25 Kopecks Alaska

The Russian-American Company's scrip notes are among the most materially unusual monetary instruments ever produced in North America. Unable to import sufficient coinage or paper currency to the colonies, the Company issued these notes locally on walrus hide — a practical solution in a territory where walrus hunting was a primary industry and the material was immediately available. The 1816 series inaugurated the practice; the 1852 notes represent the final issue before Russian America's commercial decline accelerated toward the 1867 cession.

Surviving examples are extremely rare. The substrate does not age well under archival conditions unfamiliar with hide preservation, and most circulating pieces suffered from the harsh climate of Sitka and the Aleutian posts.