from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. Any of several former currencies of Russia: applied to various foreign gold coins prior to the reign of Peter I of Russia, then to a Russian gold coin of 1701-1757, and finally to a 1922 currency of the Soviet Union.
In course of time the financial system was recast on a semicapitalistic basis: the state bank was given the right to issue bills backed either by goods or by foreign bonds; attempts were made to stabilize the currency (the devaluated paper money was replaced by the new chervonets bills).
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