500 Roubles North Caucasian Emirate

The North Caucasian Emirate was a short-lived Islamic state proclaimed in September 1919 by Uzun Haji in the mountainous interior of Dagestan and Chechnya, in direct opposition to both the White Army and the Bolsheviks. It collapsed within months, which means these notes had almost no functional circulation period — the Emirate was effectively finished before its currency could establish any real role in commerce.

Notes of this series are genuinely scarce simply because the issuing authority ceased to exist so quickly. The S-prefix in the Pick reference signals its classification as a local or insurgent issue, not a recognized national emission.