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| 正面铭文 | БИЛЕТА ГОСУДАРСТВЕННОГО КАЗНАЧЕЙСТВА СТО РУБЛЕЙ 1914 Управляющий Государственной казначейской палатою бланков Директор Бухгалтер Билет действителен по 1 Августа 1928 г. 4% Купон Билета Государства Казначейства Действителен в течение 10 лет с 1 Августа 1918 г. Серия СDXXXIX (439) 4½% 2 руб. |
| 背面描述 | Pink and black on light underprint. The reverse carries dense columns of printed Russian text setting out the conditions and regulations governing the State Treasury bond, arranged across the full face within guilloche frame borders; '100' appears in large open numerals at the upper right corner. At the foot of the note a bold inscription states the interest accrual date and series designation: 'ПРОЦЕНТЫ НАЧИСЛЯЮТСЯ С 1 АВГУСТА ТЫСЯЧА ДЕВЯТЬСОТ ЧЕТЫРНАДЦАТОГО ГОДА' followed by 'СЕРИЯ СDXXXIX (ЧЕТЫРЕСТА ТРИДЦАТЬ ДЕВЯТЬ)'. |
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The State Treasury's 1914 short-term obligations — of which this is one — were issued not as conventional banknotes but as interest-bearing treasury certificates, technically debt instruments pressed into circulation as currency when war spending overwhelmed the ordinary money supply. Russia had suspended gold convertibility in late July 1914, within weeks of mobilization, and these notes filled the gap left by hoarded coin and withdrawn credit notes.
Pick 57 is frequently confused with the State Bank credit note issues of the same period. The distinction matters: different issuing authority, different legal obligation, same desperate fiscal moment.