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Money circulation 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 kopeck denomination in copper; 10, 15, 20 kopeck in base-alloy silver; and 50 kopeck and 1 ruble in silver. Copper coin of the smallest nominal value, the half-kopeck, was issued in 1925-1928.
Starting from 1926, the coins of 1, 2, 3 and 5 kopeck denomination were made of bronze; starting from 1931, the coins of 10, 15 and 20 kopeck denomination were made of copper-nickel alloy.
There were 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, for the first time V. Lenin was portrayed on the series of 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.
Pic. 1. USSR, banknote of 5 ruble denomination, 1947
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 kopeck and 1 ruble denomination was put into circulation. The series of banknotes consisted of 1, 3, 5, 10, 25, 50 and 100 ruble denomination.
Pic. 2. USSR, banknote of 3 ruble denomination, 1961
Pic. 3. USSR, banknote of 25 ruble denomination, 1961
In 1991, to regulate money circulation, the banknotes of 50 and 100 ruble denomination were withdrawn from circulation and substituted by new ones.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.
Since January 1992, prices were liberalized, which led to price increases and devaluation of the ruble. The banknotes of 1992 series of 50, 200, 500, 1000, 5000 and 10000 ruble denomination were put into circulation.
More information related to the materials of this Section can be found from literature available in the Library of the Central Bank of Armenia:
  1. Y. T. Nercessian, Bank Notes of Armenia, Armenian Numismatic Society, Los Angeles, 1988
  2. П.Ф. Рябченко, Полный каталог бумажных денежных знаков и бон России, СССР, стран СНГ (1769-1994 гг.), Издательско-культурологический центр “София”, Киев, 1995
  3. R. Vardanyan, G. Mughalyan, A. Vardanyan, A. Zohrabyan, H. Hovhannisyan, The History of Money Circulation of Armenia, Central Bank of the Republic of Armenia, Yerevan, 2018
  4. А. Р. Тевотросян, Бумажные денежные знаки Армении, Авторское издание, Ереван, 2020

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