State Bank, Russia
*TOP POP* Specimen 500 Rubles, 1895, serial number range 1234567890,
Pick A76s
In PMG holder 55 EPQ Choice About Uncirculated, the Single Finest graded note for the type by PMG and the only one with the coveted EPQ designation
Russia, State Bank, specimen 500 Rubles, 1895
The State Bank of the Russian Empire (Gosudarstvenny Bank Rossiyskoy Imperii) was established in 1860 by decree of Tsar Alexander II, as part of his far-reaching economic and social reforms following the emancipation of the serfs. It succeeded the earlier Assignation Bank and became the principal institution of the Empire’s financial system, serving simultaneously as the government’s banker, a commercial credit institution, and the sole authority responsible for issuing paper money. Its foundation aimed to consolidate public credit, stabilize the ruble, and modernize the Empire’s financial administration in step with Europe’s leading economies.
By the closing decades of the nineteenth century, the State Bank had become the cornerstone of Imperial Russia’s economic modernization. Under the reigns of Alexander III and Nicholas II, it pursued a deliberate policy to strengthen the national currency and foster industrial growth, culminating in the introduction of the gold standard in 1897 — a reform that secured international confidence in the ruble.
The 500 Rubles note of 1895 belongs to the final series issued before this landmark monetary conversion. These were officially designated as State Credit Notes (Gosudarstvennye kreditnye bilety), though they are sometimes described in English as State Bank Deposit Receipts or Deposit Certificates. They represented obligations guaranteed by deposits held at the State Bank, and could be exchanged for silver or gold, depending on prevailing policy. In essence, they were both currency and a declaration of the State’s financial credibility.
Impressively large and meticulously printed by the Expedition for the Preparation of State Papers, the note’s design embodies the grandeur of Imperial symbolism. The crowned double-headed eagle dominates the composition, surrounded by intricate ornaments and classical motifs that express authority, permanence, and refinement. Every detail, from the engraved signatures to the delicate guilloché background, reflects the precision and artistry for which Russian banknotes of this period are celebrated.
In circulation, the 500 Rubles denomination represented an immense sum — accessible only to major merchants, financiers, and landowners — and therefore functioned more as an instrument of high-value transactions and state-backed credit than as everyday currency. Yet beyond its monetary role, it stands today as a testament to an age of confidence and reform, when the Russian Empire sought to project its financial strength on the world stage.
A splendid artifact from the twilight of Imperial Russia, this 1895 State Bank note captures both the ambition and the elegance of a nation at the height of its economic transformation.
