1. The Communist’s Currency By: Griffin Foley

2. The Russian Ruble Created in 1755 Divided into kopeks & chervonets 1 ruble = 100 kopeks 1 chervonets = 10 rubles

3. First Coins Silver Rubles Copper kopeks

4. Reformation of System 1839 Printed banknotes 1897 - Created Gold Standard Introduced Gold coin

5. The Revolution 1905 – 1918 Crowd of protesters were fired upon Petitioned czarist regime Led to Civil war (1918 – 1920) between Communists and anti-Communists Communists were victorious

6. The Soviet Ruble 1922 Issued new paper currency Led to extremely high inflation (new replaced old at rate of 10 to 1) Created new coins called Chervonetzand backed them 25% with gold Kept reforming the Soviet Ruble until inflation went down 1923, 1924, 1947, 1961

7. The Fall of the Soviet Ruble 1989 Replaced with Russian ruble after dissolution of the Soviet Union More inflation

8. Reasons for Inflation 1993 Russian Central Bank stated all bank notes issued from 1961 – 1992 would no longer be valid At least 20% of cash in circulation People had two weeks

9. Why Abolish Old Bills? Halt Inflation Stop counterfeiting Eliminate bills bearing likenesses of Lenin and other former Communist leaders Prevent old rubles still circulating in other Soviet republics from flowing back into Russia and triggering inflation

10. Year US Ruble 1988 $14 1990 $112 1992 $1100 1994 $13500 1996 $15000 - By the mid 90’s, One hundred-ruble notes were rare and only worth a few pennies. Kopeks disappeared from circulation.

11. Stabilization Inflation began to collapse in 1996 Took four years to switch to “deflated currency” Five-thousand ruble notes became five- ruble notes One-thousand ruble notes were replaced by coins