Chervonets. Gold chervonets of the USSR (sower) When the gold chervonets was introduced

During the existence of the RSFSR, quite a lot of coins of various denominations were minted. It used state standards of tsarist Russia, since it was not possible to quickly bring from other countries or create new machines for minting coins and approve new samples. However, the design of the monetary units of new Russia has changed a lot. Many of them featured a five-pointed star on one side and a crossed hammer and sickle on the other. However, the appearance of the gold chervonets was very different from other coins.

The cost of the gold chervonets 1923

The price of a chervonets (Sower) in 1923 based on sales results in 2019-2020:

• in a state of disrepair (UNC): from 2500$ before 3000$
• in weak PCGS and NGC (MS63): from 3300$ before 3500$
• in weak PCGS and NGC (MS64): from 3800$ before 4000$

Golden chervonets Sower 1923

When it was minted, it was used 900 gold. Recall that the same sample of gold coins was used to create banknotes of the times. The diameter of the coin is 22 mm, and weight 8.6 grams. All coins of this sample were minted at the St. Petersburg (Petrograd) mint in the period from 1923 to 1924. At the same time, gold chervonets were minted with stamps of 1911.

Gold 10 rubles were used only for the implementation external economic settlements. They were hardly used inside the country. Therefore, despite the circulation of 2,751,000 pieces, there are practically none left inside the country.

More than half of such rubles that were in the RSFSR after 1925 were given for remelting. These coins were used to create gold bars. It's connected with changing the gold standard in Europe.

The obverse of the coin contains an image of a Soviet worker throwing seeds into the ground. He himself is barefoot, and his trousers are rolled up to the knee. A bag of seeds is tied to his neck. His work takes place against the backdrop of a manual plow. Behind him is the city. Above the worker, the inscription "ONE CHERNONETS" is engraved, and between the leg and the plow is the date of minting the coin. A decorative border is embossed along the edge of the chervonets. The coin itself ends with a small rim.

On the reverse right in the center is the coat of arms of the RSFSR: a sickle and a hammer crossed against each other against the background of the rising sun and its rays. Along the edges of the coat of arms are ears of wheat that "grow" from the figured shield. The inscription “R.S.F.S.R.” is stamped in the shield itself. From it comes a continuous circular border that separates the coat of arms from the inscription "PROLETARIANS OF ALL COUNTRIES, UNITE!". Then there is a dotted border around the entire circle of the coin and a small rim.

The edge of the coin is smooth with the inscription “1 GOLDEN 78.24 SHARE OF PURE GOLD” engraved on it.

A coin of this denomination was minted throughout the existence of the RSFSR. In the USSR, it was revived only in 1975.

A specialist worked on the design of the sample of 1923 Anton Fyodorovich Vasyutinskiy. The sculpture of Ivan Dmitrievich Shadr "The Sower" was taken as a model. It was the image of the peasant on the coin that caused this chervonets to be called the "sower".

The purchasing power of gold coins was initially extremely high. After it came into circulation, the chervonets became a means of measurement for all currencies and goods that were in circulation on the territory of the RSFSR.

But the gold standard did not last long due to the fact that in European countries there was soon transition to gold bullion and gold exchange standards.

The video below takes a closer look at the chervonets Sower of 1923:

Copper chervonets 1925

In 1925, the issue of the same coins was being prepared, but with the coat of arms of the USSR. In addition, the new coins were not made of gold, but of copper. In terms of other characteristics, copper chervonets were identical to gold ones.

Today, gold coins of 1925 made of copper are a huge rarity. They are found in single copies and are very expensive. Thus, it is known that in April 2008, at a numismatic auction in Moscow, a copper gold piece was put up for auction, which, with an initial price of $13,000, was sold for $65,000.

Chervonets 1975

Closer to the second half of the 70s, the State Bank of the USSR decided to the resumption of the minting of gold coins. It was assumed that their sale would become a source of income on the eve of the 1980 Moscow Olympics. In the period 1975-1982, more than 6.5 million copies of coins were produced in total. From the 1925 chervonets they were distinguished only by the date of manufacture.

However, the expected economic effect was not achieved. Despite the fact that the new coins were quite popular among tourists, and were also used in foreign economic activity, they did not bring profit to the state. The reason was simple: the price of chervonets was quite a bit higher than the value of the gold from which they were made.

You can also watch the video review of the 1980 gold chervonets sample:

How much is the gold chervonets of the RSFSR

Today, gold chervonets from the times of the RSFSR is very expensive on the market. So, a coin of excellent quality at various auctions can cost within $7500. Although, there are cheaper samples of satisfactory quality. Such copies of the gold chervonets can be bought for about $ 2,000. The average market price for a good quality coin is 3000-4000 USD.

If you want to sell your coin, it is important to know that it is genuine - the value of a gold piece depends on this. You can independently carry out several tests for comparing the edge and both sides, as well as weighing and measuring the coin. But in order for the coin to go to auction, it is necessary. To do this, you need to contact the specialists of our company.

Just use the form for sending a photo of a gold duvet on the site, and we can quickly and accurately. In the first case, our company is ready to offer you a high price for a chervonets of the RSFSR.

As part of the financial literacy festival, which took place in Moscow on September 23, 2017, at the Moscow Center for Technological Modernization of Education (Temocenter), the platform of the Central Bank worked. Tours of the exhibition dedicated to the 95th anniversary of the Soviet chervonets were also organized there. The portal site provides a brief history of the banknotes of the Soviet period, gleaned from the exhibition and a tour of it.

The Temocenter hosted interactive classes for children and adults on the rules of personal finance management, features of protection against financial fraud and other aspects of financial education. Children were able to try themselves in the role of stock traders, entrepreneurs and even the creators of large corporations.

Older comrades had the opportunity to inspect the armored car and learned how valuables are transported. Also during the exhibition, visitors were offered a small immersion in the history of counterfeiting - they were taught to distinguish real money from counterfeit ones.

Timeless money chaos

The revolutionary events of 1917 in Russia had cardinal consequences not only for the political and social structure. Decisive changes - and not for the better - took place in the economy and monetary circulation.

So, by October 1917, the monetary circulation of Russia fell into disarray. During the years of World War I, more than 9 billion rubles were issued without collateral, despite the fact that in 1914 only 1.8 billion gold-backed rubles were in circulation. A significant proportion of "empty" rubles in just 8 months after the February Revolution of 1917 was printed by the Provisional Government.

After the October Revolution, in the first two months alone, the new government printed almost 8.5 billion rubles, and these were royal banknotes and banknotes of the Provisional Government. The Bolsheviks could not yet issue their own "revolutionary" money. But cash was still not enough. Since January 1918, tsarist 5% bonds and bonds of the "Freedom Loan" of the Provisional Government are put into circulation, and regional money is printed in the provinces.

The first banknotes of the RSFSR

In February 1919, the Council of People's Commissars issued a decree on the issuance of simplified "settlement signs" in denominations of 1, 2 and 3 rubles in the form of stamps, on which the coat of arms of the RSFSR appeared for the first time.

Three months later, credit notes are issued in denominations from 1 to 1 thousand rubles, and in the fall - tickets of this series in denominations of 5 thousand and 10 thousand rubles and settlement signs with unusual denominations - 15, 30 and 60 rubles.

Stable Soviet currency

At the XI Congress of the RCP (b) a decision was made to create a stable Soviet currency: "... our economic and financial policy is resolutely oriented towards the restoration of the gold backing of money ...". It was decided to call the new money "Chervonets".

In October 1922, the State Bank was granted the right to issue bank notes in gold terms.

In October 1922, the State Bank was granted the right to issue bank notes in gold terms. This money was fully backed by the state with stocks of precious metals and foreign currency, goods and bills of reliable enterprises. (And before their release, the pre-revolutionary gold ruble became the basis of financial settlements in the RSFSR). Since November 1922, banknotes in denominations of 1, 3, 5, 10 and 25 chervonets began to enter circulation.

Thus, at the end of 1922, a parallel monetary system actually arose: along with the rubles of the People's Commissariat of Finance, there were chervonets of the State Bank with gold and foreign exchange backing.

Golden chervonets and completion of reforms

Simultaneously with the release of paper chervonets, the same name was minted. gold coin. In October 1922, a gold chervonets was introduced by decree. Its weight (8.6 grams) and gold content (7.74 grams of the 900th test) exactly corresponded to the royal ten-ruble coin.

Metal chervonets were mainly used by the Soviet government for foreign trade operations, however, some of the coins had circulation within Russia

In everyday life, this coin is still called the "Sower" and is an excellent means of saving money. In addition to the fact that gold, from which the coin is minted, grows in price over a long time horizon, the coin also has a numismatic value. In addition, this is a so-called investment coin - its sale from a private person to a bank (or other legal entity) is not subject to VAT. Metal chervonets were mainly used by the Soviet government for foreign trade operations, however, some of the coins had circulation within Russia.

The collapse of the NEP and the beginning of industrialization made the metal chervonets unnecessary for the country's economic system. The financial system was sufficiently strengthened, which made it possible to abandon the free circulation of gold. In addition, the world switched from settlements in gold coins to settlements in bullion or currency. The gold chervonets exchange rate fell to 5.4 rubles per $1 and eventually ceased to be quoted abroad. In order to unify the financial system, the ruble was tied to a paper chervonets, and since 1925 one chervonets began to be equated to 10 rubles. Any denomination of 10 rubles began to be called a chervonets. Subsequently, the export of gold coins outside the USSR was prohibited.

With current money, a gold chervonets is about 15 thousand rubles at the market rate of gold, but the commercial value of such a coin may now be higher. So, for example, the spread of prices for chervonets of 1923 on hotel quotation boards on the Internet reaches $1 thousand. Quotations for buying are at the level of $2.5 thousand, and for sale - from $3.5 thousand. Individual rare specimens can cost several million rubles .

Small coins and paper money

Having become the main unit of account, the chervonets demanded "solid" change. In March 1924, the Council of People's Commissars decides to issue treasury notes in denominations of 1, 3 and 5 rubles in gold and redeem all the old Soviet signs at the rate of 1 ruble in gold for 50 thousand rubles of the 1923 model. For the first time, Soviet power issues silver and copper coins.

After the transition to the circulation of chervonets, the main source of funds for the institutions of the State Bank was not the amounts they received from the treasury, but the issuance of bank notes and the growth of current accounts and customer deposits.

The emission activity of the State Bank during the period of the NEP passed through three stages. At the first stage (from December 1922 to April 1923) the future role of bank notes in monetary circulation was being prepared. A year was allotted for the second stage - the existence of a parallel monetary circulation of Soviet rubles and chervonets - from April 1923 to March 1924. The third stage is the circulation of hard currency and the rapid growth of lending to state industry, trade, agriculture and cooperation.

The issuance of bank notes began on November 27, 1922. Their rate was first set on the Moscow Commodity Exchange on November 30, 1922. At the same time, he always kept close to the quotation of the ten-ruble gold coin of the royal coinage and exceeded its rate when the rate of gold rose on the "free market", which valued the gold coin higher than the official exchange. Already in 1923, the State Bank in its report could state that a bank note, from the point of view of the stability of its exchange rate, was in no way inferior to foreign currencies, in particular, the dollar, and even surpassed some (for example, the German and Polish marks).

Chervonets in Moscow

At the first stage, the chervonets put into circulation met with a cautious attitude towards them - both from the clients of the Moscow office of the State Bank, and from the population. The order in which loans were issued in chervonets and certainly had to be returned to them reduced the number of applications to the office for a loan, since when receiving a loan it was not known what the exchange rate of chervonets would be on the day it was returned.

The loans of the State Bank were issued in chervonets, while prices were everywhere calculated in Soviet rubles, and all calculations were made in them. So the client who received the chervonets had to exchange them for Soviet banknotes

The second significant circumstance was that the loans of the State Bank were issued in chervonets, while prices everywhere were calculated in Soviet rubles, and all calculations were made in them. So the client who received the chervonets had to exchange them for Soviet banknotes, losing on commissions, and when paying the loan, he had to buy chervonets and again lose on commissions.

The population also did not immediately appreciate the chervonets. As a unit of account, it was inconvenient, since it was not accepted by shops as payment. And accordingly, it could not be appreciated and as a means of savings.

Therefore, serious measures had to be taken to distribute the chervonets among the population as a unit of account and as a means of savings. First of all, agreements were signed on the mandatory acceptance of gold coins by retail stores. All over Moscow, at the cash desks of stores, public and private, there were posters with samples of gold coins and with its course for every day. On these posters, in fact, the majority of Muscovites saw the gold coins for the first time.

Over time, chervonets, thanks to the efforts of the Moscow office, began to dominate the region.

Paper chervonets from 1923 to 1947

During 1923, the share of chervonets in the total money supply increased from 3% to 80%. Gradually, chervonets began to penetrate foreign markets. Since April 1924, the rate of the chervonets began to be quoted on the New York Stock Exchange. In 1924-1925, transactions with chervonets (albeit unofficial ones) were made in Berlin and London. The Soviet chervonets was officially quoted in Milan, Rome, Constantinople, Tehran and Shanghai. Chervonets could be purchased or exchanged in almost all countries of the world.

All State Bank notes from 1924‒1932 and 1937 were in circulation until the 1947 reform

From 1926 to 1932, all paper chervonets of 1922‒1924 were gradually renewed. The last update was carried out in 1937, although by that time the chervonets had long lost its original meaning and was just one of the names of Soviet money. All State Bank notes from 1924‒1932 and 1937 were in circulation until the 1947 reform.

Meaning

As a result of the monetary reform completed in 1924, a new monetary system was created in the USSR. The unlimited issue of paper money was finished. The exchange rate of the chervonets remained stable, which provided a solid basis for the development of the NEP.

The monetary reform increased the role of money in the development of the economy and the restoration of commodity relations.

Estimate:

19 0

Gold chervonets of the RSFSR were minted at the Petrograd Mint in 1923-1924 for foreign economic settlements. They were practically not in domestic circulation, and despite the very large circulation of 2,750,000 copies, very few of them have survived to our time. Most of the circulation was melted back into gold bars and re-minted into pre-revolutionary chervonets with different dates set backdating. Since the "old tsarist" gold, on the international market at that time, caused much more confidence than the "new Soviet". Now the prices of collectors - numismatists for gold coins of 1923 exceed 150,000 rubles.

In 1925, the issue of gold chervonets already with the symbols of the USSR was being prepared. It was planned to further use them for internal monetary circulation in the Soviet Union, but these plans were not destined to come true, on the contrary, even silver coins gradually had to be withdrawn from circulation. The Mint minted several copies of chervonets in copper and gold as trial coins. Only six copies of these coins have survived to our time, but only in copper, three of them are in state museums and three in private collections. The trial copper chervonets of 1925 is considered one of the rarest and expensive coins Soviet Union, its value, according to the results of the auction, exceeds 5 million rubles.

Chervonets of the RSFSR are known with dates of 1975-1982, minted both at the Leningrad and Moscow mints, but the status of these coins is not clear, since in these years the monetary unit "chervonets" no longer existed. In addition, the issue of coins on behalf of one of the republics of the Union was also not possible.

The Department of External and Public Relations of the Central Bank of Russia distributed the following information: “By the decision of the Board of Directors of the Bank of Russia dated March 5, 2001, the golden chervonets 1975 - 1982 issue, which is an exact copy of the gold chervonets of the 20s with a face value of 10 rubles and containing 7.742 grams of pure gold. Possessing the status and technical characteristics of coins made of precious metals. ... gold chervonets is a reliable tool for investing free cash. The relatively low cost of gold coins provides an opportunity for its circulation at prices close to the value of the gold contained in it. This creates conditions for the circulation of gold and silver coins as an independent tool for investing free funds of citizens and organizations”.

Nevertheless, it is not possible to consider these coins as a real means of payment due to the lack of a denomination in rubles - the monetary units in circulation, as well as the unstable ratio of their value. A little later, a special term appeared for them - “investment coin”. The cost of chervonets 1975 - 1982 on average, about 20 thousand rubles, with the exception of the LMD chervonets of 1981 - 135,000 and 1982 - 75,000 rubles.

The minting of gold coins is carried out by almost all states, and here Russia is no exception. Coin Golden chervonets - one of these coins, its name comes from pure gold, which used to be called high-grade gold, which has a red, red hue.

History of the coin

The Golden Chervonets coin has a rather long and interesting fate. The first chervonets from gold began to be minted back in Tsarist Russia. In the period from Paul III to Peter I, the main image on them was either a double-headed eagle or a bust portrait. But these coins were used not for settlements, but as breastplates.

After the monetary reform carried out by Peter the Great, gold chervonets began to be issued, close in fineness and weight to the Hungarian ducat. This coin had a fineness of 986 and weighed 3.47 grams. It has already begun to be used in trade with foreigners.

During the reign of Elizabeth I, all gold coins could be divided into two groups: with the image of a double-headed eagle and St. Andrew.

But the golden chervonets received the greatest distribution in Soviet Russia. The beginning of the Soviet rule was marked not only by monetary reforms, but also by high inflation. In this regard, in October 1922, the government decided to create a hard currency in the form of Golden Chervonets coins. The design of the new coin was entrusted to the chief artist of the Mint Vasyutinskiy Anton Fedorovich. This person deserves special attention, since he is also the author of the Order of Lenin, as well as the first TRP badge.

For the golden gold piece Vasyutinsky decided to choose the image of a peasant-sower, which was made according to the sculpture of Ivan Shadr, the Sower. Currently, this work is in the Tretyakov Gallery. The result was a coin, on one side of which a peasant-sower was depicted, and on the other - the coat of arms of the RSFSR. The Soviet chervonets had a weight of 8.6 grams, was made of 900 gold, which was contained in a coin of 7.74 grams.

The golden gold piece was used mainly for trade with other states, but still, part of it was also in circulation within the country. Gradually, this coin was quite widely introduced into the country's monetary system and became a means of measuring the value of goods and other currencies. But this situation did not last long. After 1925, the gold chervonets began to slowly go out of circulation due to the fact that many countries gradually abandoned the gold standard.

The golden chervonets received its new life only at the end of the 70s of the XX century. At that time, the resumption of its minting was considered by the Soviet Union as an option to generate income from the Olympics-80. As a result, more than 6 million copies of coins were minted according to the 1923 model. The weight of these gold chervonets was also equal to 8.6 grams, and they contained 7.74 grams. pure gold.

Gold chervonets 900 can still be found in circulation today. They are widely used as investment coins and the price of them from year to year only gradually increases.

In October 1922, a decision was made to start issuing Soviet gold coins in the form of coins. The Soviet chervonets had such characteristics as size, weight equal to 8.6 g and an alloy - gold of the 900th test, which fully corresponded to the pre-revolutionary ten-ruble coin. A.F. Vasyutinsky, who was the Chief Medalist of the Mint, developed a design for the Soviet gold chervonets. The coat of arms of the RSFSR is minted on the front side, called the obverse, of this coin. On the reverse side of the gold coin, called the reverse, a peasant-sower is depicted. The image of this peasant was made according to the sculpture of Shadr. All chervonets of this period bear the date 1923.

Soviet gold chervonets, which depicted a sower, were used mainly for foreign trade. But inside Russia, a small part of them were in circulation. These coins were not initially accepted by Western countries due to the fact that Soviet symbols were imprinted on them. The exit was found quickly. They immediately began to mint gold chervonets, on which the deposed Tsar Nicholas II was depicted. Such coins abroad were accepted unconditionally.

In 1924, after the formation of the USSR, the government decided to issue a new type of gold coins. The coat of arms of the RSFSR was replaced by the coat of arms of the USSR. They released trial specimens of copper, on this issue of new coins was discontinued. At present, copper chervonets of 1925 are unique, six copies are known today. These coins are very expensive - 8 million rubles can reach the price of one coin. Three copies of Soviet chervonets are kept in the museums of Moscow and St. Petersburg. The remaining three coins are kept in private collections.

In 1925, the Soviet gold chervonets was equated to ten rubles, gradually went out of circulation and was forgotten.

Before the Moscow Summer Olympiad, 80 people remembered gold coins with the image of a sower. At that time, the minting of these coins was considered as one of the sources of income. For six years from 1975 to 1981, 6 million 600 thousand gold chervonets were minted. The sample of 1923 was taken as the basis of the Soviet gold chervonets, on which the coat of arms of the RSFSR was minted and new dates were affixed.

New Soviet gold coins. with the sower depicted on them, were not legal for their circulation on the territory of the USSR. These coins could be used for sale to foreign tourists or for foreign trade.

Since the mid-1990s, Soviet gold coins have been used as investment coins and have been successfully sold by both Russian and foreign banks. Golden chervonets have become legal tender throughout the country since 2001 by a decision that was adopted by the Board of Directors of the Bank of Russia.

Gold Coin Chervonets "Sower"

The Golden Chervonets coin has a rich history dating back to the Soviet era in 1923. In the post-revolutionary period, the economy of the Soviet state collapsed against the backdrop of hyperinflation. The monetary system needed to be reformed and the position of the ruble strengthened. The lifeline for the country was the implementation of the monetary reform in 1922-1924. However, this was not enough for the final victory over inflation, and the government decided to introduce a new stable currency. In this vein, the Soviet gold chervonets Sower of 1923 appeared.

In terms of physical characteristics, gold chervonets were identical to the pre-revolutionary chervonets of Nicholas II. The content of pure gold in the coin is 7.74235 grams with a total weight of 8.6 g with a circulation of 2,751,000 pieces. The newly minted coins in their design were supposed to reflect the people who had won the revolution, which led to the appearance of a simple peasant-sower on the gold coin, and on the obverse of the coin the well-known call for proletarians to reunite.

The appearance of the coin

On the obverse: in the center of the coin is the coat of arms of the RSFSR in the form of a shield surrounded by a wreath of ears of corn. On the shield is an image of a sickle and a hammer against the background of the sun's rays. At the top around the circumference of the coin is the famous slogan - PROLETARIANS OF ALL COUNTRIES, UNITE!, below - R.S.F.S.R. Along the edge of the coin there is a rim of three-dimensional dots.

Nominal value: chervonets;

Metal: 900 gold;

Total weight: 8.603 g;

Diameter: 22.60mm;

Thickness: 1.70mm;

Circulation: 6 565 000 pieces.

At the end of 1922, a denomination was carried out, the old money of 1922 was exchanged for banknotes of the 1923 model. Gold chervonets Sowers, together with the royal gold chervonets and five-ruble coins, which again began to be minted with old stamps from 1924, were used preferably for foreign payments. The new chervonets did not enter into wide circulation, the exchange of paper notes for gold coins was also very limited.

The golden "Sower" soon became the standard for all currencies and goods, having a very high purchasing power and being a solid core of the monetary system. But in 1925, the West staged a kind of “golden blockade” for the USSR, under which the gold chervonets of 1923 were not accepted in foreign trade payments. As a result, the gold intended for the minting of chervonets went to the royal coins, which did not fall under Western gold pressure.

The resumption of minting the Sower took place only in 1975 against the backdrop of a general boom in the issuance of bullion coins. The first circulation after a 50-year break amounted to 250 thousand coins, and in subsequent years, 1 million pieces were minted annually. According to the characteristics of the coins of the gold chervonets of 1923 and subsequent issues, they are completely identical. But the first Sower coins, minted at the Petrograd Mint in 1923, are now rare valuable coins.

Sources: crediteuropages.ru, www.mosdragmet.ru, www.ote4estvo.ru, inzoloto.ru, coins.lave.ru

Dmitry Fedorov

In the early 1920s, the young Soviet republic faced the worst inflation in Russian history. Several currencies circulated across the country at once, none of which had any backing. The People's Commissariat of Finance made an unusual decision - to introduce another currency into circulation, which would be backed by gold. She received the name "Chervonets". The corresponding decree came into force on October 11, 1922. About the Soviet convertible currency - in the material RT.

• Line for groceries at the store on the corner of Nikitskaya street and Tverskoy boulevard in Moscow, 1920
• RIA News

By the end of the Civil War, a huge amount of money had accumulated in the RSFSR, which was worth almost nothing. In the markets, they paid with tsarist money, and "Kerenki", and the official Soviet currency - "sovznaks", which were not even officially called money: the country headed for building communism with the inevitable withering away of the monetary system.

In 1922, it became clear that the advance of communism was being delayed. In the meantime, inflation was eating up the “sovznak”, and the government was forced to print more and more new denominations. In 1921, denominations of 10, 25, 50 and, finally, 100 thousand rubles appeared successively. But they were not enough for cash transactions.

The main form of payment was millions, which were called "lemons". It was then that this slang term appeared, which returned to the "dashing nineties."

But even in the 1990s, a million remained a relatively large sum, while in the 1920s a loaf of bread could cost a few "lemons".

The old tsarist and "Keren" money also did not have any security and did not inspire the confidence of citizens. The population switched to natural exchange. The coming moneyless society acquired the too literal features of what the classics of Marxism called "primitive communism." The value of the entire money supply that was in circulation fell from 2,200 million rubles in November 1917 to 55 million in July 1922.

• Moscow street, 1920s
• Wikimedia Commons

This era has been widely reflected in fiction:

Gold prices have risen

Because of the NEP.

In Petrograd on the Sennaya

Three turnip lemons.

L. Panteleev. G. Belykh. "Republic of SHKID".

I fly into the buffet

Not a penny of money

Exchange ten million...

I. Ilf. E. Petrov. "Golden calf".

Back to capitalism

In the Soviet government, despite the sincere belief in the imminent onset of communism, people still worked pragmatically.

In July 1921, the government allowed the opening of trade establishments. This meant the end of the policy of "war communism", when trade in itself was a crime, and the state threw all its forces into the fight against "bags" - small food sellers. Prodrazverstka, when food was simply confiscated from the peasants, was replaced by a tax even earlier. Capitalism was partially restored in the country, which even Lenin was forced to admit. This period of Soviet history was called the "new economic policy" - NEP.

In such conditions, the creation of a stable financial system has become a task of paramount importance.

In those years, the People's Commissariat of Finance was led by the energetic Grigory Sokolnikov, who completed a doctorate in economics at the Sorbonne. Sokolnikov made two bold decisions: he attracted pre-revolutionary specialists to the financial reform (in young Soviet Russia they were treated with understandable distrust), and he also completely abandoned the idea of ​​\u200b\u200bsaving the Sovznak. The People's Commissar decided to start the financial history from scratch, with a new currency.

On October 11, 1922, the State Bank received the right to issue money. New bank notes, the printing of which was started by the State Bank, were accepted as payment for state fees and payments in cases where payments were legally collected in gold. The new currency was called "Chervonets".

gold standard

Chervonets, in fact, were (and were perceived by the population) not as change money, but as a kind of security, which the state provided with gold and other assets. In addition, the minting of chervonets from gold began for foreign trade circulation.

• One chervonets, 1922
• Wikimedia Commons

Exchange rates for chervonets were established for other currencies that circulated in the country. First of all, royal credit notes were withdrawn from circulation, and by 1924 the turn came to the “sovznaks”.

In 1924, the chervonets entered the international exchanges. Thus, it became the first and last Soviet convertible currency.

After the printing of "sovznak" ceased, there was a need for the appearance of change money. The State Bank began minting small coins tied to a gold piece. This played not only an economic, but also a symbolic role. The appearance of half-forgotten kopecks demonstrated that the era of galloping inflation was over, the state was returning to a stable currency.

Chervonets, tied to the gold standard, did not last long. He strengthened the Soviet financial system, fought inflation, and helped the young republic enter international markets. But with the end of the NEP, the need for it disappeared. By the thirties, the ruble had lost its convertibility, but in those economic conditions, when the country switched to the rails of forced industrialization, there was no longer any need for it.

Today, chervonets remain only in museum collections - as a reminder of one of the most successful monetary reforms in Russia.