Types / 1920
50 Roubles, Government of South Russia, 1920
Государство Россійское — Казначейскій знакъ
common
What was happening
A treasury note of the High Command of the Armed Forces in the South of Russia — the White armies under Denikin and then Wrangel — printed at Rostov-on-Don under M. V. Bernatsky, the Provisional Government's last finance minister.
Its value tracked the front line. As the White advance collapsed through the winter of 1919–20 these depreciated to nothing, and they died completely with the evacuation from the Crimea in November 1920.
