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| 正面描述 | At left, a finely engraved vignette of a railway lift-bridge with its central span raised on tall latticed uprights, a river and distant shoreline visible below. The central panel bears the Cyrillic legend ЗАЕМНЫЙ БИЛЕТЪ ОБЩЕСТВА ВЛАДИКАВКАЗСКОЙ ЖЕЛЕЗНОЙ ДОРОГИ above the denomination ПЯТЬ ТЫСЯЧЪ РУБЛЕЙ in bold block lettering, with the numerals 5000 below. Elaborate Art Nouveau scrollwork and guilloche ornamental borders frame the composition, the issue date 1 СЕНТЯБРЯ 1919 ГОДА appearing at lower centre. |
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| 正面铭文 | ЗАЕМНЫЙ БИЛЕТЪ ОБЩЕСТВА ВЛАДИКАВКАЗСКОЙ ЖЕЛЕЗНОЙ ДОРОГИ ПЯТЬ ТЫСЯЧЪ РУБЛЕЙ 5000 ПОДДЕЛКА БИЛЕТА ПРЕСЛЕДУЕТСЯ ЗАКОНОМЪ 1 СЕНТЯБРЯ 1919 ГОДА |
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The Vladikavkaz Railway Company was one of several Russian commercial enterprises that issued their own currency during the Civil War period, when central monetary authority had effectively collapsed across the former empire. Railway companies were practical candidates for emergency note issuance — they controlled infrastructure, employed large workforces, and needed a reliable means of paying wages when state currency was either unavailable or worthless in the region.
The S-prefix in the Pick reference places this squarely in the Russian notgeld category. At 5,000 Roubles, this is a high-denomination issue, reflecting the severe inflation that had already taken hold by 1919 in the North Caucasus, where the line ran between Rostov-on-Don and Baku.