Chervonets


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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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References in periodicals archive ?
That year the Soviet Union was a net importer of grain, which reduced the state's hard-earned gold reserves to levels that endangered the chervonets's gold value.
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.
(29) The reconnection was a matter of acquiring the means (i.e., 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.