1 Rouble, Rostov-on-Don, 1918

The 1-rouble Rostov issue of 1918. The Rostov-on-Don office of the State Bank printed its own money because the centre no longer functioned, and said so on the note: this token circulates on a par with State Credit Notes. That is a regional branch asserting on its own authority that its paper is as good as the state's, because there was no state in a position to contradict it.

Rostov was the base of the Volunteer Army and later the seat of the Armed Forces of South Russia. These notes are unusually handsome for emergency money — classical figures, bogatyrs, crownless eagles, real engraving — because the Expedition's craftsmen and plant had scattered south along with everyone else.

They circulated against Soviet notes, imperial paper, Don Cossack issues and VSYUR treasury notes, and their acceptance tracked which army held the city that week.