500 000 Roubles Federation of Socialist Soviet Republics of Transcaucasia

The Transcaucasian Federation — uniting Soviet Armenia, Azerbaijan, and Georgia — was itself a short-lived administrative construction, dissolved into the USSR at the end of 1936. Its currency emissions of 1923 reflect a monetary situation that was genuinely chaotic: the rouble was in freefall during the post-civil war hyperinflation, which is the only explanation for face values reaching the hundreds of thousands on notes issued by an entity that had existed for barely a year.

P#S619 is a regional Soviet issue, not a central Moscow emission, and the distinction matters for collectors — Transcaucasian paper circulated within a geographically defined zone and was later superseded by the reformed Soviet chervonets system introduced under the NEP stabilization.