Chervonets


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Chervonets

 

(1) The general name for gold coins in use in pre-Petrine Russia, for example, ducats and sequins.

(2) A Russian gold coin worth 3 rubles and containing 3.4 g of gold, first issued in 1701; double chervontsy were also coined.

(3) A bank note issued by the State Bank of the USSR from 1922 to 1947 in denominations of 1, 2, 3, 5, 10, 25, and 50 chervontsy. The value of the chervonets was defined as equivalent to 7.74234 g of pure gold, and one chervonets was equal to 10 rubles in treasury notes. The monetary reform of 1947 replaced the chervontsy with new bank notes in ruble denominations.

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That this had become an issue at all was the result not of ideological qualms but of unexpected pressures on the chervonets and on the government's gold reserves.
40) They did not shy from suggesting more administrative methods to overcome the crisis, but neither put forward a vision of an economic system without the chervonets.
In the spring of 1926, diminishing gold reserves forced the state to stop defending the chervonets in the currency markets in Moscow--temporarily, they hoped.
gold reserves) to intervene in markets both domestic and foreign to keep the gold value of the chervonets constant.
3) The Chervonets banknotes were used until the currency reform of 1947 (Kravtsovaya, 1983, p.