OldNotes.co.uk | RussianBanknotes.co.uk

Enthusiast and Collector

Russian Banknotes


The currency used in Russia is the Ruble. It is one of the world's oldest currencies, originating in the 15th century.


Stories differ as to how it got this name, but it is generally accepted that the name Ruble comes from the Russian word rubit meaning to split or chop and it originally meant a piece of chopped gold or silver.


Considering the age of the Ruble it is surprising that the first paper money was not introduced in Russia until around 1769 by Catherine 11. These banknotes were printed in 4 values: 25, 50, 75 and 100 Rubles. Coins, mostly Silver then quickly disappeared from circulation.


In 1897 Russia joined the gold standard. All pre 1898 notes were turned into the treasury and destroyed, hence their scarcity today, and were superseded by State Credit Notes in 1843.


After the last Czar was deposed many regional governments (1917 to 1922) and armies etc produced their own paper money.


In 1710 the Ruble was first divided into kopeks, 100 of which made up a Ruble. Ten Rubles are sometimes referred to as ‘Chervonets’, in reference to the Soviet gold Chervonets issued in 1923 that were the equivalent value


Russian coins since 1724 have been minted in Moscow and Saint Petersburg.


Paper money has been printed in Goznak in Moscow since 1919 up to the present.


The FIRST Ruble was in place up to 1921 when it fell dramatically in value.


The SECOND Ruble was the first in the series of redenomination’s, swapping one ‘new’ Ruble for 10,000 ‘old’ Rubles. These were introduced in 1922.


A quick redenomination took place the year after, valuing the new Ruble at 1 to 100 of the former Rubles. This was the THIRD Ruble.


In 1924, the FOURTH Ruble, known as the ‘Gold Ruble’, was introduced and lasted until 1947. This one was valued at 50,000 of the previous issue of the Ruble.


After the Second World War the government attempted to reduce the amount of money in circulation by imposing a confiscatory redenomination on paper money, which valued the new Ruble at one tenth the value of the fourth Ruble.


From 1961 to 1997, the SIXTH Ruble was in circulation and the redenomination was based on the same terms as the 1947 redenomination. After the fall of the Soviet Union in 1991, the Ruble remained the currency of the Russian Federation.


In January 1998 the seventh Ruble was introduced. It was valued at 1,000 of the previous Rubles.


© oldnotes.co.uk 2011. All rights reserved.