

“Sig.Naumov”
This is a Russian Imperial State Credit Note for 25 rubles issued in 1909, graded as Fair condition. The note exhibits typical characteristics of early 20th-century Russian currency, with ornate Imperial symbolism including the double-headed eagle and elaborate decorative engraving. The reverse features a portrait of Tsar Alexander III, while the obverse displays the denomination in ornamental frames and detailed security patterns. Age-related discoloration and wear are consistent with the note's century-old vintage, with no major damage present.
Common. The 25-ruble denomination was a standard circulation note issued in substantial quantities throughout the Russian Empire during the 1909 period. While pre-Revolutionary Russian banknotes command collector interest due to their historical significance and the rarity of notes from failed state currencies, the 25-ruble 1909 (Pick P-12a) was issued in large print runs and remains relatively available to collectors. Fair-condition examples are typical in the market and are valued primarily for historical interest rather than scarcity.
This banknote was issued during the reign of Tsar Nicholas II (though depicting his predecessor Alexander III on the reverse), representing the Russian Empire's gold-backed credit system established in 1897 under Finance Minister Sergei Witte. The inscriptions reference the note's backing by gold reserves (1 Ruble = 1/15 Imperial, containing 17.424 parts pure gold), reflecting Russia's adherence to the gold standard during this period. The Imperial imagery and official State Bank authorization language underscore the formal monetary authority of the Russian state at the height of Imperial power, just eight years before the 1917 Revolution would render such notes obsolete.
The obverse features the Imperial coat of arms—a double-headed eagle crowned with ornate laurel wreaths—positioned prominently on the left side, serving as a symbol of state authority. The denomination '25' appears in two circular ornamental frames (upper right and lower left), with the full text 'ДВАДЦАТЬ ПЯТЬ РУБЛЕЙ' (Twenty-Five Rubles) in the center. The reverse displays a formal military portrait of Tsar Alexander III (1845-1894), Russia's predecessor to Nicholas II, rendered in fine engraved detail within an elaborate oval decorative frame. Above the portrait stands the Imperial eagle coat of arms with crown. The word 'РУБЛИ' (Rubles) is prominently displayed in large stylized Cyrillic letters on the left side. The note's color scheme combines pink/rose with green and gray tones, characteristic of Russian Imperial credit notes from this period.
FRONT SIDE: Serial number 'БЕ 694882' (BE 694882); 'ГОСУДАРСТВЕННЫЙ КРЕДИТНЫЙ БИЛЕТ' (State Credit Note); 'ДВАДЦАТЬ ПЯТЬ РУБЛЕЙ' (Twenty-Five Rubles); 'ГОСУДАРСТВЕННЫЙ БАНК РАЗМНОЖАЕТ КРЕДИТНЫЕ БИЛЕТЫ НА ЗОЛОТУЮ МОНЕТУ БЕЗ ОГРАНИЧЕНИЯ СУММЫ (1 РУБЛЬ = 1/15 ИМПЕРИАЛА, СОДЕРЖИТ 17, 424 ДОЛИ ЧИСТОГО ЗОЛОТА)' (The State Bank reproduces credit notes backed by gold currency without limit of amount [1 Ruble = 1/15 Imperial, contains 17.424 parts of pure gold]); 'Управляющий Министр' (Managing Minister); 'Кассир' (Cashier); Year '1909'. BACK SIDE: 'РУБЛИ' (Rubles); 'АЛЕКСАНДР III' (Alexander III); Legal text regarding state credit note dimensions and official circulation requirements.
Intaglio (steel engraving) with multi-color printing. The fine line patterns, detailed portrait engraving, and ornate decorative security elements throughout the note are hallmarks of advanced intaglio security printing. Russian Imperial banknotes of this era were typically produced by the State Printing Works in St. Petersburg, employing the most sophisticated engraving and printing technology available to prevent counterfeiting. The complexity of the background patterns and the quality of the portrait engraving reflect the high standards of Russian Imperial security printing.
This specific example is identified as Pick P-12a(13) and bears serial number БЕ 694882 with the 'БЕ' (BE) prefix. The 1909 date and Alexander III portrait are standard for this issue. Varieties of the 1909 25-ruble note exist based on signature combinations (Managing Minister and Cashier signatures varied throughout the year and with personnel changes) and serial number prefix variations. The 'БЕ' prefix and signature variants are catalogued in the Pick reference, though specific signature identification would require detailed examination of the signatory blocks on this particular note.