A little wonder, every day

The Soviet chervonets had partial gold backing

Титульна AI-згенерована реконструкція працівниці банку 1920-х років, яка розглядає банкноту поруч із золотою монетою / AI-generated cover illustration reconstructing a 1920s bank clerk examining a note beside a gold coin.

Two sides of the 1923 Soviet gold chervonets, from the Bank of Russia Museum collection.

Both sides of a 1932 State Bank note for three chervontsy, from the Bank of Russia Museum collection.

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Титульна AI-згенерована реконструкція працівниці банку 1920-х років, яка розглядає банкноту поруч із золотою монетою / AI-generated cover illustration reconstructing a 1920s bank clerk examining a note beside a gold coin.

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In 1922, the Soviet State Bank began issuing chervontsy—new banknotes intended to stabilize money during inflation. The law provided gold backing for one quarter of their value. These were banknotes, not gold coins, and a paper chervonets could not simply be exchanged for gold at a bank.