Russian ruble

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Russian ruble
российский рубль (Russian)^[1]


5000 rubles	1 ruble

ISO 4217 Code RUB

Official user(s) Russia

Unofficial user(s) Abkhazia (Georgia)
South Ossetia (Georgia)

Inflation 11.9% (2007)

Source Rosstat, 2007

Subunit

1/100 kopeck (копейка^[2])

Symbol руб

kopeck (копейка^[2]) к

Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms. See article.

Coins 1, 5, 10, 50 kopecks, 1, 2, 5, 10 rubles

Banknotes 5, 10, 50, 100, 500, 1000, 5000 rubles

Website www.cbr.ru

Website www.goznak.ru

Mint Moscow mint and Saint Petersburg Mint

The ruble or rouble (Russian: рубль rublʹ, plural рубли́ rubli; see note on English spelling and Russian plurals with numbers) is the currency of the Russian Federation and the two self-proclaimed republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Soviet Union and the Russian Empire prior to their breakups. The ruble is subdivided into 100 kopecks (sometimes transliterated kopeks, or copecks, Russian: копе́йка, plural: копе́йки or копеек). The ISO 4217 code is RUB; the former code, RUR, refers to the Russian ruble prior to the 1998 denomination (1 RUB = 1000 RUR).

Currently there is no official symbol^[3] for the ruble, though руб is currently in use. Various symbols have been put forward^[4] as possibilities, including: "РР" (cyrillic for "RR"), an "R" with two horizontal strokes across the top (similar to the Philippine peso sign) and an "P" with a horizontal strike.^[5]

1 Etymology
- 1.1 Names of different denominations
2 Characteristics of the Ruble
3 History
4 See also
5 References
6 External links

[edit] Etymology

Main article: Ruble

According to the most popular version, the word "ruble" is derived from the Russian verb рубить, rubit, meaning to chop. Historically, a "ruble" was a piece of a certain weight chopped off a silver ingot (grivna), hence the name.

[edit] Names of different denominations

In the 18th, 19th and 20th centuries, several coins had individual names:

¼ kopeck - polushka
½ kopeck - denga or denezhka
2 kopeck - semishnik (mostly obsolete by 20th century), dvushka (20th century) or grosh
3 kopeck - altyn (mostly obsolete by the 1960s)
5 kopeck - pyatak
10 kopeck - grivennik
15 kopeck - pyatialtynny (5 altyn; the usage lived longer than altyn)
20 kopeck - dvugrivenny (2 grivenniks)
25 kopeck - polupoltinik (half poltinnik) or chetvertak (from the Russian for 1/4)
50 kopeck - poltina or poltinnik

The amount of 10 rubles (in either bill or coin) is sometimes informally referred to as a chervonets. Historically, it was the name for the first Russian 3-ruble gold coin issued for general circulation in 1701. The current meaning comes from Soviet golden chervonets (советский золотой червонец) issued in 1923 that was equivalent to the pre-revolution 10 gold rubles. All these names are obsolete. The practice of using the old kopeck coin names for amounts in rubles is now not very common. In modern Russian slang only these names are used:

5 rubles - Pyatyorka (Пятёрка)
10 rubles - Chirik (Чирик) or Desyatka (Десятка) or Dichka (Дичка)
50 rubles - Poltinnik (полтинник) or Poltos (полтос) or Poltakha (Полтаха)
100 rubles - Stolnik (стольник)
500 rubles - Pyatikhatka (пятихатка), originally pyatikatka (пятикатка)
1000 rubles - Shtuka (штука) or Kosar (косарь)

The penultimate term derived from "пять кать" (five Catherines). Katya (катя, Catherina) having been a slang name for the 100 ruble note in tsarist Russia, as the note had a picture of Catherine II on it.

Warning: Most of these definitions, i.e. Chirik, Poltos, Pyatikatka, and Kosar come from jail slang Fenya. It is a quite vulgar manner of speaking.

[edit] Characteristics of the Ruble

[edit] Currency Sign

The original symbol of the Ruble used throughout the 17th century. Comprised of the Russian letters "Р" and "У".

A currency symbol was used for the ruble between the 16th century and the 18th century. The symbol consisted of the Russian letters "Р" (rotated by 90° counter-clockwise) and "У" (written on top of it). The symbol was placed over the amount number to which belonged to.^[6] This symbol, however, fell into disuse during the 19th century onward.

A new symbol was not made during the final years of the Empire and through out the Soviet Union. The characters R^[7]^[8] and руб were instead used and are still used to this day, though they are not official^[9]

From July 1, 2007, the Central Bank of Russia has announced the establishment to decide on a symbol for the ruble. The bank will test 13 symbols for the ruble. This includes the symbol РР (RR in Russian for Russian Ruble), which has received preliminary approval from the Central Bank.^[10] However, the people of Moscow has announced support for another tested symbol. A simple R with two horizontal strokes across the top (in comparison, similar to the Philippine peso sign).^[11] Other possible signs have entered for the vote hundreds of people from around the world. [1]

A non-official ruble sign that is beginning to be used throughout Russia. This image shows the sign in many different fonts.

However, one symbol has been gaining national attention. A non-official symbol was introduced to the nation in August 2007 and is beginning to be used in stores across Russia. [2] [3] [4] As rumoured by the Central Bank, the symbol used is based on a simple letter "Р" (which is semi crossed below a horizontal stroke or two strokes). It is also mentioned that the sign is simple, similar to other currency signs (as shown similar to the Yen sign), represents the Russian language and it is similar to a letter. [5] ^[12] [6]

[edit] Coins

At the beginning of the 19th century, copper coins were issued for ¼, ½, 1, 2 and 5 kopecks, with silver 5, 10, 25 and 50 kopecks and 1 ruble and gold 5 and 10 rubles, although production of the 10 ruble coin ceased in 1806. Silver 20 kopecks were introduced in 1820, followed by copper 10 kopecks minted between 1830 and 1839, and copper 3 kopecks introduced in 1840. Between 1828 and 1845, platinum 3, 6 and 12 rubles were issued. In 1860, silver 15 kopecks were introduced, due to the use of this denomination (equal to 1 złoty) in Poland, whilst, in 1869, gold 3 rubles were introduced. [7] In 1886, a new gold coinage was introduced consisting of 5 and 10 ruble coins. This was followed by another in 1897. In addition to smaller 5 and 10 ruble coins, 7½ and 15 ruble coins were issued for a single year, as these were equal in size to the previous 5 and 10 ruble coins. The gold coinage was suspended in 1911, with the other denominations produced until the First World War.

1 ruble 1998

Value	Emblem of the Bank of Russia

The first coinage after Russian civil war was minted in 1921 with silver coins in denominations of 10, 15, 20 and 50 kopecks and 1 ruble. Golden chervonets were minted in 1923. These coins bore the emblem and legends of the RSFSR. In 1924, copper coins were introduced for 1, 2, 3 and 5 kopecks, together with further silver 10, 15 and 20 kopecks, 1 poltinnik (50 kopecks) and 1 ruble. From this issue onwards, the coins were minted in the name of the Soviet Union. Copper ½ kopeck coins were introduced in 1925. The 1 ruble was only issued in 1924 and production of the poltinnik was stopped in 1927, while the ½ kopeck ceased to be minted in 1928. In 1926, aluminium-bronze replaced copper in the 1, 2, 3 and 5 kopecks and, in 1931, the remaining silver coins were replaced with cupro-nickel. This coinage was unaffected by the redenominations of 1947 and 1961. However, 1961 did see the introduction of new coins, with 1, 2, 3 and 5 kopecks in aluminium-bronze, and 10, 15, 20 and 50 kopecks and 1 ruble in cupro-nickel-zinc. In 1991, a new coinage was introduced in denominations of 10 and 50 kopecks, 1, 5 and 10 rubles. The 10 kopecks was struck in brass-plated steel, the 50 kopecks, 1 and 5 rubles were in cupro-nickel and the 10 rubles was bimetallic with an aluminium-bronze centre and a cupro-nickel-zinc ring. After the end of the Soviet Union, the Russian Federation introduced coins in 1992 in denominations of 1, 5, 10, 20, 50 and 100 rubles. The 1 and 5 rubles were minted in brass-clad steel, the 10 and 20 rubles in cupro-nickel and the 50 and 100 rubles were bimetallic (aluminium-bronze and cupro-nickel-zinc). In 1993, aluminium-bronze 50 rubles and nickel-brass 100 rubles were issued, and the material of 10 and 20 rubles was changed to nickel-plated steel. In 1995 the material of 50 rubles was changed to brass-plated steel, but the coins were minted with the old date 1993.

Regularly issued commemorative one ruble coin during this period is practically identical in size and weight to a 5 Swiss franc coin (worth approx. €3 / US$4). For this reason, there have been several instances of (now worthless) ruble coins being used on a large scale to defraud automated vending machines in Switzerland. ^[13]

Currently Circulating Coins [8]
Value	Technical parameters			Description			Date of first minting
Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	Date of first minting
1 kopeck	15.5 mm		Cupronickel-steel and Cupronickel	Plain	Saint George	Value	1997
5 kopecks	18.5 mm		Cupronickel-steel and Cupronickel	Plain	Saint George	Value	1997
10 kopecks	17.5 mm		Brass 1997-2006, Brass plated steel 2006-	Milled for brass and plain for plated	Saint George	Value	1997
50 kopecks	19.5 mm		Brass 1997-2006, Brass plated steel 2006-	Milled for brass and plain for plated	Saint George	Value	1997
1 ruble	20.5 mm	3.25 g	Cupronickel	Milled	2-headed eagle emblem of the Bank of Russia	Value	1997
2 rubles	23 mm	5.1~5.2 g	Cupronickel	Broken reeding			1997
5 rubles	25 mm	6.45 g	Cupronickel-copper	Broken reeding			1997
For table standards, see the coin specification table.

1 and 5 kopecks coins are rarely used (especially 1 kopeck coin) due to their small value and in many cases are not accepted by stores or individuals. In some cases the 10 kopeck coin is also occasionally refused. Note that all these coins began being issued in 1998, despite the fact the some of them bear the year 1997. There are now 10 ruble jubilee and commemorative coins (bimetallic) meant to replace 10 ruble notes. In 2008 it was proposed by the Bank of Russia to withdraw 1 and 5 kopecks coins from circulation and to round all the prices to 10 kopecks.

The Bank of Russia also issues other commemorative coins ranges from 1-10000 rubles. See [9] for listing.

Russian ruble per U.S. dollars 1998-2008
Year	Lowest ↓		Highest ↑
Year	Date	Rate	Date	Rate
1998	01 Jan	5.9600	29 Dec	20.9900
1999	01 Jan	20.6500	29 Dec	27.0000
2000	06 Jan	26.9000	23 Feb	28.8700
2001	04 Jan	28.1600	18 Dec	30.3000
2002	01 Jan	30.1372	07 Dec	31.8600
2003	20 Dec	29.2450	09 Jan	31.8846
2004	30 Dec	27.7487	01 Jan	29.4545
2005	18 Mar	27.4611	06 Dec	28.9978
2006	06 Dec	26.1840	12 Jan	28.4834
2007	24 Nov	24.2649	13 Jan	26.5770
2008	01 Apr	23.5027	23 Jan	24.8917
Source: USD exchange rates in RUB, Bank of Russia

[edit] Banknotes

In 1769, state assignats were introduced for 25, 50, 75 and 100 rubles, with 5 and 10 rubles added in 1787 and 200 ruble in 1819. The value of the assignats fell relative to the coins until, in 1839, the relationship was fixed at 1 coin ruble = 3½ assignat rubles. In 1840, the State Commercial Bank issued 3, 5, 10, 25, 50 and 100 rubles notes, followed by 50 ruble credit notes of the Custody Treasury and State Loan Bank. In 1843, state credit notes were introduced in denominations of 1, 3, 5, 10, 25, 50 and 100 rubles. These circulated, in various types, until the revolution, with 500 rubles notes added in 1898 and 250 and 1000 rubles notes added in 1917. In 1915, two kinds of small change notes were issued. One, issued by the Treasury, consisted of regular style (if small) notes for 1, 2, 3, 5 and 50 kopecks. The other consisted of the designs of stamps printed onto card with text and the imperial eagle printed on the reverse. These were in denominations of 1, 2, 3, 10, 15 and 20 kopecks.

In 1917, the Provisional Government issued treasury notes for 20 and 40 rubles. These notes are known as "Kerenki" or "Kerensky rubles". The provisional government also had 25 and 100 rubles state credit notes printed in the U.S.A. but most were not issued. In 1918, state credit notes were introduced by the R.S.F.S.R. for 1, 3, 5, 10, 25, 50, 100, 250, 500, 1000, 5000 and 10,000 rubles. These were followed in 1919 by currency notes for 1, 2, 3, 15, 20, 60, 100, 250, 500, 1000, 5000 and 10,000 rubles. In 1921, currency note denominations of 5, 50, 25,000, 50,000, 100,000, 1 million, 5 million and 10 million rubles were added. Only state currency notes were issued for this currency, in denominations of 1, 3, 5, 10, 25, 50, 100, 250, 500, 1000, 5000 and 10,000 rubles. As with the previous currency, only state currency notes were issued, in denominations of 50 kopecks, 1, 5, 10, 25, 50, 100, 250, 500, 1000, 5000 and 10,000 rubles. In early 1924, just before the next redenomination, the first paper money was issued in the name of the USSR, featuring the state emblem with 6 bands around the wheat, representing the language of the then 4 constituent republics of the Union: Russian SFSR, Transcaucasian SFSR (Azerbaijani, Armenian, and Georgian), Ukrainian SSR and Byelorussian SSR. They were dated 1923 and were in denominations of 10,000, 15,000, and 25,000 rubles. In 1924, state currency notes were introduced for 1, 3 and 5 gold rubles (рубль золотом). These circulated alongside the chervonets notes introduced in 1922 by the State Bank in denominations of 1, 3, 5 10 and 25 chervonets. State Treasury notes replaced the state currency notes after 1928. In 1938, new notes were issued for 1, 3 and 5 rubles, dropping the word "gold". In 1947, State Treasury notes were introduced for 1, 3 and 5 rubles, along with State Bank notes for 10, 25, 50 and 100 rubles. In 1961, new State Treasury notes were introduced for 1, 3 and 5 rubles, along with new State Bank notes for 10, 25, 50 and 100 rubles.

See also: Soviet Ruble

In 1991, the State Bank took over production of 1, 3 and 5 ruble notes and also introduced 200, 500 and 1000 ruble notes, although the 25 ruble note was no longer issued. In 1992, a final issue of notes was made bearing the name of the U.S.S.R. before the Russian Federation introduced notes for 5000 and 10,000 rubles. These were followed by 50,000 and 100,000 ruble notes in 1993 and 500,000 rubles in 1995. Since the break up of the Soviet Union in 1991, Russian ruble banknotes and coins have been notable for their lack of portraits, which traditionally were included under both the Tsarist and Communist regimes. With the issue of the 500 ruble note depicting a statue of Peter I, and then the 1000 ruble note depicting a statue of Yaroslav the lack of recognizable faces on the currency has been partially alleviated. The 1000 ruble note did not continue as a 1 new ruble note.

1997 Series [10]
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	printing	issue
		5 rubles¹	137 × 61 mm	Green	The Millennium of Russia monument on background of Saint Sophia Cathedral in Velikiy Novgorod	Fortress wall of the Novgorod Kremlin	"5", Saint Sophia Cathedral in Velikiy Novgorod	1997	January 1, 1998
		10 rubles²	150 × 65 mm	Dark-green and dark-brown	Bridge across Yenisei River in Krasnoyarsk, Chapel	Krasnoyarsk hydroelectric plant	"10", Chapel		January 1, 1998 2001³, 2004⁴
		50 rubles		Blue and violet, respectively	Sculpture at the foot of the Rostral Column on background of Petropavlosk Fortress in Saint Petersburg	Former stock exchange building	"50", Peter and Paul Cathedral
		100 rubles		Brown-green-burgundy	Sculpture on the portico of the Bolshoi Theatre in Moscow	The Bolshoi Theatre	"100", The Bolshoi Theatre
		500 rubles		Violet and blue, respectively	Monument to Peter the Great, sailing ship and sea terminal in Arkhangelsk	Solovetsky Monastery	"500", Peter the Great
		1000 rubles	157 × 69 mm	Blue-green	Monument to Yaroslav I the Wise and chapel of the Yaroslavl kremlin	Church of Precursor in Yaroslavl	"1000", Monument to Yaroslav I the Wise		2000, 2004⁴
		5000 rubles	157 × 69 mm	Red-orange	Monument to Nikolay Muravyov-Amursky in Khabarovsk	Khabarovsk Bridge over the Amur	"5000", Head of the monument to Muravyov-Amursky		June 2006
These images are to scale at 0.7 pixels per millimetre, a Wikipedia standard for world banknotes. For table standards, see the banknote specification table.

The 5 ruble note is very rare now, as it is being replaced by a 5 ruble coin. It is now out of print, although it is still a legal tender.
In 2006, it was announced that the 10 ruble note will be gradually phased out and replaced by a 10 ruble coin.
Banknotes of the 2001 revision bear the fine print "модификация 2001г." meaning "modification of year 2001" on the left watermark area.
Banknotes of the 2004 revision also bear the similar fine print. More importantly, new security features have been added, including (but not limited to):

Moiré pattern: The area appears to be one color from one angle, stripes from another angle.
Wider metallic thread
Microperforation (100 rubles and above): Denomination numeral formed by dots (small laser perforated holes in the paper)
Color shifting ink (500 rubles and above): The emblem of the Bank of Russia for 500 rubles, and the city emblem of Yaroslavl for 1000 rubles.

All Russian paper money is currently printed at the state-owned factory Goznak in Moscow, which was organized on June 6, 1919 and has continued to operate ever since. Coins are minted in Moscow and at the Saint Petersburg Mint, which has been operating since 1724.

[edit] History

1898 Russian Empire one rouble bill, obverse

1898 Russian Empire one rouble bill, reverse

[edit] First ruble, Antiquity - December 31 1921

The ruble has been the Russian unit of currency for about 500 years. From 1710, the ruble was divided into 100 kopecks.

The amount of precious metal in a ruble varied over time. In a 1704 currency reform, Peter I standardized the ruble to 28 grams of silver. While ruble coins were silver, there were higher denominations minted of gold and platinum. By the end of the 18th century, the ruble was set to 4 zolotnik 21 dolya (almost exactly equal to 18 grams) of pure silver or 27 dolya (almost exactly equal to 1.2 grams) of pure gold, with a ratio of 15:1 for the values of the two metals. In 1828, platinum coins were introduced with 1 ruble equal to 77⅔ dolya (3.451 grams).

On December 17, 1885, a new standard was adopted which did not change the silver ruble but reduced the gold content to 1.161 grams, pegging the gold ruble to the French franc at a rate of 1 ruble = 4 francs. This rate was revised in 1897 to 1 ruble = 2⅔ francs (0.774 grams gold).

With the outbreak of the First World War, the gold standard peg was dropped and the ruble fell in value, suffering from hyperinflation in the early 1920s.

[edit] Second ruble, January 1 1922 - December 31 1922

In 1922, the first of several redenominations took place, at a rate of 1 "new" ruble for 10,000 "old" rubles. The chervonets (червонец) was also introduced in 1922.

[edit] Third ruble, January 1 1923 - March 6 1924

A second redenomination took place in 1923, at a rate of 100 to 1. Again, only paper money was issued. During the lifetime of this currency, the first money of the Soviet Union was issued.

[edit] Fourth (Gold) ruble, March 7 1924 - 1947

A third redenomination in 1924 introduced the "gold" ruble at a value of 50,000 rubles of the previous issue. This reform also saw the ruble linked to the chervonets, at a value of 10 rubles. Coins began to be issued again in 1924, whilst paper money was issued in rubles for values below 10 rubles and in chervonets for higher denominations.

[edit] Fifth ruble, 1947 - 1961

Following World War II, the Soviet government implemented a confiscatory redenomination of the currency to reduce the amount of money in circulation. This only affected the paper money. Old rubles were revalued at one tenth of their face value.

[edit] Sixth ruble, 1961 - December 31 1997

See Soviet ruble for new currencies of the former Soviet republics.

The 1961 redenomination was a repeat of the 1947 reform, with the same terms applying. The Soviet ruble of 1961 was formally equal to 0.987412 gram of gold, but the exchange for gold was never available to the general public. Following the breakup of the Soviet Union in 1991, the ruble remained the currency of the Russian Federation. New set of banknotes was issued in the name of Bank of Russia in 1993. During the period of high inflation of the early 1990s, the ruble was significantly devalued.

[edit] Seventh ruble, January 1 1998 -

The ruble was redenominated on January 1, 1998, with one new ruble equalling 1000 old rubles. The redenomination was a purely psychological step that did not solve the fundamental economic problems faced by the Russian economy at the time, and the currency was devalued in August 1998 following the Russian financial crisis. The ruble lost 70% of its value against the U.S. Dollar in the 6 months following this Russian financial crisis.

In November of 2004, the authorities of Dimitrovgrad (Ulyanovsk Oblast) erected a five-meter monument to the ruble.

In the end of 2007 there appeared persistent rumors that ruble is to be denominated once again, now shaving two zeroes off.^[14] These rumors were repeatedly denied by the authorities and rebuffed by analysts, up to the point that President Putin called them bogus in one of his speeches.^[15] The public however remains to be convinced, given that previous denominations were also conducted despite authorities' vehement denials.

Current RUB exchange rates

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[edit] See also

[edit] References

^ Tatar: сум; Bashkir: һум; Chuvash: тенкĕ; Ossetic: сом; Udmurt: манет; Mari: теҥгеYakut: солкуобай
^ Tatar: тиен; Bashkir: тин; Chuvash: пус; Ossetic: капекк; Udmurt: коны; Mari: ыр; Yakut: харчы
^ Valeria Korchagina (2006-06-15). 'R' for Ruble Is Symbol of Pride. The Moscow Times. Retrieved on 2007-06-28.
^ Peter Finn (2006-06-28). Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen. The Washington Post. Retrieved on 2007-06-28.
^ "О знаке рубля" (2007-08-1). Retrieved on 2008-04-11.
^ Забытый знак российского рубля (Russian). РИА Новости. Retrieved on 2006-05-06.
^ Currencies of the World. The University of British Columbia Sauder School of Business. Retrieved on 2007-06-28.
^ Russia. Lonely Planet. Retrieved on 2007-06-28.
^ Valeria Korchagina (2006-06-15). 'R' for Ruble Is Symbol of Pride. The Moscow Times. Retrieved on 2007-06-28..
^ Peter Finn (2006-06-28). Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen. The Washington Post. Retrieved on 2007-06-28.
^ Peter Finn (2006-06-28). Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen. The Washington Post. Retrieved on 2007-06-28.
^ "О знаке рубля" (2007-08-1). Retrieved on 2008-04-11.
^ (German) "Mit alten Rubelmünzen Automaten am Zürcher HB geplündert", Swissinfo, 15 November 2006.
^ News report of denomination rumors, in Russian
^ Report of the President's speech, in Russian

Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.

[edit] External links

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