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850 Roubles 5% Freedom Loan Debenture Bond - Type 2
| Issuer | Rostov Office of the State Bank (Russia - Civil War issues) |
|---|---|
| Year | 1918 |
| Type | Local banknote |
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|---|---|
| Obverse lettering | (round stamp) Ростовская на Дону Контора Государственного Банка (rectangular stamp) 850 р. Настоящая облигация съ 8 (восьмью) купонами выпущена Ростовской Конторой Государствен- наго Банка въ качествѣ денежнаго знака въ суммѣ 850 (восемьсотъ пятьдесятъ рублей) (Translation: (round stamp) Rostov on Don Main Office of the State Bank (rectangular stamp) 850 r. This bond with 8 (eight) coupons is issued by the Rostov Office of the State Bank as a banknote in the amount of 850 (eight hundred fifty rubles).) |
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| Protection description | "Fat Stars" watermark pattern |
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| Comments |
The Freedom Loan — Zaём Svobody — was launched by the Provisional Government in April 1917 to fund continued Russian participation in the First World War, backed by an appeal to revolutionary patriotism rather than any credible fiscal guarantee. Bonds were sold in multiple denominations with 5% interest promised. By the time the Rostov office of the State Bank began issuing debentures against this loan in 1918, the Provisional Government had been gone for months and the Bolsheviks controlled Petrograd — making the underlying obligation essentially notional.
Rostov-on-Don changed hands repeatedly during the Civil War. The White Army held the city through much of 1918–1919, and these instruments circulated in that contested zone as functional currency substitutes when conventional banknote supply was disrupted. The watermark — carried over from pre-revolutionary State Bank paper stock — was not a new security measure but a residue of continuity with tsarist-era printing supplies.