75 000 Manat / 40 Kopecks Azerbaijan

The Azerbaijan Democratic Republic had already ceased to exist by 1923 — Soviet forces occupied Baku in April 1920 — which makes any note bearing that issuer name after that date worth scrutinizing. This piece almost certainly belongs to the transitional currency chaos of 1920–1923, when old ADR printing plates and authorizations were still in use even as Bolshevik administrative structures took hold.

The dual denomination — manat and kopecks simultaneously — reflects the inflationary arithmetic of the period, when multiple currency systems overlapped and conversion rates shifted faster than new notes could be printed.