500 Roubles Don Cossack Military Government

The Vsevelikoye Voysko Donskoye — the "All-Great Army of the Don" — operated as a quasi-independent state under Ataman Krasnov and later Bogaevsky during the Russian Civil War, issuing its own currency to fund anti-Bolshevik operations in the Don region. These notes circulated alongside a chaotic mixture of White Army scrip, Soviet sovznaks, and pre-revolutionary Imperial issues, with exchange rates shifting by the week depending on whose forces held the nearest town.

By mid-1919, the Don government's military position was deteriorating badly. Notes of this denomination were printed in quantity but had increasingly little backing, and the series was rendered worthless when the Red Army consolidated control of the Don by early 1920.