Paper money in Russia

The Russian Empire existed from 1721 to 1917. Its first paper money was issued by the state. Empress Catherine II the Great (1729-1796) founded the Assignation Banks in St. Petersburg and Moscow in 1768. These issued banknotes, known as assignats, which were accepted by all state coffers and became a commonly used means of payment. But as the state spent too much on financing the war, the assignats lost more and more of their value. Finally, they were gradually withdrawn from 1817 onwards.

A first issue by a bank took place in 1840 with the banknotes from the State Commercial Bank. Very few of these banknotes have survived and are therefore very rare. Gosudarstvennyj Bank Rossijskoj Imperii, the State Bank of the Russian Empire, was founded on 12 June 1860. It issued banknotes, the State Credit Notes, until 1917. During the November Revolution, the bank was occupied and ceased operations.

After the October Revolution in 1917, the Russian Soviet Federative Socialist Republic (RSFSR) was established. In the first years of the Russian Soviet Republic, the monetary system was confusing. At first, the Russian Empire’s banknotes were still in circulation. In addition, the Provisional Government issued state notes and had some of them produced in the USA. Between 1918 and 1920, the People’s Bank of the Russian Soviet Federative Socialist Republic (RSFSR) also issued paper money. Nevertheless, there was a shortage of cash, so government bonds and interest coupons were also declared means of payment.

The People’s Bank of the Russian Soviet Federative Socialist Republic was dissolved in 1920 and replaced by the State Bank of the Soviet Union, founded in 1921. In addition to the rouble, a second currency, the chervonets, was introduced in 1922. Both currencies were in circulation until 1947, after which there was only the rouble.

• The objects of the collection "Paper money in Russia" available on bavarikon

>> This collection is part of the holdings of "Paper money in Europe" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).