50 Rubley

The Khorezm People's Soviet Republic was a short-lived Soviet client state carved out of the former Khanate of Khiva in 1920, lasting only until 1923 when it was absorbed into the Soviet system. Its paper emissions were produced under genuinely chaotic conditions — limited printing infrastructure, acute material shortages, and an administration still consolidating control over a population that had been subjects of the Khan days earlier.

The P#41 series is among the crudest in Central Asian Soviet-era issues, a direct reflection of local production constraints rather than any design choice. Khorezm notes are underrepresented in Western collections simply because so few left the region.