The rouble became the currency of Russia 500 years ago and it is subdivided into 100 kopeks.
Origins and history
The origins of the rouble date back to 1704, when Peter the Great standardised this coin to 28 grams of silver. On 17th December 1885 a new standard that did not change the silver rouble but reduced the gold content to 1161 grams was adopted.
Later on, during the reign of Nicholas I, the silver rouble was declared as monetary unit and main instrument of payment. Banknotes, on the other hand, were to become a supporting instrument of payment.
Despite the reforms, innovations and trials undergone by the rouble, the currency did not lose value until the Russian Revolution in 1917.
During the dissolution of the Soviet Union in 1991, the Russian currency experienced a modification in its design. At this time, the Central Bank of the Soviet Union (Gosbank) put in circulation new banknotes and coins, which were also issued by the Russian Bank in 1992. That very same year, the Bank of Russia issued its first series of Russian rouble banknotes with a nominal value of 5,000 and 10,000 roubles.
In 1993 there was a new reform that, along with the new banknotes issued, would put a stop to the circulation of soviet models.
In March 2014 the Russian rouble was introduced into the Republic of Crimea and the federal city of Sevastopol, after their annexation to the Russian Federation.
Current Russian rouble banknotes and coins
Today, banknotes in denominations of 5, 10, 50, 100, 500, 1000 and 5000 Russian roubles are in circulation.
Regarding coins, denominations of 1, 5, 10 and 50 kopeks, and 1, 2, 5 and 10 roubles are in use.
Did you know?
- After the fall of the Soviet Union in 1991, the rouble faced devaluation.
- The current symbol for the rouble was chosen by Russian internet users through an online survey conducted by the Bank of Russia that lasted for a month.
- The first series of coins appearing in Russia, the Kuna (Russian name for Arab dirhams), were used in Novgorod during the VIII and IX centuries.
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