Money cycle in Soviet period

In 1924, the coins were put into circulation in the territory of the Soviet Union. These were of 1, 2, 3 and 5 kopek denomination in copper; 10, 15, 20 kopek in base-alloy silver; and 50 kopek and 1 ruble in silver. Copper coins of the smallest nominal value, the half-kopek, were issued in 1925-1928.

Starting from 1926, the coins of 1, 2, 3 and 5 kopek denomination were made of bronze; starting from 1931, the coins of 10, 15 and 20 kopek denomination were made of cuprum-nickel alloy.
There have been various issues of the USSR banknotes. They originated in 1923 and followed one another in a short period. Both monetary units “ruble” and “chervonets” (1 chervonets was worth 10 ruble) were issued and put into circulation. In 1937, on the occasion of the 20th anniversary of October revolution, V. Lenin was portrayed on the series of chervonets.

USSR, 1 chervonets
USSR, 1 chervonets

A monetary reform was passed in 1947 with a key objective to promote a quick recovery of the war-suffered economy, and a new series of banknotes of 1, 3, 5, 10, 25, 50 and 100 ruble denomination was issued.

USSR, banknote of the 1947 series of 1 ruble denomination
USSR, banknote of the 1947 series of 1 ruble denomination

In 1961 denomination of currency was implemented (proportion 10:1), and a new series of coins of 1, 2, 3, 5, 10, 15, 20, 50 kopek and 1 ruble denomination were put into circulation. The series of banknotes consisted of 1, 3, 5, 10, 25, 50 and 100 ruble denomination.

USSR, banknote of the 1961 series of 1 ruble denomination, obverse

USSR, banknote of the 1961 series of 1 ruble denomination, reverse

USSR, banknote of the 1961 series of 10 ruble denomination, obverse

USSR, banknote of the 1961 series of 10 ruble denomination, reverse

In 1991, to regulate money circulation, the banknotes in nominal value 50 and 100 ruble were withdrawn from circulation and substituted by new ones. Later on, the banknotes of the 1991 series in nominal value 1, 3, 5, 10, 200, 500 and 1000 ruble were put into circulation.

1991 թ. նմուշի 100 ռուբլի անվանական արժեքով թղթադրամ
USSR, banknote of the 1991 series of 100 ruble denomination

Since January 1992, prices were liberalized, which led to devaluation of the ruble. The banknotes of the 1992 series of 50, 200, 500, 1000, 5000 and 10000 ruble denomination were put into circulation.

Content Published 09/11/2018