20 Tengas Treasury

The Emirate of Bukhara issued paper currency only briefly and under duress. By 1919, Emir Alim Khan's government was caught between Bolshevik military pressure from the north and the practical collapse of traditional coinage supply — the tenga had circulated for centuries as silver, and paper substitutes were met with deep popular suspicion. This issue, the first catalogued for Bukhara, was a fiscal improvisation rather than a planned monetary system.

The emirate itself ceased to exist the following year. Soviet forces took Bukhara in September 1920, Alim Khan fled to Afghanistan, and whatever notes remained in circulation were rendered worthless almost immediately after issue.