500 Roubles Government of The North Region

The Government of the Northern Region was the anti-Bolshevik administration established in Arkhangelsk in August 1918 following the Allied intervention, operating under the protection of British and American forces. This 500-rouble note belongs to the emergency paper currency issued to keep the local economy functioning while the region was effectively cut off from any central banking authority. The series was issued in an area where the ruble was already collapsing in value and public confidence in paper money of any provenance was low.

The Northern Region government ceased to exist by February 1920, when the Allied withdrawal left White forces untenable. Notes of this administration were never redeemed.