25 Roubles

The State Treasury's 1918 rouble issues emerged during one of the most chaotic monetary episodes in Russian history — the Provisional Government had already flooded the economy with paper, and the early Bolshevik administration inherited both the presses and the inflation. Goznak's Expedition for the Procurement of State Papers had been the empire's primary security printer since 1818 and continued operating through the revolution largely uninterrupted, which is why these notes look institutionally conservative despite the political rupture happening around them.

Pick 48 belongs to a short-lived series that was quickly overtaken by Soviet-era emissions. Surviving examples frequently show heavy handling — these circulated hard.