From kerenkа to sovznak

Exhibition “From kerenkа to sovznak: money and revolution” covers the period from 1914 to 1922.

By the beginning of the First World War russian banknotes – “state credit notes”- were gold backed.

By 1917 only banknotes were circulating and gradually fell in value. Coins vanished out of money circulation.

By the beginning of 1920-s the number of unbacked “papers” reached unbelievable scale. As a consequence the inflation and prices increased: in 1921-1922 some goods could easily cost millions and even billions.

Large number of counterfeited banknotes and so called “money substitutes” (checks, bonds and etc.) increased the circulating crisis. Local “white” and “red” authorities or even shops were issuing their own money.

Only in 1922 the monetary system started to recover from chaos. New period started – New economical policy (NEP). The monetary reform was carried out, coins got back into circulation and new soviet currency got gold backing as well.