Chervonets of New Economic Policy under the Soviet Union

29 Jul 2020  Wed

Chervonets is a Russian tradition for foreign and domestic gold coins. Since, 20th century, banknotes were referred to as chervonets with the value of ten units.

The Soviet government tried to eliminate debt through a systematic evaluation of the ruble and its associated currencies by introducing a parallel currency, called the chervonets which was convertible and backed by the gold standard.

The chervonets existed in paper form for domestic circulation and as for gold coins for international payments under the New Economic Policy of the Soviet Union. However, these were not mass-produced owing to low perceived demand for them from the main international trading partners of the Soviet Union.

Today, there exist five known gold chervontsy from 1925 which are located in Moscow. Out of which 3 are stored in the museum of Goznak, Russia's official mint and other 2 are in the Pushkin State Museum of Fine Arts.

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