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Russian Paper Money

Assignation rubles, the first Russian paper money, were unusual because they were considered a separate currency from coinage rubles. The two rubles were traded against each other, with the assignation ruble generally losing value over time against the coinage ruble. Assignation rubles were originally issued by Catherine the Great in response to a governmental shortage of silver caused by Russia's war efforts. This paper currency was discontinued in 1843, replaced by more typical government-issued bank notes.

These new ruble notes continued until the Bolshevik Revolution in 1917, although the provisional government released treasury notes in 20- and 40-ruble denominations. These provisional notes are referred to as Kerensky rubles after Minister-Chairman... Read more

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