50 Roubles Vladikavkaz

The Vladikavkaz Branch of the State Bank operated under extraordinarily chaotic conditions during the Russian Civil War, when control of the North Caucasus changed hands repeatedly between Bolshevik, White, and local nationalist forces. Branch-issued notes like this one filled the vacuum left by the collapse of centralized currency supply — a practical response to a distribution system that had effectively ceased to function.

The S600 series encompasses several signature varieties, with S600D representing one of the later signature combinations. Attribution of these variants can be unreliable in older catalog editions; the Pick classification here should be cross-referenced against more recent specialist literature on South Russian issues.