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Ruble

Pубль (Russian) 14 other official names карбованець (Ukrainian) рубель (Belarusian) сўм (Uzbek) сом (Kazakh) მანეთი (Georgian) манат (Azerbaijani) rublis (Lithuanian) рублэ (Romanian) rublis (Lithuanian) сом (Kyrgyz) сӯм (Tajik) ռուբլի (Armenian) манат (Turkmen) rubla (Estonian)
Obverse of 100 Rbl banknote (2022) Rbl 1 coin (2022)
ISO 4217
Code	SUR
Unit
Unit	ruble
Plural	The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol	₽‎
Denominations
Subunit
​1⁄100	kopeck (копейка)
Symbol
kopeck (копейка)	коп. or к. in Cyrillic kop., cop. or k (in Latin)
Banknotes
Freq. used	1 ₽, 5 ₽, 10 ₽, 25 ₽, 50 ₽, 100 ₽, 500 ₽, 1,000 ₽
Coins
Freq. used	1 ₽, 3 ₽, 5 ₽
Rarely used	1 kop, 5 kop, 10 kop, 50 kop, 25 ₽
Demographics
Date of introduction	1922
Replaced	Imperial Russian ruble
User(s)	Soviet Union
Issuance
Central bank	State Bank of the Soviet Union
Website	https://www.cbu.su
Printer	Goznak
Website	www.goznak.su
Mint	Leningrad Mint and Moscow Mint
Valuation
Inflation	3.0%
Source	December 2023

The ruble or rouble (Russian: рубль, romanized: rublʹ; symbol: ₽; abbreviation: сур or р. in Cyrillic, Sur or r. in Latin; ISO code: SUR) is the currency of the Soviet Union. The ruble was introduced in 1922 and is divided into 100 kopecks.

History

Main article: Ruble

Pre-Soviet history

The ruble originated as a unit of weight in the former Kievan Rus', in what is now Russia, Byelorussia, and the Ukraine. A "ruble", which came from the Slavic verb 'to chop', originated as a piece of a certain weight that was chopped off of a grivna, a type of silver ingot. In the 17th century, Tsar Alexis I attempted a monetary reform in which silver one ruble coins would be minted from imported joachimsthalers. Although the new monetary system was abandoned, it would lead to the establishment of the ruble as the standard unit of currency in what would soon become the Russian Empire. In 1704, the Russian Tsar Peter the Great reformed the Russian monetary system by minting a silver ruble coin with 20.22 grams of fine silver, and divided it into 100 copper kopecks. This made the Russian ruble the world's first decimal-based currency. Before World War I, the Ruble was pegged to the French franc at a rate of 2​²⁄₃ francs per ruble. With Russia's withdrawal from the gold standard, the ruble suffered from hyperinflation in the early 1920s.

Soviet history

First Soviet ruble (1917-1922)

After their success in taking over Petrograd (now Leningrad) with the October Revolution, the Bolsheviks sought to withdraw the old Russian ruble and replace it with a new Soviet ruble. These original 'Soviet rubles' were all in banknote form, and began their issue in 1919. Due to hyperinflation, the ruble's regular denominations reached as high as 100,000 rubles, with 10,000,000 rubles also circulating.

Second Soviet ruble (chervonets; 1921-1924)

With the introduction of the New Economic Policy's reforms beginning in 1921, the Bolshevik government renewed efforts to revive the pre-war gold standard ruble, which was then equal to US$5.14. The gold ruble existed alongside the original Soviet ruble, which by then had deprecated in value so much that a single gold ruble was worth 50 billion paper rubles.
Following the virtual end of the Russian Civil War, the Soviet Russian government minted currencies with the emblem and legends of the RSFSR. These coins continued to circulate until silver coinage was discontinued.

Third Soviet ruble (1 January 1923 - 6 March 1924)

Following the New Economic Policy's attempt to stabilize the value of the ruble, the newly established Soviet Union issued new banknotes, with one of these new Soviet rubles worth 1,000,000 paper rubles. This new Soviet ruble continued to deprecate in value compared to the gold ruble, until the Soviet Union issued its first 'all-Union' currency. This occurred shortly before the redenomination of the ruble.

Fourth Soviet ruble (7 March 1924 - 1947)

After Lenin's death and Joseph Stalin's consolidation of power, the Soviet ruble was redenominated. This new Soviet ruble replaced all previously issued currencies, and was equal to 50,000 rubles of the third issue, on parr with the gold ruble. Coins began to be issued again in 1924, while paper money was issues in rubles for values below 10 rubles. After 1925, the chervonets was retired.

Fifth Soviet ruble (1947 - 1961)

Following World War II, the Soviet government redenominated the Soviet ruble once again by confiscating 'excess currency' and reduce the amount of money in circulation. The purpose of this confiscation and redenomination was to prevent peasants from buying consumer goods after they had sold their crops at wartime prices. The old Soviet ruble was revalued at one tenth their face value.