The idea of ​​issuing banknotes in Russia arose in the 40s of the 18th century during the reign of Elizabeth Petrovna (1709-1761), but was rejected by the Senate, which found it reprehensible that “papers” would be in circulation instead of money.

After the accession of Peter III (1728-1762) to the throne in 1761, the state treasury was empty, and therefore in May 1762 a decree was promulgated on the issuance of bank notes replacing metal money in circulation, which read: “There will be ... monetary sums like the most important and necessary ways is not evident, and the 4 million sought by the Senate for emergency expenses cannot be received so quickly, then His Imperial Majesty finds a convenient and closest means in making bank-zettels.”

The decree set out the plan for the creation and basis of the activities of the State Bank. Tickets were prepared in denominations of 10, 50, 100, 500 and 1000 rubles, but their release was prevented by a coup organized by the emperor’s wife, as a result of which Peter III was killed and Catherine II (1729-1796) was elevated to the throne. However, the “convenient and closest means” of receiving money was not forgotten for long.

Six years later, the manifesto of Catherine II dated December 29, 1768 announced: “We are pleased to begin the establishment of trading banks in our Empire and hope that we will help through this new sign maternal care for all our subjects."

On January 1, 1769, two banks were established: one in St. Petersburg, the other in Moscow, with a fixed capital of 50,000 rubles in copper each. Banks were responsible for exchanging copper money for state banknotes in four denominations: 25, 50, 75 and 100 rubles. They were printed in black ink on white paper with watermarks.

In St. Petersburg and Moscow, private individuals were required to pay at least one banknote of 25 rubles for every 500 rubles of government payments. The issue of banknotes was motivated by the fact that “the burden of the copper coin, which approves its own price, burdens its circulation.”

But a more significant reason was the need to find funds to wage the Russian-Turkish war. According to the plan of the Prosecutor General of the Senate, Prince A.A. Vyazemsky was supposed to issue banknotes in the amount of 2.5 million rubles backed by an exchange fund of 2 million rubles and, thus, use 500 thousand rubles to cover government expenses.

Banknotes were initially popular, thanks to which banks were able to charge in their favor for exchanging copper money for them. In 1772-1788, in addition to St. Petersburg and Moscow, copper money was exchanged for banknotes in 22 more cities. There, through special exchange offices, unhindered exchange of banknotes for copper money was carried out. Banknotes made it possible to replace copper money, which was extremely inconvenient for transportation and storage. In addition, copper money was not enough in the conditions of revived trade turnover. In addition, the banknotes partially had the so-called tax security (they were accepted as government payments).

Depreciation rate

The ease and convenience of making banknotes led to the fact that their number began to grow quickly and non-stop. By 1786, there were banknotes in circulation in the amount of 46,219,250 rubles. Nevertheless, the banknote rate remained stable (not lower than 98-99%). In 1786, Count I.I. Shuvalov developed a plan for replenishing the treasury, proposing to increase the issue of banknotes to 100 million rubles and link their circulation with credit operations, which, in his opinion, was supposed to ensure the purchasing power of banknotes.

It was assumed that 17.5 million would be used to issue mortgage (i.e., secured by real estate) loans to the nobility for a period of 20 years at 8% per annum, 11 million to cities for improvement at 7% per annum with repayment after 22 years, 4 million to expenses of the tsar's cabinet, 2.5 million rubles to reinforce the state treasury and 15 million will remain in case of war.

On June 28, 1786, in pursuance of Shuvalov’s plan, a manifesto was issued, which ordered the old banknotes (previous issues) to be exchanged for new ones, and the entire issue to be increased to 100 million rubles. This increase in the number of banknotes was motivated by the lack of money in circulation supporting “trade, handicrafts, crafts and agriculture,” and it was solemnly assured “by the holiness of the royal word for us and the successors of the imperial throne” that the amount of banknotes in circulation would never exceed 100 million rubles. At the same time, the manifesto announced the formation of one (instead of two) assignation bank.

In other words, the government intended to create a state bank of issue, the issue of tickets of which would be limited to 100 million rubles. For the right to issue a certain part of bank notes (notes), the bank had to transfer the government as an interest-free (and partly irrevocable) loan. The State Bank was allowed to carry out the following commercial operations:
1. accounting of bills.
2. acceptance of contracts and purchase of copper.
3. operations related to foreign trade (sale of copper abroad, purchase and sale of gold and silver, transfer of capital, etc.).

New banknotes were issued in denominations not only of 25, 50 and 100 rubles, as before, but also of 5 and 10 rubles. Moreover, by manifestos dated August 3, 1788, January 23, 1789 and March 11, 1791, previously issued notes in denominations of 50 and 100 rubles were planned to be replaced with smaller ones (5 and 10 rubles) in the amount of 30 million rubles.

This was supposed to contribute to the spread of the circulation of banknotes among the general population, and thereby to the displacement of metallic money, which gradually began to more and more take on the character of a commodity, while banknotes, on the contrary, gradually became credit banknotes (without recognizing them by law as mandatory payment means between private individuals).

On these grounds, notes worth more than 50 million rubles were issued, and the Moscow and St. Petersburg Assignation Banks were transformed into the State Assignation Bank. However, the situation soon changed. In 1787, a new Russian-Turkish war began. It was followed by wars with Sweden and Poland, and at the end of the reign of Catherine II - with Persia. The need for money was increasing. Bank notes worth 111 million rubles were issued in 1790, 124 million rubles in 1793, 157.7 million rubles in 1796, of which only 32 million rubles were replaced in circulation by metal coins.

In connection with the difficulties encountered in exchanging banknotes for copper coins, in 1789 an order was issued “not to release large sums into one hand, so that no harmful monopoly arises from this.” As the number of banknotes increased, their rate began to fall rapidly. Back in 1787, it was on average defined as 97 to 100, but already in 1788 it fell to 92, in 1790 to 87 and in 1795 even to 68. During the reign of Paul I (1754-1801), the issue of banknotes to cover financial needs continue, although at the same time some attempts are being made to strengthen the rate of banknotes. On December 12, 1797, the State Assignment Bank was authorized to produce new release banknotes in the amount of 53,595,600 rubles.

In an effort to fix the rate of banknotes, but not being able to bring it to parity with the silver ruble, the financial department decided to exchange banknotes for silver with an agio (lazhem) in favor of silver of 30 kopecks. For this purpose, “considerable sums, including gold and silver, were contributed to the exchange fund in order to, by exchanging banknotes for them, achieve the goal of securing a loan for the borrower.”

However, soon the State Assignment Bank was unable to meet the exchange requirements (since the market rate was lower established by law). The exchange fund was depleted. In connection with this decree of July 21, 1798, it was decided to increase the rate to 40 kopecks per 1 ruble. The exchange fund did not disappear completely, but the attempt to eliminate fluctuations in the rate of banknotes remained unfulfilled.

The Italian campaign, which required a significant increase in military spending, led to another issue and a significant decrease in the rate of banknotes (in 1800 - 65 per 100). By issuing banknotes, it was possible to pay off various internal debts, although, of course, this method of payment cannot be considered ideal.

During the difficult period for the state from 1805 to 1810 the only way cover the deficit Money Given the difficulties in obtaining loans, the issue of banknotes remained, which began to be produced without any control and in amounts far exceeding the needs of commodity circulation. With the decline in production due to distrust in paper money both within the state and especially abroad, the exchange rate of the assignat ruble constantly decreased and by the end of 1810 it was barely its nominal value.

Under the pressure of circumstances active participation Count M.M. Speransky, the closest adviser to Alexander I, the government took a number of measures to streamline the monetary system, as stated in the manifesto of February 2, 1810:

1. All bank notes in circulation were recognized as public debt, secured by the wealth of Russia.
2. The issuance of new banknotes was henceforth stopped and was allowed only to replace old banknotes.
3. The merchants of St. Petersburg, Moscow and Riga received the right to nominate one representative each as directors of the State Assignation Bank.
4. In all provincial and other major cities exchange offices were established.
5. To regulate the circulation of banknotes, it was planned to use a fixed-term internal loan.

In order to gradually repay the government's debt, the manifesto of May 27, 1810 announced the issue of an internal loan of 100 million rubles in banknotes. All proceeds were ordered to be publicly burned. The same manifesto established a redemption commission government debts.

The Manifesto of June 20, 1810 established new foundations for the monetary system: “The main... measure of all coins formed in the state is the silver ruble.” The silver ruble was to become a universal legal unit of account for all payments in Russia. On August 29, 1810, the copper coin was declared a bargaining chip. Along with the copper one, a silver small change coin was also installed.

On April 9, 1812, a manifesto “On the introduction of universally uniform circulation of state bank notes” followed, according to which taxes (taxes and arrears) were to be collected in notes at 2 rubles for 1 ruble in silver, and customs, forestry, postal income, from state lands - at 3 rubles in banknotes for 1 ruble in silver or banknotes at the exchange rate of the day. As for settlements between private individuals, all payments in accordance with agreements, transactions, contracts concluded after the publication of the manifesto were to be made exclusively in banknotes, and according to previous contractual acts - in silver or banknotes at the exchange rate of the day.

These good intentions, however, did not come true. Patriotic War and foreign military campaigns of 1813-1814. determined in 1812-1815. a number of issues in the amount of 244.4 million rubles. This entailed a significant drop in the exchange rate, which reached its limit in 1814-1815, when the banknote ruble was valued at only 20 kopecks in silver.

Nevertheless, thanks to the measures taken in 1816, it again rose to the previous level of 25 kopecks in silver. There were, as it were, two currencies in the country - metal and paper, the mutual value of which was established not by law, but by agreement of private individuals, which differed for almost every transaction. This situation, of course, was extremely unfavorable for the development of the country's productive forces, and therefore the question of regulating monetary relations again arose.

The manifesto of April 16, 1817 reorganized the Commission for the Repayment of State Debts. To reduce the number of banknotes, and in 1817 there were 836 million rubles in circulation, it was planned to repay part of them by again resorting to loans. On May 10, 1817, a provision on permanent deposits was introduced, in exchange for which tickets were issued for the deposited amount with a 29% premium, bringing 6% of income.

On June 26, 1818, the second regulation on deposits was issued, according to which 85 rubles of contribution were counted as 100. As a result, it was possible to attract 108.4 million rubles. In addition, bonds of two 5% external loans were issued, a significant part of which was used to repay the notes.

The amount of banknotes in circulation was reduced by 229.3 million rubles, of which by 10.9 million rubles due to paper money not presented for production in 1819-1820. exchange for banknotes of a new type. The total amount of banknotes was increased by 1823 to 595,776,310 rubles. However, as a result of the withdrawal, there was only a slight increase in the rate of banknotes, which has no practical significance.

For this reason, in 1822, the withdrawal of banknotes was suspended, and the total number of them in circulation did not change until the reform of 1839-1843. The government sought to keep paper money in circulation by requiring that all government payments be made exclusively in banknotes. By this time, the appearance of arbitrary crap belongs, i.e. additional payments depending on a private agreement for agreeing to accept payment in banknotes rather than in silver.

The arbitrariness of screw-ups brought such chaos into monetary circulation and caused so many complaints that in 1839 the need for monetary reform became obvious in order to establish a mandatory exchange rate for banknotes. Its initiator was Count E.F. Kankrin, then Minister of Finance.

As a result of the withdrawal of banknotes from circulation, which burdened the state treasury with a debt of more than 252 million rubles in silver with annual interest of up to 15 million rubles, it was possible to increase the value of banknotes by only 10 kopecks. E.F. Kankrin considered it necessary to stop their seizure, and use the 30 million rubles allocated for this operation to pay off interest debts. Later it became obvious that he was right.

For several years, when the banknotes were not redeemed, they not only did not lose their value, but their exchange rate even increased slightly. In 1839, the silver ruble became the main payment coin. State banknotes received the status of auxiliary banknotes, and their constant exchange rate was established: 30 rubles in banknotes per silver ruble.

All payments and all kinds of monetary transactions were ordered to be made in silver coins. The exchange bill rate was quoted only in silver. District treasuries were charged with the obligation to exchange banknotes for silver, and vice versa - silver for banknotes at the established rate, but with the issuance of no more than 100 rubles in silver per person.

Establishment of a depository office

An important event was the decree on the establishment, on January 1, 1840, of a depository office at the State Commercial Bank, which accepted silver deposits for storage and issued tickets in return for the corresponding amounts. Initially these were tickets in denominations of 3, 5, 10 and 25 rubles, but later tickets in denominations of 1, 50 and 100 rubles were introduced.

Each private individual could deposit a certain amount of silver into the depository office and in return receive tickets, which were recognized as equal to a silver coin. Tickets could be easily exchanged for silver. By the end of 1840, there were deposit notes worth 24,169,400 rubles in circulation. The deposit tickets were a complete success.

Visitors literally besieged the cash register. Everyone was in a hurry to get tickets in exchange for gold and silver. The cash desk operated until September 1, 1843. Then the issue of deposit tickets was discontinued. The change in the monetary system and the accumulation of metallic money in deposit offices led to the goal outlined by Count E.F. Kankrin, - to the devaluation of banknotes. The release of deposit notes was a precursor to the replacement of banknotes with credit notes. On June 1, 1843, the famous manifesto “On the replacement of banknotes and other banknotes with credit notes” was published.

Credit tickets

Introduction of credit tickets

The idea of ​​issuing credit notes belonged to Nicholas I (1796-1855), who first intended to issue notes that would bring a certain income to their holders. But later it was decided to issue credit notes that act as money. The Manifesto of July 1, 1841 allowed issuing loans secured by land and buildings with pre-prepared credit notes (50 ruble bills), which would circulate on a par with money.

They were issued “to facilitate the circulation of credit institutions and to increase in popular circulation the mass of easily movable tokens, exchangeable for coins, gold and silver, ruble for ruble, and secured by the entire property of the Empire.” This time, a permanent exchange fund of gold and silver coins was established, which was supposed to increase with each new issue of banknotes and amount to at least one third of the nominal amount of banknotes issued for circulation.

Thus, three types of paper money were in circulation at the same time: banknotes, deposit notes and credit notes. To eliminate the diversity of banknotes, by the manifesto of June 1, 1843, they were all replaced by state banknotes. The new credit ruble was equal to the silver ruble and 3 rubles 50 kopecks in banknotes.

In the period 1843-1852. They continued to resort to issuing paper money, but their exchange was carried out completely freely. Confidence in the firm and unchanging policy of the Russian government encouraged foreign entrepreneurs, frightened by the growth of the popular liberation movement of the late 1840s in their own countries, to transfer their capital to Russia. In this regard, credit cards enjoyed high confidence among the population at that time.

Trying to stay the course

But such prosperity in the field of monetary circulation did not last long: on October 20, 1853, the Crimean War was declared. Since the attempt at an external loan failed, and they did not dare to take an internal loan, all that remained was to resort to issuing paper money. Without a corresponding increase in the exchange fund, the purchasing power of the credit ruble began to decline and by 1858 fell by 20%. I had to cancel the exchange of credit tickets. Due to the sharp fluctuation of the exchange rate, the government resorts to a number of measures to maintain it, spending about 20 million rubles on this, but does not achieve the desired results.

A shortage of silver coins was discovered everywhere; it became profitable to melt them into products and sell them abroad. In view of this, the government in 1860 decided to issue new silver change coins of 20, 15, 10 and 5 kopecks with a decrease in their internal denomination by 15% compared to the nominal price.

The fineness and weight of silver coins of 1 ruble, 50 and 25 kopecks were left unchanged. However, in order to suppress the ongoing outflow from the country of silver of the 72nd standard, by decree of March 21, 1864, the standard was lowered to the 48th, and the internal denomination of silver coins was reduced to 50%. The mandatory issuance of small change coins for each payment was limited to 3 rubles. Treasury institutions were obliged to accept it at nominal price for any amount.

After graduating in 1856 Crimean War industry and trade began to gradually recover. In the early 1860s, the financial situation of Russia improved, and therefore, on January 1, 1862, the exchange of paper money was restored. This operation absorbed a special loan and part of the exchange fund of 107 million rubles. Credit notes worth 79.3 million rubles were seized, 45.6 million of them were destroyed, and the rest were then released into circulation again.

In 1864, the exchange of paper money was suspended. With the announcement of the Russian-Turkish war in 1877, another issue followed, as a result of which already in 1878 the credit ruble lost 1/3 of its purchasing power. By January 1879, there were credit notes in circulation for a previously unheard-of amount of 1,188 million rubles, with a completely insignificant exchange fund.

In order to improve the monetary system, by decree of January 1, 1881, it was planned to stop issuing and reduce the number of banknotes, which by that time were in circulation in the amount of 1133.5 million rubles. It was planned to withdraw credit notes worth 400 million rubles (50 million per year) over eight years in the hope of increasing the purchasing power of the ruble, improving the exchange rate and creating conditions for restoring exchange. However, the treasury did not have enough funds to annually withdraw credit notes by 50 million rubles. As of February 1, 1885, the amount of tickets in circulation was 1,046 million rubles. In six years, i.e. by 1891, only 87 million rubles of credit notes were withdrawn from circulation instead of the estimated 300 million.

Preparing for a new reform

Such a slight reduction in the number of banknotes did not have a noticeable effect on their rate, which continued to remain at the level of 1881. In 1892, preparations began for a new monetary reform. First of all, it was necessary to accumulate a significant supply of metallic money for exchange and strengthen the exchange rate of the credit ruble.

Already in 1870, based on the experience of Western European countries, it was possible to foresee that Russia would have to switch from silver to gold circulation and, therefore, restore exchange in relation to the gold unit. The gold reserve at which exchange became actually possible was accumulated by 1897.

Beginning in 1876, customs duties were collected in gold coins. The State Bank was allowed to accept foreign bank notes redeemable for gold, domestic ones from individuals securities, issued for metal money, gold bars, assignments of mining boards, exchanged for gold, expenses, i.e. bills of exchange, in settlements for foreign trade, paid in gold, and issue in return deposit receipts, which customs authorities were obliged to accept as payment at a nominal price, and the bank exchanged for semi-imperials. Deposit receipts were issued in four denominations: 50, 100, 500 and 1000 rubles.

This measure, caused by the need to find funds to cover foreign payments, at the same time was a harbinger of the transition from silver to gold currency. At the same time, restrictions are imposed on the role of silver in monetary circulation. By decree of October 9, 1876, the law on the basis of which the St. Petersburg mint bought silver from the population for minting coins at 22 rubles 75 kopecks per pound. In 1881, purchases were resumed, but at the exchange price of silver.

When the first part of the preparatory work was completed, i.e. gold reserves had been accumulated and the stability of the credit ruble exchange rate had been ensured, one more important task remained to be solved - to accustom the population to gold circulation. According to the letter of the law, the main Russian monetary unit was the silver ruble.

The gold coin was not formally a means of monetary circulation, and the parties entering into any transaction could not stipulate the form of payment in gold. To remove this restriction, a law was passed on May 8, 1895, which allowed settlements for transactions in Russian gold coins and at the same time gave some priority in relation to stamp duty. Payment could be made either in gold coins or in credit notes at the exchange rate for gold on the day of payment.

On May 24 of the same year, the institutions of the State Bank were authorized to buy and sell gold coin at the rate fixed by the Minister of Finance. Before this, the State Bank had the right to accept gold coins only at the nominal price indicated on it: semi-imperial 5 rubles, and imperial 10 rubles. By the mentioned law, the bank was allowed to buy gold coins at a certain rate: 7 rubles 50 kopecks for a half-imperial and 15 rubles for an imperial. Thus, exchange was actually established, since everyone could present 7 rubles 50 kopecks or 15 rubles in credit notes to the State Bank and receive half-imperial or imperial for them.

On July 20, 1895, State Bank institutions were authorized to accept gold coin for current accounts and deposits at a certain rate, and on November 6, 1895, this permission was extended to government institutions for all payments. These measures finally prepared the transition to a gold currency. The manifesto of January 3, 1896 introduced the minting of a new gold coin of 5 rubles, equal to 1/3 of an imperial, and then the gold ruble, equal to 17,424 shares, was declared the monetary unit pure gold. Since 1898, a gold coin of 10 rubles began to be minted. The imperial and semi-imperial of the previous coinage remained in circulation and were valued at 1.5 times more expensive than the new imperial.

Definition

Assignation ruble

Banknotes 1769-1785

Banknotes 1786-1818

Banknotes of 1802

Note - This the historical name of paper money issued in the Russian Federation from 1769 to 1849 and appeared in connection with the development of commodity production and the economic feasibility of withdrawal from circulation as money gold and other metals. To a certain extent, the name "A." has survived to this day.

Note - this is the name of the order that one person - the assignee - gives to another - the assignee - to receive from a third - the assignee a certain value, and at the same time the assignee receives an order to make this issue. It may happen that the assignee is a debtor of the assignataire and a trustee of the assignat, and in this case, by means of an assignat, he simultaneously fulfills his claim and destroys the obligation lying on him. However, it also happens that the assignee does not have the right to demand anything, but only uses the assignat to borrow from the assignat; he may not even be a debtor of the assignat, but simply wants to help him through the assignat loan or just authorize him to collect money at his, the assignee's, expense. Normalizing the ordinary banknote more closely (it makes no difference whether it is expressed in writing or simply verbally), most current legislation follows in the footsteps of Roman law, which emphasized not the property nature of the obligation and the associated right of claim, but the personal one, and looked at them only as an individual relationship between strictly defined individuals. The issuance of a banknote by the assignee only implies the acceptance of an order to collect, and therefore does not oblige the assignee to anything. But only the last one accepts it offer, he is already obliged to fulfill the order given to him, must induce the assignat to fulfill it by announcing to him about the assignat, and is responsible for the malfunction, for example. for non-collection. In the same way, it is not necessary for the assignat to accept the order to make the payment; only from the moment of the announcement of its acceptance does the latter become obligatory for him. If he evades the promised payment, he must unconditionally answer to the assignee for the harm and losses resulting from this.

The question of whether the assignee can independently demand from the assignee by the court the fulfillment of the promise of taking over the assignat, or whether only he is given the right of recourse to the assignee, seems controversial. After satisfying the assignee, the assignee may demand from the assignee, on the basis of the authority received from him, the repatriation of what was paid, if he did not owe the same amount to the assignee or received from him the corresponding amount of money for this payment. If the acceptance or payment of the assignation has not taken place, the legal relationship arising between the assignee and the assignee should be determined. If the assignee's demand was to be satisfied by means of an assignment, then his right of recourse against the assignee arising from the original obligation is returned to him, for example. he has the right to demand payment of the purchase price if he has been authorized to collect by means of an assignation the amount due from the assignee for the said payment. In this case, the objection that he has already received satisfaction from the provision of the banknote cannot matter, since " banknote- non-payment" and the debtor-assignee remains obligated until the assignee is actually satisfied. In the case where the assignee completely deprives the assignee of his right of claim, for example, when assigning an obligation, assignment, the assignee is responsible only for authenticity (ventas nominis), but not for successful implementation (bonitas nominis) of the demand; if the assignation is expressed in the form of a delegation, then he is exempt from all liability. An assignment that has not yet been executed can be unilaterally destroyed at the will of the assignee, and, like all other powers of attorney, terminate with his death.

There are many deviations from these basic provisions in banknotes made by merchants, called trade banknotes. These deviations are caused by the need to put future values ​​into circulation as components of property and use them for payment. In view of this, the law allows certain deviations from the provisions that determine the relations of the persons participating in the original transaction, and an independent system of rights and obligations arising from the abstract assignment transaction is created for all participants. According to German law, a trade note (kaufm dnische Anweisung) consists of a written act, also called “Anweisung” and containing an indication of the amount, an order for payment, the names of the assignee, the assignee and the assignee, the time of payment, the place and date of issue. Such banknotes are similar to bills of exchange and therefore are compared with them by legislation: Saxon, Bavarian, Saxe-Weimar, Saxe-Altenburg and Reis principalities. A. is mainly used by small manufacturers and merchants in order to create for themselves loan. When a note is issued by a reputable trading house, it is tacitly assumed that the assignee wishes to induce the assignee to payment for delivered goods after revenue within a certain period. The assignee cannot induce the assignee to pre-announce the acceptance payment according to the banknote and, nevertheless, if one is denied to him, to take advantage of the established for bills the right of recourse against the previous scribe or the person who issued the note. But once the note is accepted by the assign, then the power of bill law applies to it. Likewise in France, Belgium, the Netherlands, Italy, Portugal, Britain and the United States North America banknotes, and even non-trade ones, are given promissory notes. Other German states, besides those mentioned above, guided by the German trade statute, distinguish trade notes from ordinary ones in the sense that the assignee can force the assignee as soon as the latter has accepted the note for payment according to trade custom, without being embarrassed by any excuses arising from special assignee-to-assignee relationship. In addition, such a note, if it is only issued not only for payment to the original recipient, but also “to whomever he orders,” can be further transferred by signature and, finally, in case of loss, can be depreciated in the same way as .

In our legislation we do not find any special instructions on banknotes. An order given to the debtor to make a payment to a third party can be carried out as a transfer by signature of a promissory note, which, if its object consists of a cash payment not secured by collateral, can be transferred regardless of the will of the debtor, but without recourse (recourse) to lender(Article 2058, X volume, 1 part of the St. Civil Law), and by way of a power of attorney or assignment given to a third party, i.e., without providing him with an independent claim, much less recourse. In our legislation, a banknote in the precise sense of the word merges with the concept of a draft.

Assignment ruble

Assignment ruble- first the settlement, auxiliary, and then the main monetary unit united Rus' from 1769 to January 1, 1849, which was in circulation on a par with the silver ruble with the market exchange rate for both currencies. In total there were 4 monetary issues of Russian banknotes: in 1769-1785, 1786-1818, 1802 and 1818-1843. On Russian banknotes the inscriptions “Acts for the benefit of the Fatherland” and “Love for the Fatherland” were used.

Banknotes 1769-1785

The appearance of assignation rubles was caused by large government expenditures on military needs, which led to a shortage of silver in the treasury (since all payments, especially with foreign suppliers, were carried out exclusively in silver and gold coins). a lack of silver and the huge amounts of copper money in domestic Russian trade meant that large payments were extremely difficult to make. Thus, the district treasuries were forced to equip entire expeditions when collecting poll taxes, since a separate supply was required to transport on average every 500 rubles of tax. All this necessitated the introduction of certain state obligations, a kind of bills for large calculations.

The first attempt to introduce banknotes was made by Peter III, who signed a decree on May 25, 1762 on the establishment of a state bank, which was supposed to issue banknotes in denominations of 10, 50, 100, 500 and 1000 rubles for a total amount of 5 million rubles.

The decree was not implemented due to a coup d'etat carried out by Catherine II, who in turn returned to the idea 7 years later issue of securities banknotes. On December 29, 1768, a manifesto was signed and published on February 2, 1769 on the establishment of branches of the Assignation Office in St. Petersburg and Moscow jar who received the exclusive right release banknotes. The manifesto stated that banknotes circulate on a par with coins and are subject to immediate exchange for coins on demand in any quantity. It was established that the issue of paper money should not exceed the cash amount of the coin in bank. The original Assignation Bank amounted to 1 million rubles in copper coins - 500 thousand rubles each in the St. Petersburg and Moscow offices. The monetary issue of banknotes was also determined at 1 million rubles. The bank issued the following denominations: 25, 50, 75 and 100 rubles. This issue of securities had a primitive appearance, which simplified falsification. Banknotes in denominations of 25 rubles were converted into 75. Therefore, by decree of June 21, 1771, banknotes in denominations of 75 rubles were discontinued and withdrawn from circulation. The size of the banknotes 1769-1773. 190 x 250 mm. These banknotes are rare and are of collector's interest.

Initially, the issue of banknotes was a great success, but since there was only a copper coin in the bank, the banknotes were exchanged only for it. This provision was enshrined in law by a decree of January 22, 1770. Thus, the banknote was firmly tied to the copper coin, which from now on became in fact only a means of exchange for the latter. At the beginning of the existence of the new monetary system, this disparity could not yet greatly influence the purchasing power of the new, unsecured precious metal ruble Since 1780, the import and export of bank notes abroad was prohibited: the banknote ruble ceased to be convertible. At the same time, the monetary allocation increased, and from the second half of the 1780s. a sharp decline in the exchange rate of paper money began, pulling with it its exchange equivalent - copper coins. Price scissors appeared, from now on there were two independent monetary units in the country: the silver ruble, backed by precious metal reserves in the treasury and equal to 100 silver kopecks, and the assignat ruble, unbacked by anything other than the population’s trust in the authorities and equal to 100 exclusively copper kopecks.

Banknotes 1786-1818

By the end of the 18th and beginning of the 19th century, the rate of banknotes fell sharply. Military costs Russian Federation were so great that in 1814-1815 the exchange rate was 20 kopecks per ruble

The government promised to reduce the amount of paper money, but it was never kept. The manifesto of June 1787 provided for the number of banknotes at 100 million rubles, but it grew to 57.7 million rubles.

For the purpose of undermining Russian economy Napoleon began issuing counterfeit banknotes. It was difficult to distinguish a fake banknote from a real one - the fakes often looked even more convincing because they were printed on better paper. Unless the signatures were made in a typographical way (on the original banknotes these were genuine signatures made in ink). Some fakes had spelling errors: for example, the word “walking” on the fakes was displayed as “holyacheyu”.

Banknotes of 1802

Banknotes of this type are known only in samples. Number 515001 is the same on all issue notes. The sizes of banknotes of each denomination are not the same.

Banknotes appeared in Russia in the late 70s of the 18th century; they opened a new milestone in the history of monetary circulation in the country. With their arrival, the first state-owned banks and exchanges were formed, and the process of forming the securities market and its development began. Before this period, the unit of account Russian Empire coins made of various alloys were used, the production of which required constant mining of metals. And if there was enough copper, then the reserves of silver and gold were not unlimited. On the other hand, with the growth of trade turnover, the question of the inconvenience of the money itself in circulation began to be raised more and more often, in particular the heaviness and bulk of copper coins was implied. The idea of ​​issuing banknotes was repeatedly voiced in the highest circles of government.

What it is?

The banknote is the first monetary unit Russian state, which began to be reproduced on paper (1769-1849). Its appearance marked the beginning of long-awaited changes in the country's ossified monetary system. The banknotes became a kind of platform for the subsequent series of reforms and played a significant role in bringing Russia closer to European countries in monetary terms.

The word “assignation” has Latin roots and is translated as “appointment”. In some countries, such as France, Belgium and Portugal, the first banknotes were equivalent to a bill of exchange and were drawn up in a strictly appropriate form. In Germany they were a written act. In all cases, the experience of using them has shown that this business is profitable for the state and significantly facilitates the financing of expenditure items. But it was difficult for European society to immediately accept the value of plain paper in comparison with gold and silver coins, so banknotes were more often presented in the form of government bonds.

The first paper money

Historians date the beginning of the use of paper money to the 8th century, when China began to issue heavy iron coins that had little purchasing power. To facilitate the circulation of inconvenient money, people began to leave it with merchants, and in return use the receipts they received. This practice quickly spread. The government, having taken away the right of merchants to issue receipts, began to print the first state notes - receipts that served as a replacement for coins.

The Stockholm Bank in Sweden stopped issuing silver coins in 1661 and began issuing Europe's first paper money. It is known that such banknotes had a wax seal and bankers’ signatures were manually applied to each of them. IN late XVII century, the Bank of England also issues national banknotes. By the middle of the 18th century, most countries were already using banknotes as the main means of monetary circulation, and metal money acquired the status of small change.

Prerequisites for the emergence of banknotes in Russia

In the ruling circles of Russia in the 18th century, there was an increasing understanding of the imperfection and limitations of a monetary system based only on coin circulation. The financial economy was in a deplorable state, aggravated by palace coups. The absence of any documentary reporting of income and expenses contributed to various abuses and embezzlement. On the other hand, endless military campaigns with enormous costs also had a negative impact on the state treasury.

To solve financial problems and increase government revenues, it became common practice for the government to increase the minting of coins, which led to their depreciation and rising prices for goods. Copper coins became the main means of payment, displacing silver in monetary circulation, and flowed abundantly into the treasury through taxes and duties. All this led to increased financial difficulties.

The country's chronic budget deficit and the inconvenience of handling heavy coins became the reasons for the issue of banknotes in Russia.

To be or not to be

Proposals to introduce paper banknotes into the monetary system came to the government apparatus during the reign of Empress Anna Ioannovna, then Elizaveta Petrovna. To His Majesty Peter III Advisor D. Volkov approached with the developed financial project; he proposed to found a State Bank with the privilege of issuing paper tickets in denominations of 10, 50, 100, 500 and 1000 rubles. Experiencing a lack of financial resources to carry out a campaign in Denmark, Peter decides to issue banknotes. But the subsequent coup d'etat interrupts these plans.

In 1768, Empress Catherine II received a note from the Novgorod governor J. Sivers, in which he spoke about the need and benefits of introducing banknotes in Russia. The author of the message stated detailed plan implementation of this intention. He recommended providing banknotes with copper money for rapid implementation. In the circumstances of the outbreak of military clashes with Turkey, Sievers’ recommendations and judgments turned out to be very timely. Prosecutor General A. Vyazemsky, who was in charge of finance, developed a program for issuing banknotes that could pay off the budget deficit. Being a straightforward politician, he did not hide the fact that such a decision was made under pressure from military spending.

Introduction of banknotes

In 1768, on December 29, a manifesto was signed on the establishment of the Assignation Bank to issue new banknotes. According to the document approved by Catherine II, exchange banks were formed in the cities of Moscow and St. Petersburg to exchange currency with authorized capital half a million rubles each. The first banknotes they issued were essentially bank receipts giving the right to receive coins in the corresponding equivalent.

At first, the promotion of banknotes was not very active. The difficulties that arose among government agencies and private individuals required the personal intervention of the empress in the affairs of the palace chancellery. Gradually, Russian society began to get used to the new money, giving it preference. By April 1769, the St. Petersburg Bank had exchanged over 50 thousand rubles for banknotes. And by 1772, coins began to be exchanged in 22 cities of Russia.

Banknote denominations

The debut issue of banknotes in Russia took place in 1769 in the amount of one million rubles. Paper money was issued in the following denominations: 25 rubles (10 thousand banknotes), 50 rubles (5 thousand banknotes), 75 rubles (3333 banknotes) and 100 rubles (2500 banknotes). Banknotes of smaller denominations (5 and 10 rubles) were issued in 1786. The design of the banknotes was the same and very modest: a digital designation of the value of the banknote and text were applied to white paper with watermarks, and the serial number was also indicated once. Later the design became significantly more complex.

The first paper notes of that period were not very different from a moneylender's receipt. Nevertheless, they greatly facilitated large payments, movement and storage of money.

Counterfeit bills

The simplicity of the appearance of the banknotes, the low quality of the paper and the almost non-existent security provoked the arrival of a large number of counterfeit 75-ruble banknotes converted from 25-ruble banknotes. The fake hardly differed from the original and could hardly be detected by ordinary people. The palace chancellery regularly received reports of the identification of fake papers. As a result, in 1771, 75-ruble banknotes were canceled and withdrawn from circulation. Interestingly, the production of counterfeit money was practiced by all segments of the population, including clergy.

The increasing number of counterfeit banknotes prompted the government to issue a new type of money in 1786, but their quality and security did not solve the problem and left much to be desired. The state strictly punished those responsible for falsifying banknotes. This was considered a serious crime and was punishable by death, and in the presence of mitigating circumstances, by life imprisonment.

Depreciation of banknotes

The issue of banknotes was the main source of replenishment of the state treasury. Continuous growth budget expenditures, arrears in collecting duties, payment for external loans forced to start the printing press every time. In 1787, there were 100 million rubles in circulation. And as it turned out, this was not the limit. The outbreak of a series of wars with Turkey, Sweden, Poland and Persia provoked an increasing need for funds. In 1790, the issue of banknotes reached an amount of 111 million rubles, and in 1796 - almost 158 ​​million. As a result, the value of a ruble banknote fell to 79 kopecks.

During the reign of Paul I, despite a number of measures taken, the situation became increasingly worse. The exchange rate of the paper note continued to fall, in 1801 it was already 66 kopecks. The next emperor, Alexander I, managed to slightly reduce the budget shortfall. And in 1803, the assignation ruble managed to rise to 80 kopecks, but the growth stopped there. In the subsequent war years, to cover large expenses, the government again resorted to increasing the issue of banknotes. This led to the fact that by 1815 the price of the assignat ruble collapsed to 20 kopecks in silver.

Attempts to improve finances

By 1817, the volume of banknotes reached the amount of 836 million rubles, the reduction and repayment of which required new loans. In fact, there were two currencies in circulation (metal and paper), whose value was determined not by law, but by agreement between private individuals. The current financial situation in the country was extremely unfavorable and required regulation.

On May 10, 1817, the Regulations on Perpetual Investments came into force, according to which investors received tickets with a 29% premium for the amount deposited. A year later, a second resolution was ratified, where 85 rubles of deposit were counted as 100 rubles. Thus, we managed to attract about 108 million rubles. In addition, bonds of two 5% foreign loans were issued, a significant part of which was used to repay the notes.

These general actions by 1823, they reduced the amount of unsecured banknotes to 600 million rubles (their rate rose slightly), but the overall picture did not change. In this regard, withdrawals were suspended, and the number of banknotes in circulation no longer changed.

Monetary reform of E. Kankrin

In the 1820-1830s, monetary circulation in Russia stabilized somewhat, and paper money acquired a more stable exchange rate. Favorable economic phenomena (an expanded domestic market and increased foreign trade turnover) began to ensure a good flow of capital into the state. A market is created against a positive background government debt and the lending system is gaining momentum. Russia gains access to external credit resources, which, together with the rest, leads to stable channels for financing the budget and makes it possible to limit emissions.

Thus, by 1839, the prerequisites were created for the implementation of monetary reform, which was implemented in several stages under the leadership of the Russian Minister of Finance E. Kankrin. The main provisions of the first stages were the consolidation of silver as a means of payment (the banknote was assigned only an auxiliary role) and the issuance of deposit and credit notes for exchange for silver. In fact, the Russian banknotes were devalued. As a result, since 1841, deposit and credit notes, coins (copper, silver and gold) and banknotes, the value of which was 4 times lower than the nominal value, began to circulate in parallel in the state.

The final stage

Final stage Kankrin's reforms envisaged replacing existing paper notes with a single form of currency. The Manifesto of 1843 marked the final point in the above actions. It provided that all banknotes would be replaced by government banknotes. The Expedition of State Credit Notes, created under the Ministry of Finance, was authorized to ensure the exchange of large denominations. The new tickets had a value of 1, 3, 5, 10, 25, 50 and 100 rubles.

Banknotes of deposit notes and government notes were soon withdrawn from circulation. At the beginning of 1848, the Expedition of the Deposit Bank and the Assignation Bank were subject to abolition. Their affairs, transactions and funds were redirected to a new authority.

• Napoleon and his associates were actively counterfeiting Russian funds in order to destroy the country's economy.
• By order of Catherine II, the first raw materials for banknotes were palace tablecloths and napkins.
• In China in the 8th century, during the Yuan Dynasty, government paper money was called “flying coins.”
• In Russia, banknotes with images of monarchs had their own nicknames: the 100-ruble bill with Catherine II was called “Katenka”, the 500-ruble bill with the face of Peter I was called “Petrusha”.
• In France in 1794 the following law was in effect: persons who refuse to accept paper currency, as well as those asking questionable questions about payments were arrested and subject to trial.

December 29, 1768 By decree of Catherine II, the circulation of paper banknotes was introduced in Russia.

In Russia, the first paper money (assignats) were issued during the reign of Catherine II, in 1769. Their release was due to a number of reasons. Coin circulation during the reign of Elizabeth (1741 - 1761) and in subsequent years was based on copper money, since silver and gold were not enough at that time. The expansion of trade relations, which covered the vast territory of Russia, required a large amount of money, more convenient than copper coins, which predominated in circulation, but were unsuitable for large trade transactions. Payment in the amount of 100 rubles in five kopecks copper coins weighed more than 6 pounds (about one hundredweight).

The issue of paper money is closely related to technical and material conditions, the level of productive forces of the state. These include the invention and improvement of paper production, the creation of printing and other printing machines, and the presence of specialists capable of making money. For this it is necessary to create a special enterprise. In Russia until early XIX century, such conditions did not exist, and this hindered the introduction of paper money. However, according to the Manifesto of Catherine II of December 29, 1768, in Russia in 1769 the first paper money began to be issued in the form of banknotes. They didn't look much like money in our minds. These were most likely bank obligations-receipts for receiving the coin.

Banknotes replaced the extremely inconvenient copper money, enjoyed great success and greatly facilitated trade. They paid salaries to government employees. At first, all issued banknotes were backed by coins and, when brought by individuals to the bank, they were immediately exchanged for copper, silver and gold coins. But soon the number of banknotes began to exceed the reserves of coins, and due to excessive production, especially during the war with Turkey, their rate relative to the coin began to fall. IN Last year During the reign of Catherine II, the assignat ruble was given at 68.5 kopecks. Paper for banknotes was produced at the Krasnoselskaya manufactory (and later at the paper manufactory in Tsarskoe Selo) and had watermarks. Printing was carried out at the Senate Printing House.

The quality of the first banknotes was low, both due to poor paper and printing performance. The printed image consisted mainly of text and numbering. Due to the ease of issuing banknotes, soon after issue they began to be counterfeited. The spread of counterfeit banknotes forced the government to introduce a new type of paper money.

Today the site recalls and shows the evolution of Russian banknotes, starting from the era of Catherine II and ending with a limited series of banknotes new Russia in honor of the Olympic Games in Sochi 2014.

The first paper money of the Russian Empire

The first paper money in the Russian Empire were banknotes of 25, 50, 75 and 100 rubles, issued in 1769.

They were printed on white paper with a watermark. It was the peak of technology back then.

The new Russian money was called banknotes and was printed in two banks established by Empress Catherine II in Moscow and St. Petersburg.

The official purpose of replacing copper money with paper money was the need to reduce the cost of issuing money, although they say that in fact, in this way the wise empress raised funds to organize the Russian-Turkish war.

State credit notes 1843−1865.

Implementation new technology in the Expedition, the Procurement of State Papers made it possible to improve the appearance of tickets and enhance their protection.

Everything is done in traditional colors: 1 rub. — yellow, 3 rub. — green, 5 rub. — blue, 10 rub. — red, 25 rub. — purple, 50 rub. - gray and 100 rub. - brown. The front inscription with the number and coat of arms of Russia is made with black paint.

On the reverse side the text is written in black paint, and on tickets worth 100 rubles. color epigastric mesh - rainbow print (iris). This is the first time this has been done. Subsequently, iris was used on grids very often.

"Petenka"

The largest banknote of the Russian Empire is the 500 ruble banknote, issued from 1898 to 1912.

500 ruble banknote

The size of the bill is 27.5 cm by 12.6 cm. In 1910, one “petenka” was two annual salaries of the average Russian worker.

Kerenki

Banknotes that were issued by the Provisional Government in Russia in 1917, and in the period from 1917 to 1919 by the State Bank of the RSFSR on the same cliches before the advent of Soviet banknotes, were called “Kerenki”, named after last chairman Provisional Government of A.F. Kerensky.

As banknotes, they were valued very low, and the people gave preference to royal money or banknotes of the government, which at that time seized power in a particular territory.

Small kerenoks (20 and 40 rubles) were supplied on large uncut sheets without perforation, and during the payment of salaries they were simply cut off from the sheet. A sheet of 50 kerenoks with a total denomination of 1000 rubles was popularly called a “piece”. They were printed in different colors, on inappropriate paper, and sometimes on the back of product and product labels.

250 ruble banknote 1917 Year of release

Limbard

One billion ruble banknote

In the early 1920s, during a period of hyperinflation, the Transcaucasian Soviet Socialist Republic (which is the Azerbaijani, Armenian and Georgian SSR) issued a banknote with a face value of 1 billion rubles (colloquially - limeard, lemonard).

One billion ruble banknote

The front side of the banknote depicted the denomination in numbers and words and contained warning notices, and on back side the artists depicted a female worker, the coat of arms of the TSFSR and floral ornaments.

Paper chervonets

The largest bill in terms of purchasing power after 1917 was the 25 Soviet chervonets bill.

It was backed by 193.56 grams of pure gold. It is worth noting that simultaneously with the paper chervonets issued in the fall of 1922, the Soviets began issuing gold chervonets in the form of 900-carat coins.

In size, the Soviet chervonets fully corresponded to the pre-revolutionary 10 ruble coin.

Payment checks from Natursoyuz

In 1921, during the rampant hyperinflation of Soviet rubles and famine, the Kyiv Natural Union issued settlement checks worth 1 pood of bread. Natural checks were issued in denominations of 1, 2, 5, 10, 20 natural rubles or poods.

It was reported that “the smallest denomination of the Union’s natural kopeck is equal to 1 natural kopeck, which is 1/100 of a pound of rye flour, 10 natural kopecks is 1 share, and 100 natural kopecks is 1 natural ruble (a pound of rye flour).”

Currency reform of 1947

Ticket worth 1 rub. printed on the front side using the typographic method in two colors, and on the back side using the Oryol method in five colors, including iris.

USSR Bank tickets 1961

Tickets are worth 10 and 25 rubles. printed on the front side using a metallographic method on a two-color printing grid, and on the reverse side - typographic printing on an Oryol five-color substrate grid. All bank notes have two six-digit numbers. Paper with a general watermark.

Tickets are worth 100 rubles. similar to tickets for 50 rubles, but the Oryol grid is on the front side. Metallographic printing on the front and back sides.

Checks of Vneshtorgbank of the USSR

In the USSR there was a chain of stores “Berezka”, where they accepted checks of the “D” series.

Such checks represented a monetary obligation of the State Bank (Vneshtorgbank) of the USSR to pay the amount specified in the check and were intended for payments to certain categories of citizens for goods and services. All checks were printed at GOZNAK.

Coupons for scarce goods. USSR

In the early 1990s, the Soviet Union was hit by massive shortages, and money alone was no longer enough to purchase goods.

The Soviet bureaucracy remembered the proven method of distributing scarce products using cards, but at the same time used the delicate word “coupons”.

Tickets of the State Bank of the USSR, sample 1991−92.

When the collapse of the USSR began (1991−1995), the ruble began to be gradually withdrawn from circulation. Last country, which abandoned its currency on May 10, 1995, became Tajikistan.

Bank of Russia ticket samples 1995

Bank of Russia tickets from 1995

The designer who developed the design for most Soviet banknotes was the engraver and artist Ivan Ivanovich Dubasov.

Bank of Russia tickets from 1997

100 rubles, 1997 model

500 rubles, model 1997

Vertical banknote

100-ruble banknote issued for the 2014 Olympics

For the 2014 Olympics, the Bank of Russia issued a commemorative banknote with a face value of 100 rubles. The total circulation of the banknote is 20 million copies. This is the first Russian vertically oriented banknote.