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| 正面描述 | The obverse is printed in black on pale lilac paper and carries a central ornate medallion vignette of diamond shape with interlaced floral and geometric arabesques surrounding a circular device at centre. The date 1923 appears at lower left, with the denomination 500 in Arabic numerals above the central vignette. Arabic-script legends appear across the upper and lower registers, and three rectangular panels with handwritten or typeset text run along the bottom margin. |
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| 背面描述 | The reverse is printed in black on white paper within a single rectangular border and displays a symmetrical layout of guilloche-patterned rectangular panels arranged in a grid. A central horizontal band carries Arabic-script text with the denomination rendered in large Eastern Arabic numerals flanked by inscriptions. A star-shaped ornamental device is positioned at the top centre, and additional Arabic-script cartouches appear to the left and right of the central text band. |
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Khorezm — the short-lived Soviet satellite carved from the old Khanate of Khiva after the Red Army deposed Mohammed Alim Khan's ally Isfandiyar Khan in 1920 — maintained its nominal independence as a People's Soviet Republic until 1923, when it was absorbed into the USSR's reorganization of Central Asia. This note was issued in that final year, effectively making it one of the last acts of a state that ceased to exist almost immediately afterward.
The extreme inflationary pressures of the early 1920s drove denominations this high across all the peripheral Soviet republics. Khorezm paper is notoriously fragile and prone to toning along fold lines.