920. Notes that survived that transition were effectively worthless within weeks.