Description and research notes
Six-percent short-term Treasury bill for 100,000 rubles issued by the Government Treasury of the Armed Forces of South Russia (White administration) during the final phase of the Civil War. This is the November 15, 1920 payable issue (Pick S431c), produced under General Wrangel after the move to Crimea. Bilingual legends (Russian/French), Imperial double-headed eagle in an ornate oval cartouche at left, and typographic bond format reflect the White government’s effort to maintain pre-revolutionary state continuity.
Rarity context (S431a–c): August 1920 (S431b) is the rarest on the market, November 1920 (S431c) is scarce, and January 1920 (S431a) appears most often, typically in lower condition. Overall survival across all three months is small, making each variant a high-level Civil War fiscal artifact.