Roubles Through the Ages

The Russian rouble has a rich history that spans over a thousand years. The first known roubles were introduced in the 13th century as a unit of account.

The rouble was initially pegged to the silver standard, with a fixed value of 1 rouble equal to 1 ounce of silver. This standard remained in place until the 19th century.

In 1704, Peter the Great introduced a new rouble that was equal to 100 kopecks. This change helped to simplify the currency system and made it easier to conduct transactions.

The Russian ruble has a rich and fascinating history that spans over 700 years. It originated in the 14th century as a unit of weight, with the most used currency being a small silver coin called a denga.

The ruble was first introduced as a coin in 1704 by Peter the Great, who also made it the first decimal currency in Europe by dividing it into 100 kopecks. The silver ruble was used until 1897 and the gold ruble was used until 1917.

The Russian ruble went through several changes, including the introduction of paper notes, and was replaced by the Soviet ruble in 1922. The Soviet ruble remained in circulation until 1993, when it was replaced by the Russian ruble, which is the current currency used in Russia.

The Imperial ruble was first introduced in 1704 by Peter the Great, who made it the world's first decimal currency by dividing it into 100 kopecks.

Before that, the ruble was a unit of weight, and people used silver coins called dengi to make transactions. The weight of a denga coin was unstable and fluctuating, but by 1535, one Novgorod denga weighed 0.68 g of silver.

In the 17th century, the weight of a kopek coin reduced to 0.48 g, making one ruble equal to 48 g of silver. However, this led to counterfeiting and inflation, and the new monetary system was eventually abandoned.

The Imperial ruble was minted in silver, with 20.22 g of fine silver in each coin. Coins worth over a ruble were minted in gold and platinum, with a ratio of 15:1 for the values of the two metals.

The value of the ruble was pegged to the French franc in 1885, and later revised in 1897 to 1 ruble = 22/3 francs. This ruble was worth about US$0.5145 in 1914.

The Imperial ruble was used until 1922, when it was replaced by the Soviet ruble after the founding of the Soviet Union.

The Soviet Union's currency, the Soviet ruble, was introduced in 1922 and remained the sole currency of the Soviet Union until its breakup in 1991.

It was issued by the State Bank of the USSR and had the ISO 4217 code: SUR.

The Soviet ruble continued to be used in the 15 Post-Soviet states until it was replaced by new national currencies.

In the Russian Federation, the Soviet ruble was replaced by the Russian ruble by 1993.

The Russian ruble has a rich history of denominations, and understanding them can be a bit overwhelming. But let's break it down.

In the 19th century, copper coins were issued for 1⁄4, 1⁄2, 1, 2, and 5 kopeks. Silver coins were introduced for 5, 10, 25, and 50 kopeks, as well as 1 ruble.

The value of the Assignation rubles fell relative to coins until 1839, when the relationship was fixed at 1 silver ruble = 3+1⁄2 assignat rubles. This change had a significant impact on the economy.

In 1840, the State Commercial Bank issued 3, 5, 10, 25, 50, and 100 ruble notes. These were followed by 50 ruble credit notes of the Custody Treasury and State Loan Bank.

The current banknotes of the Russian ruble are issued in denominations ranging from 5 to 5,000 rubles. The obverse of the banknotes is adorned with images of structures and monuments, such as a bridge over the Yenisey River in Krasnoyarsk.

The current coins are denominated in values from 1 to 50 kopecks, and there are also coins ranging in value from 1 kopcek to 10 rubles.

The Russian ruble has had its fair share of ups and downs in modern times. In 1998, the ruble was redenominated, making one new ruble worth 1,000 old rubles.

The ruble's value has fluctuated significantly over the years, influenced by global events such as the 2014 annexation of Crimea and the 2010s oil glut. It depreciated from around US$1 = 30 ₽ to US$1 = 60-80 ₽ between 2014 and 2021.

The ruble's decline accelerated in 2022 due to sanctions, with the value dropping to around US$1 = 110 ₽. However, it briefly recovered to above its pre-invasion level in April 2022.

Here are some key milestones in the ruble's recent history:

In 1992, a new set of coins was issued, marking the beginning of the Russian Federation's currency, the ruble, as we know it today.

The Soviet ruble was replaced by the ruble at par, with the same value, and was assigned the ISO 4217 code RUR and number 810.

The ruble's exchange rate versus the U.S. dollar depreciated significantly from US$1 = 125 RUR in July 1992.

By 1998, the exchange rate had dropped to approximately US$1 = 6,000 RUR, leading to a redenomination of the currency.

In 1998, the Russian ruble was redenominated with the new ISO 4217 code "RUB" and number 643, exchanging at the rate of 1 RUB = 1,000 RUR.

The redenomination was an administrative step that reduced the unwieldiness of the old ruble, but it occurred on the brink of the 1998 Russian financial crisis.

The ruble lost 70% of its value against the US dollar in the six months following this financial crisis, from US$1 = 6 ₽ to approximately 20 ₽.

It stabilized at around US$1 = 30 ₽ from 2001 to 2013, but then depreciated to the range of US$1 = 60–80 ₽ from 2014 to 2021 due to the annexation of Crimea by the Russian Federation in 2014 and the 2010s oil glut.

The ruble further declined to US$1 = 110 ₽ in 2022 due to sanctions following the Russian invasion of Ukraine.

Here's a rough timeline of the ruble's exchange rate against the US dollar since 1998: