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| 正面描述 | Yellow-ochre and dark burgundy note with fine guilloche underprint throughout. Central oval vignette encloses a view of the Nizhny Novgorod Kremlin fortress wall and towers; denomination numeral "100" appears in guilloche cartouches at left and right. Red serial number at lower right; year "1992" at lower left. |
|---|---|
| 正面铭文 | АДМИНИСТРАЦИЯ НИЖЕГОРОДСКОЙ ОБЛАСТИ ПОТРЕБИТЕЛЬСКИЙ КАЗНАЧЕЙСКИЙ БИЛЕТ ОБЛИГАЦИЯ ГОСУДАРСТВЕННОГО ЗАЙМА НИЖЕГОРОДСКОЙ ОБЛАСТИ СТО РУБЛЕЙ ПОТРЕБИТЕЛЬСКИЙ КАЗНАЧЕЙСКИЙ БИЛЕТ ЯВЛЯЕТСЯ СВОБОДНО ОБРАЩАЕМЫМ И ПРИНИМАЕТСЯ ВО ВСЕ ВИДЫ ПЛАТЕЖЕЙ НА ТЕРРИТОРИЙ НИЖЕГОРОДСКОЙ ОБЛАСТИ (Translation: ADMINISTRATION OF THE NIZHNY NOVGOROD REGION CONSUMER TREASURY NOTE STATE LOAN BOND OF THE NIZHNY NOVGOROD REGION ONE HUNDRED RUBLES CONSUMER TREASURY NOTE FREELY NEGOTIABLE AND ACCEPTED FOR ALL TYPES OF PAYMENTS IN THE TERRITORIES OF THE NIZHNY NOVGOROD REGION) |
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In 1992, as the Russian Federation's hyperinflation gutted purchasing power and federal supply chains collapsed, several regional administrations began issuing commodity-backed vouchers — local quasi-currencies redeemable against specific goods rather than against central bank reserves. Nizhny Novgorod Oblast, then under the reformist governorship of Boris Nemtsov, was among the more administratively active regions in this period, pursuing market liberalization experiments that drew international attention.
Whether this voucher was tied to a specific commodity allocation or functioned as general regional scrip is worth confirming against archival records before attribution.