When in the history of Russian ruble was valued above all

Another 24/02/20 rarcoin.hikogda in the history of Russian ruble was valued more than just

In recent days, the Russian currency again began to slide down. We will not dive into the jungle of macroeconomics and to find out which sectors of the economy and companies benefit from a weak ruble, and who does not. And whether to buy dollars now. And how long will continue the weakening of the national currency. But we offer you to look at the retrospective history of the ruble – and find out when he was strong.


the First historically reliable mention of the ruble found in Novgorod birchbark letters of the XIII century, but it was counting the currency, which had no physical form. However, historian Ivan Kondrat’ev in his book “the Hoary antiquity of Moscow”, first published in 1893 and reissued in 1996, 2006 and 2008-m years, wrote that the ruble is a piece of silver hryvnia. By the way, before the XIV century in Russia was the so-called “coinless” period, when coins were not minted, and the money consisted of silver bars of a certain length and weight, were Kiev and Novgorod hryvnia, slightly differing in weight. Later every more or less serious Prince minted his own coins about the same weight in different principalities, under the same denomination, but who had a rather complicated exchange of internal courses. A single national monetary system appeared only when the Grand Duchess Elena Glinskaya, mother of Ivan IV and the Regent, in his early childhood. It happened in 1535.

the First rouble minted under Alexei Mikhailovich, the second Tsar of the Romanov dynasty, in the second half of the XVII century.

roller coaster

Nicknamed Quietest Alexis has managed its fiscal and monetary policy to bring to the Copper riot of July 25 (August 4) 1662.

the Ruble has seriously strengthened the next Emperor – Peter the Great. In spite of the great Northern war, which required serious money, Peter followed the course of the ruble. The power of the ruble at it based on the development of the Russian economy as due to the growth of the industry, and through trade and agriculture. In many ways, this contributed to the economical environment of Peter. So, one of his associates, Ivan Pososhkov, held advanced at the time of the ideas of mercantilism and wrote in 1724 economic-theoretical work “a Treatise on poverty and wealth”.

However, the heirs of Peter, especially Catherine II, who introduced into circulation paper money and which included a printing press without a twinge of conscience, has again brought down the ruble. According to doctor of economic Sciences Nikita Krichevsky in the book “Anticipa” only in 1792, the budget deficit amounted to 15.6 million rubles, or 26.6% of government spending. By the end of the XVIII century, the paper ruble was worth 68 cents silver. The total public debt of Russia has reached 216 million rubles, which is equal to three annual state budget revenues.

In 1796, ascended the throne of Emperor Paul I, became the first in the history of Russian monarch, consciously struggling with inflation. This was mentioned, for example, historian Vasily Klyuchevsky. Paul I thought the mismatch of courses paper and metal ruble is a challenge for the state and a hindrance to the economy. At the beginning of the reign of Paul I, revealing burnt in the Palace square more than 5 million rubles in banknotes. In both cities, began to exchange paper and silver cash exchange rates published daily in Newspapers and posted on special Bulletin boards.

Paul I was planning to reduce the money supply of paper rubles annually 6 million, to launch into circulation of new money, but the conspirators interrupted his plans and life in 1800.

Then fell on hard times, Russia fought several wars, survived the Napoleonic invasion, by the end of which the ruble gave 25 cents silver. To rectify the situation succeeded only in 1843, followed a decade of strong ruble. Successful efforts to strengthen the Russian currency taken in 1881, when Minister of finances Bunge, as follows from the collection of documents.development projects of the Ministry of Finance 1802-1902 gg, part one.

the Golden age of Russian ruble

For centuries the monetary circulation in Russia was based on the bimetallic standard: the account was in copper and silver coin. Under count Sergei Witte, who was first Finance Minister and then Prime Minister, Russia is moving to a monometallic standard, the basis of which – gold. Gold rubles from the profile of Nicholas II become the international means of payment, what you say published in the archives of the Ministry of finansov 1802-1902 gg., part II. The power of Nikolaev the Golden ruble was so great that in the first years of the Soviet government minted it to pay for foreign purchases, and counterparties willing to take the Golden ruble as means of payment.

the First world war, the revolution, the Civil war brought down the Russian ekonomicko. In 1918, almost 14 thousand of nationalized enterprises worked more than a third, says Yury Zhukov, doctor of historical Sciences, leading researcher of the Institute of Russian history. War communism with the requisitions and the surplus is not contributed to the flourishing of the economy, and the decision of Lenin in 1921 introduced the new economic policy. The economy started to grow which gave the opportunity to enter in the 1923 gold Ducat, the prototype of which was Nicholas gold rouble. And that was the last Russian convertible currency until the early 90-ies of XX century. Enclosed within its borders, the Soviet Union has experienced three monetary reform of 1947, 1961 and 1991, each time leading to the devaluation of the ruble. The stories about the “dollar for 63 copeck” have nothing to do with reality – it was an artificial exchange rate, established for ideological and not economic reasons. Even within the Council for mutual economic assistance (CMEA) went not the Soviet ruble, and conventional unit – “transferable ruble,” an approved agreement on the international payments of the countries-members of CMEA on 22 October 1963. He had no physical form. The transferable ruble is described in the Great Soviet encyclopedia, vol 30, 3rd edition.

And here is a gold Ducat, though out of use, was popular, and the state Bank of the USSR in 1975-1982 rapped similar in appearance to the chervonets coins, but with new dates.

Konstantin Baranovsky

© Russian Seven

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