Soviet money: history, cost, interesting facts

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

For the first time, such a term as Soviet money became known back in 1919. It was during that period that the very first banknotes appeared. Subsequently, coins of various denominations began to be minted both from valuable metals and from various alloys. It is also noteworthy that they were produced not only for a fairly long period (until 1991), but also in various countries.

Place and time of issue of the first Soviet money

So, the first mention of the replacement of old money with Soviet securities appeared back in 1917. However, due to various disagreements between members of the monetary committee, the replacement period was delayed for 2 years.

At the same time, one should not forget that Soviet money differed from each other not only in its face value, but also in ornament, as well as a special cliché. The most expensive of them had the coat of arms of the Provisional Government. Those of lesser value featured the usual ornament of geometric shapes.

So, the first Soviet banknotes came into circulation only in 1919 by decision of the Provisional Government and they were issued directly at the mint.

An interesting fact is that some historians prefer to remain silent, and ignorant people simply do not know. So, some paper money of the USSR had an ornament with the image of a swastika. In frequency, this applies to large bills, which later received the special name of credit notes. However, this information only applies to banknotes.

But the coins appeared a little later, it is very difficult to name the exact date, but most historians say that this happened in 1924.

It is also noteworthy that, despite their minting inside the country, most of the USSR's money was produced abroad, namely in England.

The value of this cash today

Despite the fact that the Soviet Union is no longer there, and therefore there are no banknotes of that time in circulation, they are still in fairly high demand. Someone just collects them, and someone earns on buying and selling. At the same time, the price of Soviet paper money today is much higher than the cost of coins of the same time. So, for one banknote with a face value of 10 rubles, you can get from 500 to 1500 rubles. For a coin with a face value of 1 ruble - from 100 to 350 rubles.

This is explained by the fact that, firstly, fewer banknotes were initially issued, and secondly, it is much easier to keep coins in good condition for such a long time. In addition, most of these Soviet banknotes had a higher face value than their metal counterparts.

Very part can be seen onvarious auctions, a situation where Soviet money, the nominal price of which is high, is sold for a low fee and vice versa. This can happen for various reasons. At the same time, money issued in a limited amount, or those banknotes, the issue of which was dedicated to a significant date, have a higher value.

In any case, in order to profitably sell, buy or simply correctly evaluate Soviet money, you should contact persons competent in this matter or special numismatist clubs. After all, the price of Soviet paper money often changes.

The role of the Soviet currency in the modern economy

More than two decades have passed since the USSR ceased to participate in the economic circulation of money. But even today they have a significant impact on the banking activity of our time. This is explained by the fact that during the collapse of the USSR, all bank deposits were officially frozen. At the moment, compensation is being paid for them.

Today there is no single tariff for such payments. The official rate is 86:1. That is, a deposit of 10 rubles in the USSR today is en titled to a payment of 860 rubles.

At first glance, such compensation may seem significant. But when you take into account how much the cost of food and utilities has increased, it may seem just negligible.

But at the same time, the Ministry of Finance is already considering the possibility of reducing such compensation. The calculation willtake place in a ratio of 4:1. And this is even less, but there is still no reliable information confirming the approval of this proposal.

Conditions for issuing compensation

Despite the fact that almost all people kept Soviet money in banks, not everyone will be able to receive even meager compensation.

So, banks issue compensation only to persons born in certain years. In this case, the amount of compensation is also calculated taking into account this factor. For example, for those born between 1945 and 1972, compensation is given at a ratio of 3:1. for those who do not fall into this range, the calculation is based on a ratio of 2: 1.

But even despite such rather severe restrictions, not everyone will be able to receive their legally due funds. The fact is that a specific period is allotted for the payment of funds to people born in a certain period of time. If you contact the bank after its expiration, then you can forget about payments altogether.

Therefore, in order to avoid such an unpleasant situation, it is advisable to contact the bank in advance on this issue.

Interesting facts

Surely many have heard how people who lived in the USSR today sigh about the prices of that time. And this is not surprising.

Firstly, there was extremely low inflation, so small that it was not even noticeable.

Secondly, despite the low salaries, people lived fully, because the prices were extremely low. For example, what can you buy for a ruble today? There is only one answer - nothing. But in the Unionyou could buy bread, milk, and some sweets. And all this for one ruble.

Of course, it is already impossible to return these prices back, however, like Soviet money. However, we should remember that such prices and such money took place in our history.