500 Roubles

The Khorezm People's Soviet Republic was a short-lived Soviet client state established in 1920 on the ruins of the Khanate of Khiva, lasting only until 1923 when it was reorganized as a socialist republic before absorption into the USSR. Its coinage is among the more unusual products of the early Soviet period — a nominally independent government issuing its own currency in bronze while Bolshevik authority tightened around it. The 500 Rouble denomination reflects the inflationary pressures that plagued the region's monetary system almost from the moment the republic was proclaimed.