500 Roubles, Rostov-on-Don, 1918

The Rostov-on-Don office of the State Bank printed its own money because the centre had stopped functioning, and said so on the note: this token circulates on a par with State Credit Notes. Rostov was the base of the Volunteer Army and later the seat of the Armed Forces of South Russia, and these notes are unusually well engraved for emergency money because the Expedition's craftsmen had scattered south along with everyone else.