Russian ruble

Article

May 17, 2022

The Russian ruble (Russian: российский рубль, rassiejskiej rubl) is the currency of Russia. The ruble was also the currency of the Soviet Union and formerly of the Russian Empire for 74 years (1917-1991). Since 1992, independent rubles have existed in Russia and Belarus (see Belarusian ruble).

Coins and notes

One ruble consists of 100 kopecks.

Coins

The modern ruble is issued by the Central Bank of Russia. There are coins of 25 rubles (four versions due to Sochi 2014), 10 rubles, 5 rubles, 2 rubles, 1 ruble, 50 kopecks, 10 kopecks, 5 kopecks and 1 kopeck. About 50% of Russian coins are minted in the Moscow Mint, the other half in the Petrograd Mint. The 1 and 5 kopeck coins have been withdrawn from circulation and the 10 and 50 kopeck coins are rarely used. There are also two types of 10 ruble coins in circulation: one type 10 ruble coin is struck in bi-metal, similar to the 1 and 2 euro coins. The other type is minted in brass-plated steel and is 5 millimeters smaller than the bi-metallic 10 ruble coin. The bi-metallic 10 ruble coins are usually commemorative coins and are much less in circulation.

Bills

There are banknotes of the following denominations: 10 rubles (rare these days) 50 rubles 100 rubles 200 rubles 500 rubles 1000 rubles 2000 rubles 5000 rublesThe words Banka Rossii Banknote are printed on ruble bills.

Symbol

Since December 2013, the ruble has an official sign. The character can be described as a Cyrillic letter "Р" (/r/) with a hyphen. The bank previously selected five symbols and the Russian population was allowed to give its preference via the internet. Bank Rossii finally chose from these candidate symbols. As of 2014, the sign appeared on coins.

History

The word "ruble" comes from the Russian verb "rubietj" (to chop). In the 13th century, in one of the largest Russian cities, Novgorod, a hryvnia was used as a kind of currency (this is now the currency of Ukraine). A hryvnia was simply a bar of silver weighing about 200 grams. It was too precious and was often chopped in half: each half was a "rouble": a chop. In the 15th century, real silver coins began to be minted in Russia. Small coins were called "denga" (money) and "kopejka" ("spear", this has to do with the fact that the image on the "kopejka" is the image of Saint George slaying the dragon with a spear), the ruble was worth 100 small coins at the time. In the 16th century, 1 ruble was equal to 100 kopecks or 200 denga. In 1704, Peter the Great standardized the ruble as a 28 gram silver coin. Occasionally, rubles of copper or gold were also minted. From 1769 to 1849, "silver rubles" and "rubles banknotes" existed, they were both called "rubles", but their value could differ from each other. Since 1897, the ruble has been linked to gold (0.774235 grams). The ruble then had a value of 1.28 Dutch guilders or 2.67 Belgian or French francs. The first ruble of the Soviet Union was printed in 1919 as a banknote. After the 1961 reform, the new ruble (worth 10 old rubles) was officially equated with 0.987412 grams of gold, but it was not possible to exchange the coins for gold. Now there is no longer any relationship between the ruble and gold (the so-called gold standard). In 1992, the Soviet ruble (code: SUR) was replaced by the Russian ruble (code: RUR). This exchange did not result in a change in value, because 1 SUR1 RUR. On January 1, 1998, after a decade of hyperinflation, a new ruble was introduced where 1 new ruble equals 1000 old rubles. This new ruble received the ISO designation RUB.

History through banknotes

An ideal way to visualize the monetary steps of Russia and the Soviet Union is the v