Russian chervonets

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Golden chervonets, 1976

Chervonetz 1922

10 chervonzev 1937

Chervonets (or tchervonets, Russian: Черво́нец; plural chervontsy) is a former currency of the Russian Empire and Soviet Union. Originally a term for coins of purer alloy (the name derives from "червонное золото" meaning pure gold,) the name was later applied to various sums in Russian rubles.

Before the reign of Peter I the name chervonets was applied to various foreign gold coins in circulation in Russia, mostly Dutch ducats and sequins. In 1701 Russia introduced its own gold chervonets, which had the same mass (3.47 g) and alloy (.986) as the ducat. Chervontsy were minted until 1757 when they were displaced by the golden ruble (with a lower alloy) and by counterfeits of the Netherlands ducat, which by then met the demand for trade in gold coins.

In 1922, during the civil war, the Soviet government tried to enforce Communist economic ideals and eliminate debt through systematic devaluation of the rouble and its associated currencies (various forms of Imperial ruble, kerenki and later sovznaki)^[1] Meanwhile, the authorities introduced a parallel currency, called chervonets, which was fully convertible and backed by the gold standard. These coins contained 8.6 g. of .900 alloy, and fetched a high rate on the foreign stock exchanges, allowing the financing of the Soviet Union's New Economic Policy. Before industrialisation the value of the chervonets was pegged at 10 rubles, and production of the gold coins ceased.

In 1937, Lenin's portrait first appeared on chervonets banknotes. The chervonets was suspended entirely after the monetary reform of 1947.

A large number of golden chervontsy were restruck to the 1920s design before the 1980 Summer Olympics in Moscow, for the interest of collectors and businesses.