50 Roubles Russian Government - South Russia

The Armed Forces of South Russia — Denikin's command, and briefly Wrangel's after April 1920 — issued this note as part of a parallel monetary system running alongside Bolshevik currency across contested territory. The South Russian ruble was chronically overprinted, backed by nothing beyond territorial control that was visibly collapsing by late 1920. Wrangel's evacuation from Crimea in November 1920 effectively ended any pretense of redemption, leaving enormous quantities of these notes worthless almost overnight.

Surviving examples are common; the notes circulated hard and fast in a shrinking geography.