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25 Roubles
| Issuer | State Bank of the Russian Empire |
|---|---|
| Year | 1892 |
| Type | Standard circulation banknote |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | The reverse presents a decorative composition in which six portrait heads are arranged around the central denomination numeral at right, all framed within an intricate guilloche border typical of late 19th-century Russian State credit note printing. |
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| Protection description | Portrait watermark of Emperor Alexander III |
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| Comments |
The 1892 series of State Credit Notes was issued under Finance Minister Ivan Vyshnegradsky's tenure, during a period when Russia was still rebuilding exchange rate confidence following the currency turbulence of the 1870s and 1880s. Full convertibility to gold would not be restored until Witte's reform of 1897, meaning this note circulated for several years as an inconvertible instrument — officially backed in theory, practically floating in practice.
The Saint Petersburg paper mill at Krasnoe Selo supplied the specialist watermarked paper, a domestically controlled supply chain that Russia was deliberate about maintaining.