2020-03-05 Thu

The first independent money emission of the Republic of Azerbaijan, the first independent democratic state in the Muslim world, begins with the banknotes of 25, 50, 100 and 250 manats, issued in early 1919.

The October Revolution in Russia brought about new changes in the polity of her mandates too. The period was marked by the national morale and national revival of Azerbaijani people. As the new leadership emerged, the money turnover of modern Azerbaijan started.

The first step was the new banknotes issued by the Baku Municipality after a hundred-year recess. Some copies of the banknotes in various denominations were put into operation in early 1919 by the government of the Azerbaijan Democratic Republic. 25 manat, 50 manats, 100 manats, and 500 manats were put into circulation.

The banknotes issued in 1919-1920 years were named manat in Azerbaijani and ruble in Russian. The main purpose was to gain the population’s trust in the new national currency, accustomed to the paper money used in Russia for many years. As a result of the breakup of the Azerbaijan Democratic Republic on April 28, 1920, the existed monetary and credit system of the state was also disrupted.

Image Courtesy: colnect.com