The soviet chervonets appeared 97 years ago27 ноября 2019 года

The soviet chervonets appeared 97 years ago


The soviet chervonets appeared 97 years ago

On November 27 1922, new banknotes of the USSR – the soviet chervonets – were put into circulation.

 At the 11th congress of the Russian communist party (of Bolsheviks) that took place in the spring of 1922, it was decided to create hard soviet currency. The employees of the People’s Commissariat of Finance offered to call the new currency unit “federal” and “hryvna”; however, the name of “chervonets” was approved. 

 The decree dated October 11, 1922 of the Council of People's Commissars granted the State Bank the right to issue banknotes in terms of gold with the face values of ½, 1, 2, 5, 10, 25 and 50 chervonets.  

 The currency was fully provided with national reserves of precious metals and foreign currency, goods and promissory notes of reliable enterprises. Before its issue, the pre-revolution gold rouble had become the basis of financial calculations in the Russian Soviet Federative Socialist Republic, and it was legalized as a payment instrument in 1922.    

 In November 1922, banknotes with the face values of 1, 3, 5, 10 and 25 chervonets started to appear in circulation.

It was written on the banknotes that every chervonets contained 1 zolotnik 78.24 portions (7.74 g) of pure gold and that “the start of exchange is established with a special governmental act”.

 Simultaneously with the issue of chervonets banknotes, in October 1922 it was decided to issue gold chervonets coins. In its weight characteristics (8.6 g, 900 standard of alloy) and size, the chervonets coin fully conformed to the 10-rouble pre-revolution coin.

 Anton Vasyutinskiy, Head Medalist of the Mint, was the design author. The coin obverse featured the coat of arms of the Russian Soviet Federative Socialist Republic; the reverse featured a peasant seeder made according to a sculpture by Ivan Shadr preserved at the Tretyakov Gallery. Two peasants from Shadrinskiy County, P. Kalganov and K. Avdeev, were models for it.  

 The chervonets coins were mainly used by the soviet government for foreign trade transactions; however, a part of the coins circulated in Russia too.  

 Chrevonets notes and coins remained in circulation in the USSR until the currency reform of 1947. Notes of the State Bank with the face values of 10, 25, 50 and 100 roubles replaced them in the currency circulation. The name “chervonets” on banknotes was replaced with the word “rouble”. Since then, all financial calculations were carried out in roubles in everyday life of the Soviet Union and modern Russia. 

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