Russian money
History of russian money

Other articles on the history of Russian money

History of Russian currency

  1. The monetary system of Ancient Rus
  2. Coinless period
  3. Coins of the period of fragmentation
  4. Coins of a unified Russian state
  5. Reform Of Aleksei Mikhailovich
  6. Cash conversion of Peter I
  7. The monetary system of XVIII-XIX centuries
  8. The Reform Of E. F. Kankrin
  9. The introduction of the gold standard
  10. The end of the monetary system of the Russian Empire
  11. The money of the Provisional government
  12. The monetary chaos of the Civil war
  13. The formation of the Soviet ruble
  14. Paper pennies and sustainable ruble
  15. Monetary circulation of the USSR
  16. Coins and banknotes of the Russian Federation
  17. Bibliography

The monetary system of Ancient Rus

Раковины каури
Cowrie shells
(from the exposition of the Hermitage)
The history of money is strongly connected with the history of the state, almost any political events affect money circulation. Unlike many other countries, in Russia coins appeared long before the unification of the Slavic tribes under the rule of one Prince. The study of the history of the money of those distant times is based solely on the hoards, and much later Chronicles and documents.

In pre-Mongol times were used as money, as a rule, barter, but in areas with the most developed trade merchants spread of foreign silver coin, furs, and various substitutes (small cowrie shells, gold and copper coins, etc.). It is the skins of small fur-bearing animals was the sustainable product, which gave the possibility to trade with the East and the West. It is believed that the Russian names of monetary units (Kuhn, nogata, Vaxjo) is derived from the furs, but put forward other versions.

Арабские дирхемы
Arab dirhams
(from the exposition of the Hermitage)
To the VIII-X centuries formed a stable influx of Arabic silver coins (dirhams) to Russia, displaces all other means of calculation. The coins were of large size and very thin, weighing about 3.5 g, with Arabic inscriptions. For those hard to read labels (for old Slavonic "kufi") called Kufic coins. In treasures of the time you can find hundreds and thousands of coins from various periods of Arab history. It is believed that one coin was called kunoy and grivna kun 25 coins. The word "torque" came first, and originally meant a female neck ornament of silver (Griva - neck), probably from the weight of the average of such decorations and there was a counting measure - "hryvnia of kun".

Сребреник - первая русская монета
Srebrenik - the first Russian coin
With the Baptism of Rus to establish close relations with Byzantium when Vladimir the Great from the end of X century in Kiev a very small circulation begin to mint its own silver coins "silver coins" with pictures, made the type of the Byzantine gold solidi. There were "gold" made of gold, but they received very little distribution. Participated in handling these coins, or used for other purposes, still unknown. Chasing continued, with Sviatopolk the Damned and ended in the times of Yaroslav the Wise. In total there are about 400 pieces of silver, and less than a dozen zlatnikov. Also known the rarest silver coins of the Tmutarakan Principality.

In the same XI century, due to the decrease in the level of silver production in the Arab Caliphate, the inflow of Kufic dirhems slows down and then stops altogether. To fill the shortage of silver in some regions of Western and North-Western Russia are beginning to import Western European denarii, weighing a little more than a gram. They had the image of the cross in the spirit of the Gothic era. Most likely then there is a new name of "nogata" full coin, that is, the dirham, and the word "kun" to the denarius. Nogata rather was equal to 2.5 kunam. Counting the torque also changes. In the South (modern Ukraine) her weight is approaching 160 grams in the North (with the center in Novgorod), about 200 g, in the West (modern Belarus, the Baltic States, part of) is about 103, In Russian truth Yaroslav Mudrogo you can read the list of fines for various crimes, denominated in UAH. In addition to denarii in the hoards can be found bracteata Saxony – large, but extremely thin coins.


Coinless period

In the XI century Rus ' gradually breaks up into numerous principalities, disappears the centralization of power. Feudal relations of the time apparently led to almost complete cessation of trade due to isolation areas. Silver is deposited at the wealthy citizens, which melted down into ingots, convenient for storage, and with the beginning of the Mongol invasion to pay tribute to the Golden Horde. Due to the lack of finds of hoards with coins of the period called "coinless". Occasionally find treasures, including silver bullion, the weight of ingots was equal to the accounts local currency of the region in which they were produced.

Новгородские гривны-слитки
Novgorod coins-bullion
(Museum of the Moscow Kremlin)
In the South, starting from the XI century and before entering the territory of the Grand Duchy of Lithuania in the XIII century, produced the hryvnia-bars hexagonal shape weighing about 160 grams. In the North, due to the use of denarii coinless period began only in the twelfth century and in the West in the XIII. The bars in these regions are very different from the "Kiev": have the shape of rods and a weight of about 200 g for the Northern and 96-107 g for West. Known and East bullion, found in the Volga region, the weight they resemble in Novgorod, but have's the scaphoid form. In addition, there is another type, called "Chernihiv", with a hexagonal flat shape and weight as the North. In the period of establishing of relations of Kiev with Novgorod, Kiev bars North weight that is different from "Chernigov" a more rounded shape.

The Novgorod Republic, occupying a vast territory in the North, had all the hallmarks of a democratic device. Here felt weak Mongol influence, so the trade did not stay for long. At the end of XIII century the hryvnia-ingots of a new type of low breakdown. To make up for the amount of pure silver they aplauses the missing metal part, due to what turned out bump. Almost at the same time, hryvnia begin to divide into parts for making small payments, in addition, almost all the bars put various brands. From the word "hack" comes the word "ruble", which replaced the old name "hryvnia".


Coins of the period of fragmentation

In the second half of the XIV century Tatar-Mongol yoke weakened. The battle of Kulikovo in 1380 not only showed that Russia was able to resist foreign invaders, but also led to some consolidation of previously disparate principalities. In many cities reborn trade. The greatest development in this period reached Moscow, where instead of the wooden one erected a stone Kremlin and for the first time in Russia begins minting its own coins. Soon chasing appears in Suzdal-Nizhny Novgorod Principality, and later in Novgorod, Ryazan, Pskov. By the end of XIV century coin has been in some principalities and "free cities" (e.g. in Torzhok).

The first coins were minted not from the stock of silver in the Treasury, and merchants-denezhnymi for their own account. Doinikov was appointed by the Prince and allowed them to put on the coins his name, which gave merchants great advantages in trade. The Prince thus extended their power. Merchants employed chasers, built mints. The weight and fineness of silver could vary in different denezhnikovo could also put your own mark and be different patterns. But in General, the coins of one of the Principality had similarities between them.

Новгородские монеты
Novgorod coins
(from the exposition of the Hermitage)
The production almost didn't change until Peter's time, for more than 300 years produced coins of silver wire. Pieces of wire flattened, after which they were minted images and inscriptions. The coins were very small and uneven, similar to fish scales, for which he received the name from contemporary collectors "scales". Images often were not included in the square coins and was incomplete. About the partial neprochitannoe and other marriage-even to say no. Moreover, the weight of each coin was different, the rule has been applied only a certain number of coins, which was weighed. For example, coins of Novgorod can weigh from 0.6 to 0.9 g. Images of coins (especially Novgorod and Pskov) are of a great flight of fancy denezhnikovo.

All the coins were initially of the same denomination, they were called "free money" (the word comes from the Tatar language). In Novgorod hryvnia-ruble initially consisted of 216 money. Later appear mite (half the money), and in some cities release chetverty (1/4 the money). In Novgorod, Tver and Ryazan is a proliferation of small change copper coins – pools, in appearance and size similar to dengue, but they were appreciated much less. It is believed that for Deng could give 60 pools, but this is a very rough guess, not enough written sources of information. Silver bullion was first able to participate in circulation along with coins, but to the XV century, they are completely replaced by the coin, as other means of calculation.

Within the individual principalities the weight of the coin might change over time, particularly the decrease in weight was carried out in Moscow and Novgorod and Pskov remained relatively stable. Most different types of coins were under Basil Dark in Moscow. The most severe dengue were minted in the Principality of Ryazan, situated on the border with the Golden Horde and heavily addicted to it. At first there was just neccecarily Tatar coin special sign "Tamga", then began its own coinage. And after the formation of closer ties with Moscow, a local money are small and, by their design closer to Moscow.

Under Ivan III begin minting gold coins, but not for treatment, and as awards for outstanding workers. For example, such coin-sized Hungarian Ducat encouraged (and possibly paid a salary) by the Italian architect, to construct architectural masterpieces of the Moscow Kremlin. Premium and patents of coins were minted and subsequent rulers until Peter the great's reforms, when gold finally became part of the monetary circulation. The coins were perfectly round, large but thin. On them was placed the portrait of the Prince and in detail specify its title. It is believed that the coins would be equal in weight to silver as 1:10 or 1:12.


Coins of a unified Russian state

Under Vasily III completed the unification of Russia around Moscow. A variety of monetary systems of cities led to complications of circulation of money. Merchants were forced to know the types and weight of all the coins, to distinguish them from counterfeits and to Express prices in different coins. They possessed the necessary skills and tools, installation, testing and weighing. But the bill still was not by weight but by the amount of money. Weighting was necessary only to determine average quality coins. Because the right of coinage had only selected the owners of the reserves of silver, there were numerous follow – minting similar coins. Such imitation is now called "mordocai" because on the territory of modern Mordovia them found more.

The mother of the infant Prince Ivan IV Elena Glinskaya, as Regent for her son, held a large-scale reform to centralize the currency. The conversion lasted from 1534 to 1547 and was the following:
from now on the embossing can be conducted only on behalf of the Great Prince of All Russia of the silver owned by the state Treasury;
- there are large mints in Moscow, Novgorod, Tver and Pskov, the rest are closed;
- minted three types of coins: Denga (dengue Moscow, depicted a horseman with a sword), mite (also the type of Moscow with a bird) and copain Denga (Denga Novgorod heavy with the image of a rider with a spear). The latter later became known as "penny";
- copper pools are no longer minted and disappear from circulation.

Копейка времен Ивана Грозного
Penny since Ivan the terrible
The appearance of the coins remained the same, it was all the same shapeless scales poorly readable labels. In the period of the reform could be of different types of coins, including pennies cash stamps. In 1547, after the coronation of Ivan the terrible on the coins is the title of "king". Since that time, penny becomes the basis of monetary circulation, it weight permanently stored at the level of 0.68 g, changing only the name of the king. The ruble becomes the counting unit, and is equivalent to 100 cents. When Feodor Ivanovich on coins for the first time put the date in Slavonic letters.

During the Troubles in the early XVII century has changed several rulers, each of which sought to establish itself by the minting its own coins. Especially a lot of coins were minted during the reign of false Dmitry I and Vladislav. When false Dmitry II was produced in imitation of the national coins. In this difficult time for the country, the increase of the gold coinage for the calculations with the invaders. Apart from the quality charters of round coins began to produce gold flakes penny stamps.

The time of troubles became a test of strength, monetary system, there is a gradual decrease in the weight of the coins. People's militia in 1612 released in Yaroslavl quite easy pennies weight about 0.4 g stamps of the previous rulers, and even stamp with the name of Mikhail Fedorovich, the future Tsar. To distinguish from the originals these role models can quality coinage. In spite of the disorder of monetary circulation, coins in some degree contributed to the coming to power of a new dynasty of the Romanovs. Low weight allowed us to find an additional source to supply the army.

Mikhail Fedorovich made adjustments in the coin system: close temporary yards, and then mints in all cities, except Moscow. The weight of the penny becomes 0.48 g and a long time undergoes change.


Reform Of Aleksei Mikhailovich

When Alexis, the Russian position is significantly improved, and returned the territory of Ukraine and Belarus, increasing internal power, is an active foreign policy. All this required large expenditure, and silver in the country was not enough. In 1654 the newly opened mints in Novgorod and Pskov, as well as create some temporary, they penny stamps minted copper coin. The size and weight of these copper scales were comparable with the silver penny and was fully equal to him. Known copper and Altyn of the time (3 pennies weighing 1.2 g).

Рубль и Полтина Алексея Михайловича
The rouble and Poltina Alexei Mikhailovich
(from the exposition of the Hermitage)
The reform meant the introduction of the first ruble coins, equated with 100 cents. At first designed their own stamps for overstriking in rubles European thalers (efimkov, as it was then called), but in turn they apparently missed. Instead, the Thaler just put the stamp with George and date "1655". A large spread polupoltinas (Peresechenie quarters of a Thaler). Tried to make copper round poltinas the size of a Thaler.

Thaler was one and a half times lighter 100 cents, so the population took a ruble coins reluctantly. Even less credible to the copper penny, the course which the market has steadily declined, while the ruble copper did not give just 3 pennies. Most of this suffering peasants, forced to be paid in copper at face value. This provoked the Copper riot of 1662, and a year later all the copper coinage was discontinued.


Cash conversion of Peter I

After a joint reign with his brother Ivan under the Regency of Sophia, in 1696, Peter became sole Tsar. Gold cleaned the coin not minted, as the weight of the penny has decreased to 0.28 grams. Apparently it was a necessary measure for further reform to equate Taler to the ruble.

Traveling in Europe for two years, Peter planned an ambitious conversion, including in the sphere of monetary circulation. For the first time in the world was introduced the decimal system account that previously existed only conditionally. The reform took place in several stages and was completed only in 1723.

Копейка времен Петра I
Penny the time of Peter I
Was first introduced big coins round shape with a nominal value of Denga, Polushka and polosochki. Then came the copper penny weighing 8 grams and silver rubles, poltinas and polupoltinnik and limited produced silver Altyn. We then introduce the rest of the denominations: grivna (10 kopecks), silver penny. All of them are equal in proportion to the weight cents. In 1718 stops chasing wire cents-scales, and later the weight of copper is reduced twice. Since 1723, produced a copper penny of reduced weight.

During this period, was able to gently, without unnecessary shocks, introduce into circulation a copper coin. Moreover, the entire monetary system has been tailored to the standards of the eighteenth century. Under Peter I mass produced the gold coin – the Ducat and double Ducat. The coins had no denomination, their weight was equal to the European Ducat, and the treatment was attended at the fixed rate. From 1718 gold coin 2 rubles, a little heavier than a Ducat, but with much lower sample. The minting of gold coins was discontinued in the reign of the Emperor Paul.


The monetary system of XVIII-XIX centuries

After Peter the great to the 1917 Revolution, the coinage was changed slightly. The coinage gradually increases, the images on the coins fully into the disk, with the second half of the nineteenth century stands out clear of the rim (the rim around the circumference). While coins were not very smooth, they were subjected to "haircut" - cutting metal parts counterfeiters. To avoid this, on the side of the coin (drove) began to put drawings or even lettering, now it is a tribute to tradition. The weight of the ruble for a long time remained at the level of 28 grams, and the second half of the nineteenth century gradually brought to normal 20 grams. Gold coin during this period also declined in weight by about half. Much more varied copper coin, which was given the role change. To define the default weight applied the term "coin-operated foot" is the quantity of rubles issued during the reign of pounds of copper. Under Peter I, first stop was 20 rubles, and then 40, and when Anna Ivanovna reaches the limit of 8 rubles coin is the most difficult. In the future, stop increased and again decreased at different stages of history, by the mid-nineteenth century reached the level of 48 rubles. In the eighteenth century actively used pereselenka copper coins of old foot to the new one. For example, with the coming to power of Peter III decreases the weight of the coin 2 times, the value is doubled, changing images, and within 6 months after the Palace coup and accession of his wife Catherine II the weight returns to normal, once again, change image.

5 копеек времен Николая II
5 kopeks of Nicholas II
Under Elizabeth and Catherine II minted large copper coin weighing 50 grams, which is one of the most popular among collectors. The obverse depicted the double-headed eagle, on the reverse the monogram of the Empress. The monogram is popularly called a sieve or "tails", perhaps hence the game "heads or tails". During this period, first produced gold 5 and 10 rubles, called "Imperial" and "proimperial". Minted for a limited circulation of gold poltinas, rubles and 2 rubles, but they were used only at court.

From 1763 to 1781 in connection with the opening of Siberia deposits of copper mixed with gold and silver, produced special "Siberian" coins with a different pattern and a reduced weight of up to 25 rubles for pood (normal - 16 rubles to the pood). But the rampant counterfeiting led to the rejection of such foot and Siberia began to mint state coin.

An even more interesting phenomenon was observed during the reign of Catherine I, when the beginning of the development of copper mines in the Urals began to produce square coin card denomination from a penny to the ruble. The weight of the copper rouble was 1.6 kg, which was extremely inconvenient during transportation and from the issue of coin boards refused. In the 1770's attempt striking copper rubles were revived, the ruble is now weighed just 1 kg and become round. But the production of such large circles proved a difficult task, besides there were disagreements among the ruling elite, therefore, had to produce test specimens.

Ассигнация 1812 года на сумму 10 рублей
Assignation of 1812 in the amount of 10 rubles
(from the Museum of Goznak)

From 1769 decree of Catherine II in Russia's first paper money – banknotes. Their production has allowed a significant measure to replenish the state Treasury with silver, gold and copper. But the weak security of banknotes coins led to the fall course by the end of the century for the paper ruble gave only 66 cents, and in 1813 – 20 cents. Whenever possible, the government increased the issuance for exchange of the banknotes were not issued the required number of coins. During the Napoleonic invasion into Russia a huge amount of counterfeit banknotes, which further undermined confidence in them. Various measures have been taken to improve the health of the economy, such as the reception portion of the payments, banknotes, limited issue of coins from banks. But all this only marginally affected the exchange rate, raising it to 30 cents in 20 years.

Was in the history of Russia and platinum coins. They were produced under Nicholas I, of precious metal, remaining in the smelting of gold. Coins with unusual denominations of 3, 6 and 12 rubles was quite heavy, but the demand did not use. They are often confused with silver, so the coinage was discontinued.

In some regions of the country, recently annexed to Russia, or had some independence, issued its own coins. There were those in Finland, Poland, Georgia. In the early stages of transition to a national monetary system coins were minted in the Crimea, Moldova, the Baltic States. They were produced for the Russian army, stationed on foreign territories. Denomination in all regional coins specified in the local language, and a weight attached to the local monetary system. An exception – Russian-Polish coins with the denomination in two languages in rubles and zlotys.

Since the second half of XVIII century begins a coinage of commemorative coins, but at first it was just circulation, timed to any event. From the 1830s made limited silver rubles special design to honor the most important state events. Pictures are often taken with the medals. The last commemorative coin minted in honor of the 300th anniversary of the Romanovs. Its circulation was large, and now, unlike others, is not a rarity.


The Reform Of E. F. Kankrin

From 1839 to 1843 introduced a new type of paper money, they now become fully secured silver. First silver taken in exchange for Deposit tickets, but when it turns out that the change Fund and so exceeds the permitted limit, is the issue of Bank notes, backed by precious metals only half.

To use for the exchange of copper coins, but to keep the idea of the silver standard during the period of reform minted special coins from ¼ to 3 cents, the value they identified in "the silver penny".

In 1843, at the last stage of the transformation are exchanged all Deposit tickets for credit at the rate of 1:1, the notes at the rate of 3.5:1. In circulation are rigid paper money freely exchanged for coin.


The introduction of the gold standard

The difficult financial situation of the country and the constant wars have led to uncontrolled emission of paper money, causing the rate of credit ruble began to decline. By the end of the nineteenth century he was established at around one and a half rouble silver coin. Minister of Finance S. Y. Witte was invited to introduce the gold standard following the example of developed countries at the time. The idea was an accurate indication of the gold content of the ruble, while silver and copper coins became a bargaining chip. This would get rid of the depreciation of paper money and engage in treatment more gold, which until then was given a secondary role.

The gold content of the ruble is set to 1/15 Imperial (Imperial is 10 old rubles), which was approximately 0,774 g of pure gold. Marking of conformity appearing on new banknotes 1898. Credit cards of the old sample to change the ruble for ruble, and the coins remain in circulation. While minted new gold 5 and 10 rubles with reduced half weight. Old gold coins are equal to 7.5 and 15 rouble 1897 even produce gold coins with single denominations for the first time after the reform.

Attempts were made to call the new coin of Rus or to indicate the word "Imperial" instead of the value. Minted only specimens of this type, and the ruble the ruble. Close to the Emperor on important dates was produced remake of the Imperials and proimperial.


The end of the monetary system of the Russian Empire

By the beginning of XX century a new system of the gold standard showed its effectiveness. The paper ruble has become an equal participant in the monetary circulation, it took the payment even more readily than gold and silver. To keep money in the loan tickets were easier, and the exchange was carried out freely. Even the Russo-Japanese war failed to prevent the financial well-being reigned.

Were in circulation banknotes face value from 1 to 500 rubles. Bill had a complex design and high purchasing power. The ruble could live a week, but 500 rubles is generally found only in wealthy estates.

In 1914 Russia entered the First World war to supply the army began the uncontrolled printing of money. In the same year abolished the exchange of Bank notes for coin. But apparently due to the long prosperity of the monetary system, at first the ruble afloat. From the appeal fades gold coin from 1916 stopped the minting of silver, and even copper in 1917. The era of paper money. Coins are deposited from the population, unofficially accepted for a different course in the markets, prevratyatsya in the form of hoards. The paper ruble is losing credibility after the February revolution confidently drops down.


The money of the Provisional government

Kerinci is one of the forms of money circulation in the early Soviet years
In March 1917 a Provisional government is created. Reforms to restructure everything related to autocracy, including clean crown, scepter and Orb with eagle on the State emblem. The people demanded that all the new changes which needed the money, then printed in large numbers.

In the summer of the first bills with the new double-headed eagle with a face value of 1000 roubles with the image of the building of the State Duma. Appear in the autumn of 250 rubles, and the famous "kerenki" (informally named in honor of the Chairman of the government A. F. Kerensky). Kerenki it was printed on 40 pieces on the sheet and cut as needed. They were produced until 1921, since their size and quality allow a large circulation without any extra costs.

Shortly before the October Revolution, the Kerensky government is developing a new type of money that are going to enter in 1918. It is a large ticket value from 1 to 10 thousand rubles, with the monotonous design. On them, as on the previous 250 and 1000 rubles, except for the coat of arms is printed swastika, which baffled many novice collectors. In this case it means "bright future", "rebirth" etc. in this spirit, and the negative meaning of this Indian sign became much later. Money new type came into circulation only in 1919, with the signature of people's Commissar of Finance G. L. Pyatakov.


The monetary chaos of the Civil war

Do not accept the coming to power of Bolsheviks all over the country began to emerge of their own government. Some leaders put forward the idea of a return to autocracy, others wanted a complete separation of the territory, and others spoke on behalf of the invaders, and the fourth just wanted the confusion to get more gold from the Treasury. Such public education was in the North-West, in Arkhangelsk, the Urals, in the Irkutsk and Chita, in the far East, the Caucasus, the Kuban, Central Asia, the Crimea, Rostov-on-don, Ukraine. There were several cities that existed independently. Almost all of them issued their own banknotes, some was good, other was a handwritten receipt.

The gradual recognition of the Soviet government in different areas does not necessarily cancel existing money. Due to the complexity of delivery of money to remote regions, set overprints on local signs. Sometimes (for example, in Chita, in the Khorezm Republic) on behalf of the Soviet government published a new local money, not like the national.

Despite all the government issues, there were also private booms manufactured by owners of public places, merchants. Such bonds could partially participate in treatment on a par with other money. A very large demand for banknotes of the tsarist model, and especially gold and silver coins with a portrait of Nicholas II. There was exchange between all types of banknotes. For example, "kerenki" nobody wanted to accept as payment only at a very low rate. In General highly valued the money that was made more efficiently, no matter what.

Nummular signs of local production is very rare, was produced in Armavir, Khorezm, Petrograd, Kiev and some other cities.


The formation of the Soviet ruble

5000 рублей 1918 года
5000 rubles 1918
After the October revolution of some time, continued printing of banknotes of the tsarist model. In recent months it was released most. They differ in the signatures of the cashiers and defined a two-letter series. Also printed banknotes of the Provisional government and the above-mentioned money with the date "1918", nicknamed "pyatkovka" due to being on them signatures Pyatakov. In 1918, introduced into circulation some of the bonds of the Imperial Treasury bonds and even some coupons from them, out of use until the end of 1917.

The desire to give up money at all led to the permanent transfer issue of notes with Soviet symbols. But the difficulties with the distribution of goods among the population forced to reconsider the decision, and in 1919 produced the first design marks of the Russian Federation ("the Soviet notes"). They, like kerinci, published several pieces on the sheet, and the value was very unusual: 1, 3, 15, 30, 60 rubles. Soon joined them, and familiar to us all denominations, but the low quality issue remained.

The purchasing power of Soviet very quickly dropped, for example at the end of 1921, for a peck of potatoes gave 20-30 thousand rubles in Soviet notes. At the end of 1922 the coin in denomination of 10 roubles of Nicholas II would have to give 120 million rubles of the issue of 1917-1921 years. The Soviet government made unsuccessful attempts to revive the economy: in 1921, produce new money, but old remain in circulation; in late 1921, introduced banknotes of the sample of 1922 at the rate of 1:10 000 to the old; at the end of 1922, issued money 1923 at the rate of 1:100 to the previous or 1 in a million first releases (it even had the inscription on the back of banknotes). In the autumn of 1923 in the treatment of just leave the money with the date "1923", and the inscription on the exchange place stop on the reverse side. At the same time, printed the first money emblem of the Soviet Union in very large denominations 10, 15 and 25 thousand rubles.


Paper pennies and sustainable ruble

The most significant attempt to normalize the economy was the introduction of a parallel currency in gold terms – cash. At the end of 1922, appear in circulation unilateral tickets of the State Bank - the money on which was specified denomination and the content of pure gold 1 Ducat – 7,74 g. For exchange released a two-million circulation of gold coins the size of the Imperial 10 rubles, but with the image of the sower and the coat of arms of the RSFSR. The mass exchange is not required, and the boundaries of these "sowers" to take refused, so circulation is stopped. Sometimes the exchange was carried out on Royal gold coins, they were in payment for public procurement abroad. In 1975-1982 minted novodel coins, which is currently used as investment coins.

1 червонец 1922
1 gold piece 1922

In preparation for the strengthening of the ruble in 1921-1923 produced a large circulation of silver coins by size, weight, and denomination as the king, but with the arms of RSFSR. The coins have lain in the vaults and was released into circulation only in 1924, in addition to coins of the new sample with the emblem of the USSR.

Серебряный рубль 1924 года
Silver ruble 1924
The share of coins in circulation grew steadily, and by mid-1923 reached 80%. To exchange these large bills, some businesses have released special coupons to give them a salary. Measures to limit the release of sousaku failed, in February 1924, they are replaced by Treasury notes in denominations of 1, 3 and 5 rubles, imposed at the rate of 1:50 000, as well as copper and silver coin. That is, inflation for the entire period of the Soviet economy, devalued ruble 50 billion times! All the old and local money be banned by.

Initially, Treasury notes did not have a clear reference to the gold coins, but in 1925, they officially are equal to them as of 1:10. In the same year, terminated the exchange for gold, and to control inflation make new government loans. The first Soviet state emerged in 1922, but they were not massive.


Monetary circulation of the USSR

Бумажный рубль образца 1928 года
Paper rouble of the sample of 1928
Pre-war monetary circulation consisted of banknotes and coins, introduced in 1924, and later editions. The old was not abolished and was made all payments along with a new one. In 1937 banknotes are issued in denominations of 1, 3, 5 and 10 ducats, with portrait of Lenin, in the future, a portrait was placed on all notes of 10 rubles and above. The purchasing power of the ruble remained fairly stable, being almost pre-revolutionary level.

The minting of copper coins ceased in 1928, silver in 1931, and fifty dollars in 1927. Rubles after 1924 did not mint. To replace noble metals came cheap alloy, and the coins became smaller. The circular inscription "proletarians of all countries, unite!" has disappeared in 1935, in the future, has varied only the emblem, depending on the number of Union republics. In 1936 the number of strips increases from 6 to 11, in 1947 - 16, and in 1957 reduced to 15.

During the great Patriotic war was introduced rationing of essential goods. But the food was not enough, and wide-spread speculation. Market prices have reached unimaginable limits, and the state prices for basic goods were kept, but to buy something for him was almost impossible. German troops on occupied territories introduced a special "occupation money", expressed in local currency, but the inscription was done in German. The major distribution they received in the Ukraine and Belarus. Also REICHSMARK was destined for Poland, but then spread in the Western regions of the USSR. With the advance of the red army West of the liberated territories and even entire States have temporary money issued by the Soviet government and the allies.

In December 1947, a reform that abolished all cash equivalents and card system of distribution. Salary start issuing new money, set new prices on consumer goods at the rate of 1:10. The exchange of old money for new was just done a week (two weeks in remote areas), so many did not. In addition, recalculated all deposits and bonds of Treasury bonds, their transfer to the new at different rates ,depending on the size and period of contribution (at least 1:1 up to 5:1). In General, the reform was confiscatory targets for the recovery of the war-ravaged economy.

The new money of the sample of 1947 was made in the spirit of the Stalin era, had a large and complex patterns. The people they got the nickname "Stalin's puttees." Gold coins were no longer produced, they have been replaced by banknotes of 10, 25, 50 and 100 rubles, and the small remains of the Treasury. From 1957 to 1960 he printed bills with a new emblem and changed the denomination in the languages of the Union republics. Coins 1924-1946 years left in circulation.

5 копеек 1962 года
5 cents 1962
With the coming to power of Khrushchev begin to settle the country's natural resources, including oil fields. The oil is exported, giving the country's currency. To improve the efficiency of export, it was decided to reduce the gold content of the ruble 2.25 times, while simultaneously lowering its rate to the dollar. These measures could lead to a rise in price of goods associated with imports, and eventually of almost all products. To the effect of these innovations was not very noticeable, is the monetary reform of 1961, during which free for 3 months to exchange old money for new at the rate of 1:10, just recalculated all the contributions. The new notes are fully show the rejection of the frills: they are much smaller and simpler, the values remained the same. This money became known as "Khrushchev's wrappers." And introduced new coins, including for the first time in many years, metallic fifty dollars and the ruble. The weight of small coins from 1 to 5 cents fully consistent with the denomination, but the old 1-3 pennies did not cancel.

For 30 years, until 1991 there was a gradual increase in prices, with market prices significantly outpaced the state. To keep inflation became increasingly difficult, this is especially felt in times of restructuring. Many goods were in short supply due to high cost and low selling price lined up multi-year waiting list for cars, furniture, appliances, expensive clothes.

First the fight against inflation was held by Prime Minister Pavlov in January 1991, the repeal of the old bills of 50 and 100, in which many of the savings held. Officially this was done to get rid of counterfeit bills but in fact reduced the money supply in the country. At the same time limited the issuance of money in savings banks. In exchange for cash to the new money of the sample of 1991 has allocated a total of 3 days, which was a record period in the history of the state. Since that time, are in circulation money in denominations from 1 to 1000. The new notes do not have the denomination in local languages, except Russian, has changed watermarks, small appeared the inscription "the Ticket of the State Bank of the USSR" (on large tickets). You also receive coins of a new sample with a picture of the Senate building and minted on behalf of the state Bank of the USSR. Among collectors they later received the name "coins of the emergency Committee", in honor of the events of August 1991.

Since 1992, all the prices are no longer controlled by government, inflation is rising exponentially. The U.S. currency becomes a medium of expression and accumulation of large sums in the calculations, including the official. The dollar market is constantly increasing.

Since 1965, in the Soviet Union minted commemorative rubles in honor of an important event, they go into circulation along with normal. For the Olympics-80 minted a large number of coins of precious metals (gold, silver), which were distributed among the foreign delegations and dignitaries. In the late 80-ies of the minting of silver and gold coins resumed, they also added platinum and palladium, now to buy them can be anyone. And among the memorable memnoniella appear 3 and 5 rubles.


Coins and banknotes of the Russian Federation

In July 1993, is another reform aimed at the withdrawal from circulation of all money 1961-1992 years, including the tickets of Bank of Russia in 1992 nominal value 5000 and 10000 rubles. In return issue new banknotes with the image of the Senate and the Senate towers of the Kremlin on the obverse and views of the Moscow Kremlin on the reverse. Coins are also replaced and are new in 1992. The main goal of reform was getting rid of money coming from the former Soviet republics in large numbers.

In late 1993, minted new coins from cheaper metals. 1-20 rubles now made from plated steel and the 50 and 100 rubles were bimetallic stopped doing. In 1995, is chasing the 50-ruble coins, old stamps, but on a steel billet with brass coating.

500 рублей 1993 года
500 rubles 1993

High inflation reaches a peak in 1994, the population again forced to go on a million accounts, as during the formation of the USSR. Individual organizations and even some regions (Ural, Nizhny Novgorod oblast, Khakassia, Tatarstan) injected the substitutes of money that served for issuing wages. In other places there is a catastrophic delay of salaries in order to reduce the emission of money. Salaries have been issued when the ruble lost much purchasing power.

The transition to market relations leads to the normalization of the ruble, therefore, since 1994, conducted the preparations for the upcoming denomination, that is, the consolidation of the national currency. But you can see banknotes of higher face value: 50 thousand in 1993, 100 thousand in 1995 to 500 thousand in 1997. Last go along with a series of other denominations from 1000 to 50 000 rubles on the Russian cities.

5 рублей 1997 года
5 rubles 1997
Since January 1998, began to exchange old money for new at the rate of 1:1000, all prices also reduced a thousand times. The exchange was carried out until 2002, and the old money were required for admission throughout 1998. New banknotes with the date "1997" are almost identical to the releases of 1995-1997, but their value is lowered a thousand times. The appeal reappear coin from a penny up to 5 rubles.

In 2001, cancel the print bill 5-ruble dignity and enter 1000, and in 2006 – 5000 rubles. In 2001, 2004 and 2010 modernized banknotes to improve protection against counterfeiting, the old is not canceled. The printing of banknotes in denomination of 10 roubles discontinued in 2011-2012. And in 2013, began the release of a commemorative 100 rubles, in the beginning in honor of the Olympics in Sochi, then in honor of the return of the Crimea, and in 2018 it is planned to issue banknotes to the world Cup in Russia.

1 рубль 2005 года
1 rouble 2005
Coins also have undergone some changes during their release. In 2002, conducted a change of obverse of coins of the ruble and higher, in 2006, 10 and 50 cents began to be made of steel coated with, in 2009 issued 10-ruble coin steel, also 1, 2 and 5 rubles, too, begin to mint steel, and 1 and 5 cents is no longer produced (except 2014 edition of the Crimea). Starting in 2016, on the coins instead of the emblem of the Central Bank depicted the coat of arms of the Russian Federation, the same is planned for bills with future upgrades.

Since 1992, the continued minting of commemorative coins made of precious metals, now there are even more to meet the demand in a market economy. In addition, a proliferation of investment coins special coinage of gold and silver sold by the Bank at the prices close to the cost of the metal. The investment will also include novodel coins of 1975 and 1982.

Commemorative coins of base metals in 1992-1996 was available only for sale to collectors, but since 1999 go out in the jubilee rubles. Then in 2000 minted bimetallic 10 rubles, and starts chasing 1, 2 and 5 rubles, devoted to different events. Since 2011 jubilee theme get 10 roubles of the new sample of the same time comes the 25-ruble coin of Nickel silver with symbols of the Sochi Olympics. For the world Cup 2018 continue production of 25-ruble coins.

Commemorative coins are now collected all and Sundry, including leaving them for the future as an investment. To get them to surrender's getting harder, many through a friend in the ticket office get coins in large quantities for resale. It touched including the usual regular coinage coins rare years and varieties. Because of the numerous resale prices in some instances many times higher than the face value.


Recommended reading

1. Vasyukov, A. I., Gorshkov V. V., Kolesnikov V. I., Chistyakov M. M. "Paper money of Russia and the USSR".- SPb. "Polytechnic" 2000.

2. Elizavetin, "Money." (Moscow. "State publishing house of children literature of the Ministry of education of RSFSR" 1963.

3. Spassky, I. G. "the Russian monetary system". (Leningrad, 1962.)

4. Schelokov A. A. "Paper money".

Photos provided by the users of the website: Andreyp, Admin, Шурик92, Estel, сергей1959, 3715, Counselor, Сергей32


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