500 Roubles High Command of the Armed Forces

The Armed Forces of South Russia — Anton Denikin's White movement — issued this note during their catastrophic retreat from the Bolshevik advance in early 1920. By the time most of these notes entered circulation, the issuing authority was already collapsing; Denikin resigned command in April 1920 and was replaced by Wrangel, who inherited a currency no one trusted and a territory shrinking by the week.

Over twelve million printed, yet surviving examples in any usable condition are not common — hyperinflationary collapse meant notes were spent fast, handled hard, and rarely saved. The chaos of the evacuation through Novorossiysk and later Crimea saw enormous quantities destroyed or abandoned.