Sovznak

Sovznak 

(Soviet treasury note), a treasury note that circulated in the years immediately after the October Revolution of 1917. Along with the prerevolutionary currency that was in circulation, sovznaki greatly depreciated in value. For example, when sov-znaki were issued in 1922, one ruble of the 1922 currency was equal to 10,000 rubles of the old money; when sovznaki were issued in 1923, however, one ruble of the 1923 currency was equal to 1 million rubles of earlier issues. From 1922 to April 1924, sovznaki and chervontsy were in parallel circulation.

By the decree of the Counciil of People’s Commissars of the USSR of Mar. 7, 1924, sovznaki were made redeemable at the rate of one gold ruble (in treasury notes) for 50,000 rubles in 1923 treasury notes.