In 1922, USSR government launched Monetary Reform that was
implemented in three stages.
At the first stage, as
early as in 1922, people were changing paper currency
depreciated during
the Civil War years for new rubles
in the ratio
of 10 000 to 1.
In 1923, one new-style ruble was equated
to 100
rubles of 1922.
In 1923, the first Soviet gold chervonets
(ten-ruble
coins) were minted, corresponding
in terms of their
pure gold content to the
pre-revolutionary 10 rubles.
Banknote series represented banknotes
in 50 kopecks,
1 ruble, 3 rubles and 5 rubles
of gold, one
chervonets and more.
There were copper coins in
denominations
of 1/2, 1, 2, 3 and 5 kopecks, as well
as silver
coins in denominations of 10, 15, 20,
50
kopecks and 1 ruble.
Two currencies were circulating in the country
at the
same time: a hard chervonets
and a constantly
depreciating Soviet banknote, the rate of which to the
chervonets was set
by a specially formed Quotation
Commission
on a daily basis. In August 1924, all
banknotes
of the 1923 Series were withdrawn from
circulation by exchanging them for gold rubles
at the
rate of 50,000 to 1.
Thus, during the monetary reform of 1922-1924, the ruble was
denominated 50 billion times!
The firm exchange rate
of the chervonets led
to the fact that it began to be
quoted on the currency exchanges of Western countries,
and
it could be exchanged or exchanged without problems in banks of
many countries of the world. The population received this reform
with enthusiasm. There is evidence of how peasants were walking
to the cities for tens
of kilometers to look at new
silver rubles
and kopecks (gold coins were not coming
to the population, they were used to pay for imports).
At the end of the summer of 1924, banknotes
with a
nominal value of 3 chervonets were
issued – their
distinctive feature was
the indication of the real
value in gold, corresponding to 23 grams of metal.
The
banknotes depicted a peasant as a sower.
In addition, in 1924, other paper money appeared
in
the USSR. They became banknotes with
a nominal value
of less than 1 ruble. The issue
of banknotes from 1
to 50 kopecks became forced – in a country experiencing
significant difficulties, it was unpractical to issue coins
according to the standards established during the Tsarist
period, according to which 1 kopeck corresponded
to
3.25 grams of copper. Banknotes of 1, 2, 3, 5 kopecks were
issued on small vertical paper sheets (like revenue stamps) and
had no signatures of officials. 50 kopecks of 1924 already had a
more formal design, and was also printed
on a
horizontally oriented sheet, like large paper money, although it
had reduced dimensions.
In 1925 banknotes of 3 and 5 rubles
were renewed
again – former paper money were not quite corresponding to the
state ideology
of the country, glorifying the labor.
The images
of resting peasants and a tractor leaving
the viewing field has disappeared – a sophisticated ornament
replaced them and on 5 rubles banknote of USSR – a
committed
strong-willed worker
From 1926 to 1935, the banknotes
in denominations of
1, 2, 3 and 5 chervonets
were issued. It worth
mentioning that
the banknote of 5 chervonets had no
image
on the reverse side. However, their distinctive
feature were watermarks that were absent
on the
banknotes of smaller denomination.
In 1937, a series of similar banknotes was issued without
signatures of officials – it was
due to the fact of
dismissal from his post
of Minister of Finance
accused of betrayal.
In 1937-1938, totally new banknotes were issued, already with
ideological content. Banknotes denominated in rubles contained
images
of honorable professions and Red Army soldiers
protecting them – 1 ruble banknote depicted
a mine
worker, 3 rubles banknote – Red Army soldier, 5 rubles banknote
– a pilot.
1947 was marked by a post-war monetary reform in USSR –
old-style paper money were exchanged in the ratio of 1 to 10.
Moreover, the population was not informed beforehand
about
the confiscation reform – many people did not
have a chance to exchange banknotes that led
to the
depreciation of savings. Banknotes in denominations of 1, 3 and
5 rubles were printed on vertical sheets, and banknotes of 10,
25, 50
and 100 on horizontal ones. Paper
money
in denominations of 10 rubles and above
contained a portrait of Lenin, and USSR 100 rubles of 1947
contained imprinted in the reverse side
a panorama of
Moscow Kremlin with
a land parcel of river
embankment.
The next Monetary Reform in USSR took place
in 1961.
In appearance, it had a nature
of a classical
denomination: old money was exchanged for new ones in the ratio
of 10 to 1 without any restrictions. This event was announced in
advanced – in May 1960.
The exchange of cash money
had not to be done in a hurry – one year was given for
this
and deposits in savings banks were recalculated
automatically. During 1961 Reform as well as in 1947, copper
coins in denominations of 1, 2 and 3 kopecks were not subject to
denomination and thereby enriched their holders in 10 times.
Banknote series of the year 1961 existed virtually without
changes for more than 30 years surviving even the collapse of
the USSR.
In 1991, shortly before the end of the USSR existence, the
inflation that had begun
in the country forced also
the issue of new higher value banknotes:
•
Banknote of 200 rubles – depicting the Palace
of
Congresses;
• Banknote of 500 rubles –
depicting
the Presidium of the USSR.
In 1992, banknotes in denominations of 1000 rubles were issued when the USSR actually ceased its existence. This paper money distinguished also by the imprint of the value in the form of an arc. The USSR banknotes of the 1961 Series continued their circulation even after the issue of new banknotes of 1991. In 1991, the Soviet Union disintegrated into lots of separate republics each of which began to issue their own paper money. Absolutely and irrevocably, banknotes of USSR ceased their circulation in 1993.
The beginning of 1992 saw the creation of several options of new
banknotes of the sovereign national currency of the Republic of
Belarus.
To designate new currency, there were
offered such names as Ruble, Coupon, Thaler.
Right
from the beginning, the urge was there
to imprint
portraits of outstanding people
of Belarusian history
and culture as well as images of architectural monuments.
However, since
the attitude towards many historical
figures
in different layers of society was
controversial,
it was decided to abandon the
portraits.
On the model of other countries –
Lithuania, Moldova, Canada etc. – it was decided to
depict
on new Belarusian money animals whose habitat
was in the territory of Belarus.
On May 25, 1992 for the first time in the history
of
sovereign Belarus, currency notes officially came into
circulation. The banknotes in different denominations contained
the images of squirrel, hare, beavers, wolves, lynxes, elks,
bears
and European bisons.
On December 8, 1992, the high level of inflation caused the
necessity to issue banknotes
in higher denominations.
Settlement units
in denominations of 200, 500 and
1000 rubles appeared. New banknotes had already used
the
images not of animals but of architectural monuments of Minsk.
On April 7, 1994, a banknote in the denomination of 5,000 was
introduced into circulation.
The front side depicted
the Trinity Suburb.
August 12, 1994, saw the first denomination
of the
Belarusian ruble. The national currency
was
denominated by a factor of 10.August 12, 1994, saw the first
denomination of the Belarusian ruble. The national currency was
denominated by a factor of 10. This did not affect the banknotes
in any way, but the prices for goods and services were
recalculated accordingly.
December 28, 1994 saw the introduction into circulation of a
banknote in denomination
of 20,000 Rubles, which
marked the beginning
of a new series of new
banknotes. New banknotes were distinguished by their dimension
and design: the full name of the country's major bank,
its
abbreviation and the name of currency unit appeared on it. For
the first time, in the bottom right corner of a banknote the
digital signature
of the Chairman of the National
Bank of the Republic of Belarus was printed. Besides, for the
first time, Belarusian money saw an architectural structure
outside Minsk: watermarks
of a banknote depicted the
Kamenets Tower. During 1994- 2000, banknotes in denominations of
BYN 50,000, BYN 100,000, BYN 500,000,
BYN 1,000,000,
BYN 5,000,000 were issued
into circulation.
March 1, 1995, due to the high inflation,
saw the
recall from circulation of banknotes
with smaller
face values: 50 kopecks, 1, 3, 5 rubles.
June 1, 1999 — is the end of the "hares" period. Banknotes with a face value of 100 rubles were withdrawn from circulation, which meant the end of circulation of banknotes depicting animals. September 6,1999 saw introduction into circulation of 5,000,000 rubles banknote which is the largest denomination in the recent history of the country.
January 1, 2000 saw the second denomination
in the
history of the sovereign Republic of Belarus. The face value of
Belarusian ruble reduced
by 1,000 times. New
settlement banknotes
of the National Bank maintained
the old design. Their color spectrum saw changes. As a
result,
in 2000 settlement banknotes with a face
value
of 1, 5, 20, 50, 100, 500, 1 000, 5 000 rubles
were issued into circulation. At the same time,
new
settlement 10 rubles banknotes, that had
no
equivalent in banknotes of 1992-1999,
were put into
circulation. These were the last settlement banknotes of small
value.
The period of 2001-2016 saw circulation
of settlement
banknotes of five new face values. This was a milestone marking
the transition
from the depiction on banknotes of
only Minsk architectural monuments and, as a result, settlement
banknotes saw depicted architectural monuments of all
territorial and administrative units of our country. This period
saw
the withdrawal from circulation of five face
values of settlement banknotes. 1, 5, 10, 20 and 50 rubles.
July 1, 2016 saw the third denomination. This time, the face
value of Belarusian ruble reduced by 10,000 times. Settlement
banknotes of 2009 Series were put into circulations. The British
company, manufacturing securities De La Rue, printed new
settlement banknotes. Each banknote is dedicated to a separate
territorial and administrative center of Belarus. All of them
have the same width but the length of each banknote is
different. The most important event was that for the first time
in the whole history of independent Belarus, the coins were
issued into circulation. They were minted at the Lithuanian Mint
and National Mint of Slovakia. The Government has put into
circulation the coins
of the following face values:
1, 2, 5, 10, 20, 50 kopecks, 1, 2 rubles.
The obverse
of all coins depicts the State coat of arms of Belarus, the
reverse – face value of the coin with various ornaments. When
manufacturing them, different steel was used: for coins with a
face value of 1, 2, 5 kopecks – copper-plated steel; for coins
with
a face value of 10, 20, 50 kopecks –
brass-plated steel; for coins with a face value of 1 ruble –
copper nickel alloy-plated steel; for coins with a face value of
2 rubles – the circle was made of brass-plated steel, the center
– of copper nickel alloy-plated steel.
