Assignation ruble

The Assignation ruble (Russian: ассигнационный рубль; assignatsionny rubl) was the first paper currency of the Russian Empire. It was used from 1769 until 1849. The Assignation ruble had a parallel circulation with the silver ruble; there was an ongoing market exchange rate for these two currencies. Initially at parity with the silver ruble, the value of the Assignation ruble fell considerably below that of the silver ruble, finally settling at 3.50 Assignation rubles per silver ruble in the 1840s.

Russian State Assignat-50 Rubles (1807)

History
25 Assignation rubles of 1769

In 1768, during the reign of Catherine the Great, the Russian Assignation Bank was founded to issue the first official paper currency. It opened branches in St. Petersburg and Moscow in 1769. Several bank branches were afterwards established in other towns, called government towns. Notes of the denominations 100, 75, 50, and 25 rubles were issued upon payment of similar sums in copper money, which were refunded upon the presentation of those paper notes.

The emergence of Assignation rubles was due to large government spending on military matters, leading to a shortage of silver in the treasury, as all financial calculations, especially in foreign trade, were conducted exclusively in silver and gold coins. This lack of silver, and the huge masses of copper coins in circulation in the Russian domestic market, led to large payments becoming extremely difficult to implement, necessitating the introduction of some form of paper currency for large transactions.

The initial circulation of the Assignation Bank amounted to one million rubles worth of copper coins, with 500 thousand rubles each in the St. Petersburg and Moscow offices; thus the total emission of banknotes was also limited to one million rubles.

Issuance of the assignation ruble
10 Assignation rubles of 1819

Between 1769 and 1843 five issuances of the Assignation ruble were carried out. Virtually all (except some denominations of the 1802 issue) were issued across a number of years. One issue (1785–87) was known to have two separate series.

Series of Russian assignats[1]
Issue Denom Dates Comments
1769 Issue[2] 25 Rubles 1769–73
50 Rubles 1769–73
75 Rubles 1769–73
100 Rubles 1769–73
1774 Issue[2] 25 Rubles 1774–84
50 Rubles 1774–84
100 Rubles 1774–84
1785–87 Issue[2] 5 Rubles 1787–1802
1803–18
10 Rubles 1787–1801
1803–17
25 Rubles 1785–1802
1803–18
50 Rubles 1785–1802
1803–18
100 Rubles 1785–1801
1803–18
1802 Issue[3] 5 Rubles 1802
10 Rubles 1802–03
25 Rubles 1802
100 Rubles 1802
1818–43 Issue[3][4] 5 Rubles 1819–43
10 Rubles 1819–43
20 Rubles 1822
25 Rubles 1818–43
50 Rubles 1818–43
100 Rubles 1819–43
200 Rubles 1819–43

Financial reforms of 1839-1843
Assignation Bank building in St. Petersburg today; Bank Bridge in the foreground

In 1843, all Assignation rubles were withdrawn from circulation and replaced with the new state credit notes (Russian: государственные кредитные билеты) in denominations of 1, 3, 5, 10, 25, 50 and 100 rubles. The Assignation Bank was replaced by the State Bank, and formally ceased operations in 1848. This was part of the monetary reforms of 1839–43, which improved the Russian fiscal system considerably. These reforms were driven by Georg von Cancrin, the Russian Minister of Finance from 1823 to 1844.

See also

Russian ruble

Notes
  1. Cuhaj, 2010, pp. 1017–19.
  2. Cuhaj, 2010, p. 1017.
  3. Cuhaj, 2010, p. 1018.
  4. Cuhaj, 2010, p. 1019.

References
  • Cuhaj, George S. (2010). Paper Money General Issues 1368-1960 (13 ed.). Krause Publications. ISBN 978-1-4402-1293-2.
  • Shishanov V. The Assignats of 1802-1803 // Journal of the Russian numismatic society. 1999. №68. P.58-69.
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