Plenty of names have been suggested for the savior of the Soviet financial system: tselkovy, federal, hryvna! The not-yet-forgotten word “chervonets,” which in the 19th century would refer to a 3-ruble Russian gold coin, seemed to be the perfect name. The value of the new note was augmented to 10 rubles, but the gold remained, albeit figuratively: the chervonets, issued by the Gosbank in accordance with a Sovnarkom Decree, was backed by 7.74234 grams of pure gold. This was the first – and so far, the last – convertible currency in the post-revolution history of our country. The reddish notes with the RSFSR coat of arms survived till the post-war monetary reform leaving a legacy of the word “chervonets,” now used to refer to any note with a value of 10: be it even the hryvna or the euro.
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