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Russia - Ruble
"The first coins issued in present-day Russia were minted by Greek colonies on the Black Sea in the fifth century BC.
In the late fourteenth century, Russian principalities began issuing silver denga equal to 1/200th of a ruble. Under Ivan III (1462-1505), the coinage of the Principality of Moscow became the principal currency in Russia, though the values of coins varied with dengi from Pskov and Novgorod equal to two Muscovite dengi.
The Russian Tsardom was established on January 16, 1547 under Ivan IV the Terrible. He unified the coinage system, making the silver kopek, equal to 2 dengi, the basis of the system. Peter the Great transformed Russian coinage, expelling foreign coins and introducing machine-manufactured coinage. Russian coinage remained basically unchanged until the fall of Russian Tsars.
Russia reformed the Ruble (RUEI) under Elizabeth on November 23, 1755, setting 1 Gold Imperial equal to 10 Silver Rubles or 1000 Copper Kopeks. Paper Assignatzia (RUEA-Ruble-Banco) also circulated, though usually at a discount to specie money. The monetary system was reformed on July 1, 1839 with 1 Silver Ruble (RUES) set equal to 3.5 Ruble Assignatzia (RUEA). Credit Ruble Banknotes (RUEP) replaced the Ruble Assignatzia on June 1, 1843. Russia went on the Gold Standard on January 3, 1897 and introduced the Gold Ruble (RUER), which was used until the outbreak of World War I.
During the Russian Civil War, many of the regions within the former Russian Empire formed states that were eventually incorporated them into the Soviet Union.
After the Revolution, the Soviets began issuing paper Rubles, often referred to as the Ruble Sovnazki (RUFS), which lead to a huge inflation.
After the dissolution of the Soviet Union, Russia replaced the Soviet Ruble with the Russian Ruble (RUR) at par. On 24 July 1993, Russia announced that Soviet and Russian notes issued before 1993 would become invalid as of 26 July. In Russia, the period for exchanging notes issued before 1993 lasted until 31 August 1993. Russia's demonetization of notes issued before 1993 notes marked the end of attempts to keep the former USSR largely intact as a ruble zone. In some former Soviet republics, Soviet and Russian notes issued before 1993 remained legal tender for a time even though they had ceased to be legal tender in Russia.
The inflation that followed led to the need to introduce a New Ruble (RUB) at the rate of 1 New Ruble equal to 1000 old Rubles. The Ruble is divisible into 100 Kopeks, and has been issued by the State Treasury and by the State Bank (Gosbank).
The Far Eastern Republic issued Ruble (DBRR) banknotes while it existed. The North Russian Government, issued Ruble banknotes (RUNR) that were valued at the rate of 40 Rubles equal to 1 Pound Sterling. Numerous other entities within Russia issued banknotes during the Russian Civil War, though all of the notes were tied to the Soviet Ruble and lacked an independent existence."
Sources: http://www.globalfinancialdata.com/index.php3?action=showghoc&country_name=Russia
Central Bank of Russia
In the late fourteenth century, Russian principalities began issuing silver denga equal to 1/200th of a ruble. Under Ivan III (1462-1505), the coinage of the Principality of Moscow became the principal currency in Russia, though the values of coins varied with dengi from Pskov and Novgorod equal to two Muscovite dengi.
The Russian Tsardom was established on January 16, 1547 under Ivan IV the Terrible. He unified the coinage system, making the silver kopek, equal to 2 dengi, the basis of the system. Peter the Great transformed Russian coinage, expelling foreign coins and introducing machine-manufactured coinage. Russian coinage remained basically unchanged until the fall of Russian Tsars.
Russia reformed the Ruble (RUEI) under Elizabeth on November 23, 1755, setting 1 Gold Imperial equal to 10 Silver Rubles or 1000 Copper Kopeks. Paper Assignatzia (RUEA-Ruble-Banco) also circulated, though usually at a discount to specie money. The monetary system was reformed on July 1, 1839 with 1 Silver Ruble (RUES) set equal to 3.5 Ruble Assignatzia (RUEA). Credit Ruble Banknotes (RUEP) replaced the Ruble Assignatzia on June 1, 1843. Russia went on the Gold Standard on January 3, 1897 and introduced the Gold Ruble (RUER), which was used until the outbreak of World War I.
During the Russian Civil War, many of the regions within the former Russian Empire formed states that were eventually incorporated them into the Soviet Union.
After the Revolution, the Soviets began issuing paper Rubles, often referred to as the Ruble Sovnazki (RUFS), which lead to a huge inflation.
After the dissolution of the Soviet Union, Russia replaced the Soviet Ruble with the Russian Ruble (RUR) at par. On 24 July 1993, Russia announced that Soviet and Russian notes issued before 1993 would become invalid as of 26 July. In Russia, the period for exchanging notes issued before 1993 lasted until 31 August 1993. Russia's demonetization of notes issued before 1993 notes marked the end of attempts to keep the former USSR largely intact as a ruble zone. In some former Soviet republics, Soviet and Russian notes issued before 1993 remained legal tender for a time even though they had ceased to be legal tender in Russia.
The inflation that followed led to the need to introduce a New Ruble (RUB) at the rate of 1 New Ruble equal to 1000 old Rubles. The Ruble is divisible into 100 Kopeks, and has been issued by the State Treasury and by the State Bank (Gosbank).
The Far Eastern Republic issued Ruble (DBRR) banknotes while it existed. The North Russian Government, issued Ruble banknotes (RUNR) that were valued at the rate of 40 Rubles equal to 1 Pound Sterling. Numerous other entities within Russia issued banknotes during the Russian Civil War, though all of the notes were tied to the Soviet Ruble and lacked an independent existence."
Sources: http://www.globalfinancialdata.com/index.php3?action=showghoc&country_name=Russia
Central Bank of Russia
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Latest page update: made by fxwiki007
, Jul 27 2007, 4:47 PM EDT
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