The first paper-based banknotes. When and where did paper money first appear? Financial policies of Great Britain and France

Where and when did paper money appear? In what century, in what country and under what ruler? The cradle of many amazing inventions - the Chinese Empire - and here it bypassed other regions ancient world, offering a novelty unprecedented at that time - paper money. Is it any wonder that this happened in China, where paper itself appeared for the first time in the world (105 AD)? Sources vary the time of appearance paper money, since in one case the date of birth of private Chinese money is indicated (eighth century AD), and in the other - of state money (812 AD). The Tang Dynasty introduced paper into circulation. Copper four-gram coins were then used for calculations. As presented by the author of the book “The Smallest Trifle,” Vyacheslav Storozhenko, the birth of money from paper looks like a parable.

When and where did the first paper money appear?

Small Yuan Pao coins were the only way settlement in China. Even the most expensive purchases were paid for in yuan pao. They had to be strung together in bundles, and for particularly large payments the coins were loaded onto carts. Such money circulation gradually became too inconvenient, but coins large denominations didn't appear. Instead, the emperor decided to go with the proven method of promissory notes, elevating them to credit notes. For the first issue, they took noble, high-quality paper, on which it was indicated that each such paper should unconditionally be exchanged for ten thousand copper coins. Paper money was called "pao-zao". Cash flow has become much easier. There was no longer any need to transport copper in caravans; the same equivalent was now a stack of papers certified by an imperial guarantee. But the road to hell is paved with good intentions. The production of paper money turned out to be so simple that the rulers could not resist a huge issue. No matter how many copper coins there were in China, there was even more paper money. Faced with a shortage of coins, merchants, moneylenders and the rich began to get rid of paper, trying to collect more reliable copper. The value of paper money quickly collapsed. Even the imperial decree on the death penalty for anyone who kept more than fifty thousand yuan-pao in their possessions could not restrain him.

Despite the disastrous result of the first issue, the idea of ​​​​replacing heavy small money with light and large ones has not gone away. The second coming can be considered the revival of banknotes during the reign of the Northern Song Dynasty (from 960 to 1127). The paper currency "jiaozi" was legally established by the Decree of 1023. This time the addition money turnover paper contributed to the growth of the local economy, increasing the volume trading operations and the inconvenience of paying with small coins. This time the issue was carried out within reasonable limits, so the replacement of coins in large transactions with paper money was perceived positively. Merchants appreciated the advantage of transporting money over long distances. Coins were exchanged for paper, and at the end of the journey, the paper was again turned into coins through exchange. Finance seemed to fly from place to place, so paper money was nicknamed “flying” or “volatile”. In addition, the appearance of paper money in Europe was approaching.

China's influence also extended to neighboring territories. Therefore, a semblance of paper money spread among the Mongols, but constant depreciation took paper out of circulation. The first silver replacement coin was printed around 1600 by the Ise merchant in the Yamada region. The innovation was picked up by merchants in the Kinki area. In Western Japan, almost every clan issued such banknotes, which perfectly compensated for the shortage of coins.

When did paper money appear in Europe?

Before paper money, moneylenders' receipts, the material for which was animal skin, were in circulation in Europe. A kind of ersatz paper money circulated in Leiden during its siege (late sixteenth century). The paper was not used purposefully, but out of desperation. A means of calculation was required, but neither leather nor metal was at hand. For the appearance of official banknotes, an evolutionary breakthrough was required, when money changers' shops had to be transformed into banking institutions.

Such a breakthrough occurred in the middle of the seventeenth century. The pioneer in the introduction of paper money was the Stockholm banker Johan (Johann) Palmstruk. Sweden is the country where the first paper money in Europe appeared. The first banknotes date back to 1661 and are not so different from previously known bills. Here are both seal impressions and signatures of responsible persons. Appeared different kinds obligations called "Creditf-Zedels". Each of them is nominated in a specific monetary unit, which could be ducats, riksdalers and dalers, and the latter differed in exchange for copper and silver coins.

Foreign merchants had a negative attitude towards Swedish banknotes, because they did not understand what to do with the pieces of paper given to them instead of the usual coins. It was difficult to exchange them back for coins; trading people suffered losses. In addition, due to bankruptcies, this money often became ordinary paper. For example, Johan Palmstuk's bank went bankrupt in 1963, and Palmstuk himself ended up on trial.

When did the first paper money appear in France?

The French acquired paper money thanks to their neighbors across the English Channel. In 1716, banker John Law arrived in Paris from Scotland and received permission from Louis XIV to open a bank. The issue of paper money begins, which, by order of the king, is exchanged for coins from gold and silver. The turnover is ensured by banknotes, and precious metals accumulate in the bank. Louis XIV liked the process, and in 1718 John Law's bank became state-owned.

But by 1719, difficulties began to arise with the exchange of paper for gold and silver, since banknotes were printed at such a speed that there was no need to think about securing them. Louis XIV himself came to the banker's aid, on March 11, 1720, issuing a decree banning money circulation using coins. Even their possession was punishable by confiscation. But even the law could not stop those who wanted to get rid of the banknotes, especially after the incident when three Parisian businessmen brought carts full of paper money to Lowe's bank. Thousands and even tens of thousands of Frenchmen rushed to the bank in the hope of exchanging at least something for the rapidly depreciating paper. John Lowe himself repeated the fate of Ostap Bender in “The Golden Calf”: having escaped from Paris with eight hundred gold coins, he was detained on leaving France and completely robbed by border guards.

After November 1, 1720, the circulation of paper money in France ceased. The negative inoculation against unsecured emissions was so strong that even half a century later, Louis XV promised the people that this would not happen again. However, already in 1776, the next private bank "Caisse D" Escompte" began printing notes from two hundred to one thousand livres, and since 1783 Louis XVI has been using paper issue to cover the budget deficit.

When did the first paper money appear in England?

In England itself, they began to use paper in calculations much earlier, so John Lowe cannot be called an inventor. From the mid-17th century, they circulated in the form of notes and receipts issued by the Goldsmith family, which is why they received the name Goldsmilh Notes (“Goldsmith money”). The company successfully transformed into a bank, which led to the renaming of money to Bank-Notes (a word familiar to us "banknotes"). The Bank of England was formed in 1694. Using the experience of the Massachusetts Bay Colony, which in 1690 issued paper money to pay soldiers returning from Quebec, he also began printing banknotes. These payment tokens were issued in a range from five pounds to a hundred.

Since 1725, thousand-pound notes have been in use. But smaller denominations (one and two pounds) appeared only in 1797. The Bank of Scotland appeared in 1695 and issued its own money, denominated not only in pounds, but also in guineas. The Bank of Ireland was formed in 1808, which is why Irish banknotes were born.

When did the first paper money appear in the USA?

As we learned above, the first paper money in North America was not denominated in dollars, but in shillings and pounds. In essence they were debentures upon payment of military pay for an expedition directed against Canada. History repeated itself. Paper money was not recognized as reliable, and its rate was constantly declining. However, it did not come to the point of cancellation. Moreover, the baton of paper emission was picked up by New York, Connecticut, Virginia, Pennsylvania and some other states. The "Wild West" was wild indeed. Since the US government did not have the right to issue its own money, any clever person could open a bank, print your own banknotes, and then go bankrupt, leaving clients with a lot of money for no one the required paper. Other no less dexterous people easily counterfeited banknotes of those credit institutions that stayed afloat, since degree of protection paper money left much to be desired.

The enormous military expenditures of the Civil War prompted both sides to create banknotes. state level. The Northern Congress, by act of July 17, 1861, vested the Treasury right of issue"banknotes on demand" (Demand Notes) and "legal means of payment"(Legal Tendeg). These two types of banknotes were not exchangeable for either gold or coins, but were guaranteed by the government as means of payment. Using the disastrous experience of unsecured issues, Congress limited this issue to $433 million. These notes are considered the first US state (federal) paper money. The banknote series ranged from five dollars to five thousand.

In the same year, the Confederation of Southerners issued its own banknotes, outwardly similar to the money of the Northerners. But military defeats sharply undermine confidence in Confederate dollars. The period of printing Southern dollars lasted until 1865. But the fall in the exchange rate began already in 1863. Then exchange rate hundreds dollars in gold amounted to two thousand Confederate dollars in paper. IN Last year issues of one hundred dollars in coins already yielded six and even eight thousand banknotes. And after the defeat of the southerners, confederate dollars completely lost their status as a means of payment. Most Southern dollars were printed in Richmond.

When did paper money appear in Russia?

“Everything new is a well-forgotten old,” recall adherents of ancient Russian leather money, speaking about the appearance of paper rubles. It is worth noting that scientists do not confirm the theory that in Rus' payments were ever made with leather money. Leather could be promissory notes or even family promissory notes. But still, they were very, very far from the level of a universal means of payment.

In what year did they appear in Russia? Under Catherine the Second in 1769. The Empress's order ensured the transfer of coins worth five hundred thousand rubles to Moscow and St. Petersburg banks. Paper money was printed for the same amount, which could be immediately exchanged for coin silver and copper. The reasons for the introduction of paper rubles were similar to those in China: it was extremely difficult to conduct large trade payments with small copper coins. The first paper money in Russia did not have the sophistications of printing, resembling receipts certified by a signature and seal. Counterfeiters quickly saw the new method of enrichment and began to counterfeit paper money, which turned out to be much simpler than making coins.

Due to a flood of fakes in 1786, printed modified notes. Money acquires numbers and colors. It was then that the nicknames “little red” and “little blue” were assigned to denominations of five and ten rubles. These colors have survived centuries, the collapse of an empire and even the collapse of the Soviet Union. On the banknotes, the positions “blue” and “red” are given to fifty rubles and a hundred rubles. The fate of Catherine’s banknotes turned out to be sad. Once again, history has found its usual rut: during the reign of Catherine, so much paper money was printed that in some places they gave coins for much less than their face value, and in some places they refused to accept them at all. Pavel had to solve the problem, and radically. The emperor burned unsecured bills worth millions of rubles. But even this did not stop the advance of paper money into banking Russia.

Paper money arose in different regions of the world for similar reasons. Firstly, there was always a shortage of metal, and there were often urgent needs for which accumulated reserves had to be spent, which led to the disappearance of coins from circulation. Secondly, small coins that made up the bulk of money supply, were extremely inconvenient in large calculations and during transportation. Thirdly, paper is a material that is light, cheap and quite durable. Fourthly, when exchanging money for coins, a commission was charged in many countries. Fifthly, the issue of paper money could solve immediate problems with state budget. All these points contributed to the fact that money on paper has become and continues to be a convenient means of payment.

Now the world is once again at a crossroads, beyond which money on paper will become a passed stage. What will replace them: non-cash payments or digital cryptocurrency? Even the most reputable forecasters are afraid to answer this question. For example, Sweden, represented by the representative of the state bank Cecilia Skingsley, presented the future national currency as virtual E-krona, which should gradually replace cash coins and banknotes. One thing is clear: whatever appears on the horizon of the world financial system, it should be more convenient and secure than currently existing paper money.

The backwardness of the feudal economy, based on the slave labor of serfs, numerous wars, the desire to intensively develop territories acquired during conquests and diplomatic victories - all this forced the state to additionally issue (issue) paper banknotes, often without backing in the form of real silver or copper coins.

The first issue of banknotes consisted of 10,000 pieces in denominations of 25 rubles, 5,000 pieces in denominations of 50 rubles, 3,333 pieces in denominations of 75 rubles and 2,500 pieces in denominations of 100 rubles

By order of the economic empress, the first Russian banknotes were made from old palace tablecloths and napkins, which in such an unusual way gave a second life in a new noble form, in the form of paper money.

At first, little paper money was issued and no care was taken to protect it. All banknotes, regardless of denomination, were issued on identical sheets of white paper with the same inscriptions: "Love for the Fatherland" at the top and “Acts for the benefit of onago”- at the bottom. In the center of the banknote was an uncrowned double-headed eagle with outstretched wings and a chain of the Order of St. Andrew the First-Called.
By mid-1771, craftsmen had learned to convert 25-ruble banknotes into 75-ruble banknotes, and a decision was made to stop issuing 75-ruble banknotes. To further deter counterfeiters, the death penalty was introduced for counterfeiting money.

In addition to this misfortune, another soon arose: having made sure that the people were happy to exchange awkward copper for convenient banknotes, they printed a mountain of paper money. There were not enough coins for this mountain, and for a paper ruble they began to give sixty kopecks. The deceived population went through economics universities in practice and felt inflation much earlier than they learned this learned word.

The increased issue of banknotes, which exceeded the security, led to a fall in its rate. In 1797, the government decided to withdraw part of the banknotes issued to the market; A ceremonial burning of banknotes worth 6 million rubles took place in the presence of Paul I himself. Constant wars required emergency expenses and by 1802 the total amount of banknotes rose from 151 million to 212 million rubles, which finally reduced the exchange rate of the paper ruble, the value of banknotes depreciated by a third - 1 paper ruble was regarded as 68 copper kopecks, the fall of the ruble especially intensified during Patriotic War of 1812.

In 1770, a decree was issued allowing the exchange of banknotes only for copper coins. The linking of banknotes to a copper coin led at the end of the 18th to the beginning of the 19th century to a fall in the exchange rate of the latter, the emergence of a double account for silver and banknotes (for a copper coin) and to a general disorder monetary system Russia
A decree of 1780 introduced a ban on the export of banknotes abroad.

In Crimea, Russian paper notes appeared after April 8, 1783, when Her Imperial Majesty Catherine II issued a manifesto on the annexation of Crimea, Taman and the Kuban Tatars to Russia.

But Catherine was later thanked: her portrait was placed on a hundred-ruble bill, for which people immediately nicknamed the banknote “ Katerina". (The general appearance of the banknote was used when issuing the 100-ruble Soviet banknote in 1947)

7 interesting facts about Russian banknotes

1.“Money is paper”?
The first paper money in Russia could have appeared under Elizaveta Petrovna. The Seven Years' War was going on, and copper was needed primarily for casting cannons, and not for minting coins. But Elizaveta Petrovna was nevertheless dissuaded from her plan. Elizabeth's nephew Peter III was unlucky: he had already issued a decree “On the establishment of the State Bank,” but three days before the opening of the bank there was a palace coup. Catherine II managed to put paper notes into circulation. White paper with watermarks was produced at the Krasnoselsk paper mill. The watermark was a letter frame that could be read against the light: at the top - “love for the Fatherland”, at the bottom - “acts for the benefit of it”, and on the sides - “State Treasury”. The corners were decorated with the coats of arms of the kingdoms: Astrakhan, Moscow, Kazan and Siberian.
2. The insidious Napoleon
Until the Patriotic War of 1812, the production of banknotes remained so simple that counterfeiting them was widely practiced. There is evidence that even the treacherous Napoleon issued counterfeit Russian banknotes. For what? I didn’t want to leave my soldiers with empty wallets in Russia in case no one gave them their goods for free. According to legend, the French hid a machine for making counterfeit banknotes in the Preobrazhenskoye cemetery in Moscow.
3. Brutovsky ruble
A cashier named Brutus signed banknotes from 1898 to 1910, including ruble banknotes. An avid gambler, Brutus lost at cards in 1914 a large sum government money, got upset and hanged himself. At the beginning of 1915, everyone in Russia indulged in gambling. Among superstitious players there is an opinion that a noose or a personal item of the hanged man brings good luck in the game. Here everyone believed that the ruble with Brutus’ signature was “lucky” and began the “hunt for the banknote.” The exchange rate of the “Brutovian ruble” increased so much that the government had to intervene.
4. Swastika
It is no secret that the cross symbol with curved ends has long been loved in Rus', until in the twentieth century it began to be used as a symbol of Nazism. In Russia, the swastika first appeared in official symbols in 1917 - when the Provisional Government issued new banknotes in denominations of 250 and 1000 rubles - they were popularly called Kerenks. On the 250-ruble banknote, the swastika was hidden in the center behind the eagle. It is interesting that on the front side of the banknote there was also a Buddhist “Infinity knot”. On the first Soviet banknotes, the swastika was also present - it was passed on, so to speak, by inheritance. Dull and ugly kerenki quickly depreciated in value, hyperinflation did not allow them to be properly disposed of, so they were drowned people began to associate them with an unnecessary piece of paper that even the last beggar on the street would not pick up.
5. Banknote for one pood of bread
1921 Famine, rampant hyperinflation of Soviet rubles. The Kyiv Natural Union “Reason and Conscience”, headed by engineer M. Kalina, produces payment checks, “tied” to the hardest currency during the famine years - “1 pood of bread.” “A ruble of labor is a pound of bread” - this inscription appeared on a paper check, which was supposed to mark the transition to socialism and the abolition of the monetary system. But not a single pood of bread was given out for the checks received. “Reason and conscience” soon disappeared.
6. Solovki
The reverse side of the modern 500 ruble banknote caused a lot of outrage among knowledgeable people. It depicts the Solovetsky Monastery, the main historical and architectural landmark of the Arkhangelsk region. But the monastery appears disfigured on the banknote. Dilapidated, without domes and crosses, this is how it was during the stay of the special purpose camp (ELEPHANT) on Solovki. In addition, geographic discrepancies are noticeable in the figure. Simply put, the artist dreamed up. For the best protection, banknotes are often updated and improved, but the unsuccessful design is not touched.
7. 5000 rubles
And on the largest modern Russian banknote of 5,000 rubles we see the city of Khabarovsk. On the front side there is a monument to the Governor-General of Eastern Siberia, Count Nikolai Nikolaevich Muravyov-Amursky. Nikolai Nikolaevich returned to us the Amur, which was then located in China. Muravyov received the title of Count of Amur for concluding the agreement. The reverse side of the bill depicts the Tsar's Bridge over the Amur, called the “Amur Miracle”. It was built incredibly quickly, and even in the conditions of the First World War, and then it became the longest bridge in the Old World. The banknote is protected from counterfeiting by micro-holes on the number “5000”, magnetic and luminescent elements, a security gray thread, watermarks, raised inscriptions, and seven stripes of microtext, but it is still counterfeited more often than other banknotes.

Paper money was first produced in China during the reign of Hin Tsung (806-811 BC). However, their circulation was not particularly widespread due to the expensive production technology and the simplicity of minting coins. Only in the 13-14th century did banknotes appear in Mongolia, Japan, Persia and China in much more. The basis of production was the bark of trees, and seals, signs, and images were applied to the surface of the finished banknotes, by which their authenticity and purchasing power were determined.

It was in China that for the first time what would later be called hyperinflation occurred against the backdrop of the uncontrolled proliferation of banknotes. The country's rulers resolved the issue radically; in the 16th century, they simply banned the circulation of paper money throughout the entire state.

• Europe learned about paper money from the traveler and merchant Marco Polo, who visited the Celestial Empire in 1286. He described in detail how banknotes are made and changed in chapter 22 of his collected works on travel in Asia, translated, including into Russian.

• In the USA, the first banknotes appeared only in 1690, when in Massachusetts local bank issued credit cards in limited quantities. Paper money was received favorably and enjoyed success. Subsequent issues were in 1702 and 1709.

However, with the first American bills it wasn't all smooth sailing. In 1712, due to the war with Canada, payments for bank loans were stopped, which led to a sharp drop in the solvency of banknotes. Even after they were declared legal tender, they continued to depreciate. As a result, in 1750, Massachusetts was forced to return to the usual metal coins.

Another idea paper money returned to America only in the 1860s, during the civil wars. At the same time, it took about 20 years to restore trust in banknotes. All this time they were accepted only at a forced fixed exchange rate. Since 1878, they have already been a convenient addition to metal coins and payments between banks.

In the Old World, banknotes came into circulation not much earlier than America. At the beginning of the 18th century, a French entrepreneur of Asian origin, John Law, convinced the French government to start producing valuable papers with a declared value and at the same time prohibit private individuals from storing gold and silver on total amount 500 livres or more.

John Law sincerely believed that banknotes had a great future. In his letters to financiers, he wrote the following theses, confirming his correctness:

• Ubiquitous value.
• Physically light weight.
• Convenience of payments and exchange.
• Safety without loss.
• There is no need for coinage, and the degree of protection is higher.

However, John’s experience was a failure and for a long time discouraged the French from starting to issue banknotes. Only during the Bourgeois Revolution was the government forced to take this measure. They printed a huge number of banknotes, which instantly caused the local currency to depreciate. Bank papers of that time eloquently testify to the low cost of banknotes: for one franc in gold they gave almost 313 francs in banknotes (1796).

In order to maintain a stable exchange rate for banknotes, many governments of the time maintained a voluntary, guaranteed and unlimited exchange of paper money for silver, gold, and coin. This continued from the 18th to the beginning of the 20th century. On Russian bank notes from the time of Nicholas II it is stated that “the Russian State Bank exchanges notes for gold coins without restrictions.” A Japanese banknote from the same period states that " National Bank Japan guarantees to pay the bearer of this ticket one yen in silver."

Paper money today is an interest-free obligation of the state to its citizens. Banknotes of a certain denomination and appearance- a means of legal tender, like metal coins. A very important quality of banknotes is their ability to be exchanged for coins, based on which there are three types of paper money:

1. Paper change money. However, they do not include those banknotes that are issued by financial or credit institutions on special grounds.
2. Irreplaceable banknotes without a forced exchange rate. They are recognized as a means of payment only for settlements with the state treasury, but are rarely used for exchange among private individuals.
3. Irreplaceable banknotes with a forced exchange rate. The most insidious type of banknotes, which is introduced if hyperinflation is detected in the country and the exchange of paper banknotes for coins does not make sense due to their low purchasing power. These bills characterize instability financial situation in the country, a crisis of power, the administration’s inability to manage the budget.

The first paper money appeared in China in 910 ad. They had a slightly different appearance and were different from the modern paper ones we are used to. They looked like sheets of paper, approximately A4 size, and were issued as a kind of document to merchants.

The thing is that merchants who transported money over long distances were faced with the problem of transporting the metal money itself. Therefore, the imperial court made such an extremely reformist decision at that time, to replace metal money with a document confirming a certain amount. This was created for convenience and simplification of trade. The state acted as the guarantor of such money. Naturally, they were in great demand among traders, but ordinary people did not really like them, giving preference to metal money or even goods, such as silk. This is understandable; such innovation, and even regarding money, will always be met with hostility. As an example. They are confidently conquering the market, but everyone still doesn’t trust them, this takes time. It is noteworthy that even then, money was counterfeited, so the first paper money had security marks (watermarks, special paper, specific paint). They depicted birds, animals, people, and landscapes.

Chinese traders brought paper money to Europe and introduced the culture of “such money.” As for where the first paper money appeared in Europe, opinions differ. On the one hand, the British claim this, claiming that they issued the first “pieces of paper” in 1664. Others argue that the first paper money in Europe appeared in Sweden in 1661.
In Russia, the first paper money was introduced by Catherine II in 1769.

This is the story of the appearance of the first paper money. If you know any Interesting Facts on this topic, share them in the comments!

Money is the little things in life, preferred in banknotes

The history of paper money was eventful, and its strong entry into everyday life modern man– lengthy, controversial and ambiguous.

China's first paper money

The Celestial Empire was in the vanguard this time too - it is believed that the Chinese used the first paper money back in 119 BC. Even more. By that time, the ruling Emperor Wu-di, being an enterprising nature, managed to abandon the excellent properties of the recently invented, but too expensive paper, and directed his choice towards a more optimal material. The ruler issued a decree to print money (bons) on excellently dressed deer skin. Is it any wonder how exclusive and beautiful the leather bonds of that time were, with bright hieroglyphs and pictures, the circulation of which amounted to 400 thousand pieces.

In the 600s AD, the inhabitants of China, considering coins a heavy burden, gave their preference to paper money. An innovative invention was “flying money”, feiqian, the prototype of modern money transfers. In order to purchase goods that were not available in the merchant’s shop, it was necessary to buy half of the banknote from him, and provide the second to a merchant from another province, who, in exchange for it, gave it to the buyer, who was not bothered with bales of precious metals acting as a means of payment. , purchase.

By 960, due to a shortage of material for minting coins, an amount of paper money was issued that covered the needs of the entire society. Banknotes had restrictions - both territorial and in terms of validity. In 1280, due to the loyalty of the Yuan dynasty, the Chinese began printing unrestricted banknotes that could be converted into precious metals, increasing their appeal since few Chinese could understand the value of ordinary paper.

The first US paper money

The first paper money in the United States was the so-called “greenbacks”, intended to finance the Civil War. Thus, in the period from 1861 to 1865, only 21% of government expenditures were provided by tax revenues, the rest of the funds were received from the issue of banknotes. The Federal Reserve Act of 1913 authorized the issuance of Federal Reserve notes, which remain the main form of US paper money to this day. They are the obligations of the American Federal Reserve Banks, which, in turn, make up the Federal Reserve System. Although each portrait bears an emblem to the left of each portrait identifying the bank that issued the note, all notes are considered obligations of the Federal Reserve as a whole.

Paper money in the Tsarist Empire

XVIII century, during which Russian Empire Numerous military campaigns were carried out, requiring serious expenses. Considering that the country was constantly suffering from a shortage of silver, the issue of the appearance of paper money was a matter of time. In 1768, Catherine II implemented the idea of ​​paper money, which could be issued by a special institution, the State Bank, which functioned on the model of the Bank of England. A specially created bank issued notes that could be used to pay or exchange for a precious metal. Due to the inability to properly manage freshly printed money, state debt The Empire reached 577 million, and the excess of income over expenses amounted to 105 million rubles.

The very first paper money in the USSR

The first paper money that appeared in the USSR in 1919 did not indicate the year of issue, number, or signature; they had denominations of 1, 2 and 3 rubles and were called “Sovznaki”. A few months later, tickets from 1 to 1000 rubles were printed, on which the same series number with three digits was indicated. By the end of 1919, 5,000 and 10,000 ruble banknotes were issued. On the signs from 100 to 10,000 rubles issued in 1920, the slogan “Workers of all countries, unite!” was printed, with translations in six foreign languages, including Arabic.