The last convertible: how the golden chervonets helped the Soviet government fight inflation. Gold chervonets of the USSR The first gold chervonets

In 1922, the State Bank of the RSFSR issued bank notes denominated in chervonets - 1, 2, 3, 5, 10 and 25. It was understood that one chervonets in terms of gold content is equal to the royal 10 rubles in gold (7.74 grams of pure gold) and will be have the same purchasing power, both in the domestic and foreign markets. The issue was carried out to increase and regulate financial turnover without increasing the paper money supply in rubles, which by that time had assumed alarming proportions, prices began to be measured in billions of rubles.

The issue of bank notes of the 1922 model, which was assigned the generally accepted name "Chervonets", was the first stage in the creation of a stable currency. At this stage, there was a parallel circulation in the country of "Chervonets" and depreciated "Sovznaks". By the way, from that time on, the name "chervonets" was assigned to the amount of money equivalent to 10 rubles, although earlier (from the first half of the 19th century) a gold 3-ruble coin was called a gold coin.

The exchange rate ratio of bank notes and constantly depreciating "sovzna" in circulation was determined daily by a special quotation commission. The chervonets of the 1922 model were produced until 1924 inclusive, until they were replaced by the 1924 chervonets. Better design and higher levels of protection against forgery. Formally, banknotes of the image of 1922 could circulate until 1947. But in practice, gradually, as they wore out, they were replaced by chervonets of several subsequent issues.

Bank notes were printed one-sided like the pounds sterling of the Bank of England on white paper with large and rather complex watermarks, different for each denomination. On all tickets the state emblem of the RSFSR was placed. Bank notes were signed by members of the board of the State Bank and an accountant. All signatures are facsimile (printed).

Notes:

Most of the banknotes have been preserved in a very mediocre condition, so the cost of banknotes in excellent condition can significantly exceed the indicated figures.

Images of banknotes provided by the site fox-notes.ru

Introduction

The period of the New Economic Policy (1921 - 1928) can rightly be considered the golden age of the Soviet era, given the grandeur of the tasks that were solved then. The first quarter of the twentieth century was a turning point for our country. There were profound social, political, economic changes that influenced the further historical development of Russia. Many problems required an immediate solution. After the civil war, in peacetime, "war communism" turned out to be an extremely inefficient method of managing. The economic collapse and the threat of a full-scale war with the peasantry, who did not reconcile themselves to the surplus appropriation, forced V. Lenin to stop the communist assault and take a step towards the market. In particular, it was necessary to resolve the crisis of the monetary system, and first of all, to normalize monetary circulation. This was the role of the chervonets.

The purpose of this work: to consider such an important part of the economic history of Russia as the introduction of the Soviet convertible currency "Chervonets".

Objectives: to identify the prerequisites, to trace the progress of the monetary reform in general and the introduction of the convertible currency "Chervonets" as an integral part of this reform.

During the preparation of the test, several sources of information were used, including literature on the history of monetary reforms, articles in periodicals and official resources on the Internet.

1. Prerequisites for monetary reform

The reforms of 1922-1924 largely determined the conditions that prevailed at the beginning of the transformation of the monetary system. By March 1, 1917, the money supply in circulation had increased by more than 4 times in comparison with the level of 1913. The intensive work of the printing press and the simultaneous reduction of production and its reorientation to fulfill military spending caused a rapid rise in prices. And if in 1915 prices rose by only 30%, then in 1916 by 100%. By February 1917, the ruble in the domestic market had depreciated by almost 4 times.

In 1917, the state budget deficit reached 22,568 million rubles. The ways to cover it were traditional: tax increases, internal and external loans, issuance paper money. In eight months, from March to November 1917, the Provisional Government put into circulation approximately the same number of banknotes as was issued during the two and a half years of the war.

Despite the significant issue of money in circulation, there was not enough money all the time. Rising prices and, consequently, an increase in the monetary value of the mass of commodities, the theft of large banknotes by the wealthy sections of the city and especially the countryside, caused a shortage of money in circulation and disproportions in the banknote composition of the money supply. The lack of circulation of banknotes, especially small and medium-sized banknotes, led to the fact that, in addition to national banknotes, some cities and provinces had their own means of circulation. In other words, under the Provisional Government, the unified monetary system of the country began to disintegrate, which increased the general disorganization of monetary circulation and contributed to a further increase in inflation.

The Soviet government faced the same problems that neither the tsarist nor the Provisional government could cope with. Trying to solve them, the new government, the Council of People's Commissars (SNK), carried out measures that became constituent parts formed in 1918-1920. a specific system of production, exchange and non-monetary distribution (the so-called system of war communism), which assumed the gradual withering away of money. But since economic turnover at that time really could not do without money, the Bolsheviks had to put up with their presence, and the Council of People's Commissars had to fight the money hunger and solve the problem of delivering money to different parts of the Soviet Republic.

During the years of the First World War, revolution, civil war and after its end, during the period of inflation in the country, on the territory Soviet Union, more than 10 (and according to other estimates - about 20) thousand varieties of various denominations of central and local banknotes were issued, both obligatory circulation, i.e. issued by any authority, and not obligatory - “private”, issued different kind organizations and enterprises.

At the Fourth Congress of the Comintern, Vladimir Lenin remarked that the Russian ruble could be considered famous, if only because the number of rubles exceeded a quadrillion. In August 1921, Lenin recommended that the people's commissariat of food supplies sell salt to the peasants exclusively for bread and in no case for banknotes.

It was at this time that the checks of the Arkhangelsk branch of the State Bank appeared in Arkhangelsk, nicknamed "walrus," because. walruses were also depicted on them. In addition to the “walrus flowers”, there were also “seagulls” in Arkhangelsk, already named after the head of the Provisional Government of the Northern Region N.V. Tchaikovsky.

The rise in market prices in a dilapidated monetary system was also unprecedented. In March 1921 market prices almost 30 thousand times higher than the pre-war level.

A significant decline in the real incomes of the population caused discontent, and, ultimately, led to mass strikes in the cities and peasant uprisings.

The transition to the New Economic Policy (NEP) has begun in the country. One of the conditions for the implementation of the NEP was the existence of a stable monetary unit, which was also necessary for the preparation and execution of the state budget, the restoration of the credit system, and the organization of trade.

It should be emphasized that, since one of the principles of the NEP was the inclusion of the country in the international division of labor and the development of cooperation with foreign countries, the new currency had to be convertible, and this required the creation of a monetary system of the same type as in industrialized capitalist countries.

2. Preparation of monetary reform

The decision to stabilize the ruble in conditions when the country was exhausted by imperialist and civil wars, military intervention, and in connection with this, the policy of economic and financial blockade of the Soviet state pursued by the capitalist countries during the first years of the NEP, presented enormous difficulties.

In fact, the problem of reforming the monetary system is to use the period until the death of the old monetary system and improve the entire financial economy during this time, that is, to correctly identify the start and end points of monetary transformations, leaving a sufficient period of time for liquidation budget deficit.

It was precisely because of the conditions of the economic situation and as a result of considerations that the idea of ​​the inevitability of creating, along with the treasury issue of Soviet banknotes, a second issue of some other and, moreover, necessarily better money in comparison with them, grew stronger and stronger.

Until the autumn of 1921, monetary policy was, in fact, still limited to issues of issuing and distributing banknotes. In October 1921, the State Bank was created - this is the first important step in the regulation of money circulation. The primary task of the State Bank was to strengthen monetary circulation and develop commodity-money relations in the country.

By this time, several projects of monetary reform have already been prepared. One of them, the project of N. Kutler, proposed, using the gold reserves available at that time, to issue gold coins into circulation and stop issuing paper money. Already issued paper money had to be devalued at the then existing market rate and circulate along with newly issued coins. He offered to link the future monetary system with the restoration of the state credit and achieve a quote for the Russian ruble abroad. Another project of the banker V. Tarnovsky, known before the revolution, proposed to put into circulation banknotes that could be exchanged for gold, which were supposed to be in circulation along with paper banknotes. At the direction of the Chairman of the Board of the State Bank A. Sheinman, a devaluation project was developed, which was based on the ideas of both N. Kutler and V. Tarnovsky.

In the meantime, the People's Commissariat of Finance, right up to the early autumn of 1923, sought to normalize monetary circulation by stabilizing the Soviet sign. The head of the People's Commissariat, G. Sokolnikov, planned to first gradually reduce the issue of Soviet signs, and then bring the gold base under the Soviet sign and subsequently switch to gold circulation.

Plans for the stabilization of the Soviet sign in the period from 1921 to the early autumn of 1923 were developed repeatedly. But some of them never materialized, and those that were implemented did not lead to the expected results. In the course of the struggle of the People's Commissariat of Finance for the stabilization of the Soviet sign, two monetary reforms were carried out in the form of a denomination.

3. Denomination

In order to eliminate the great variety in the types of banknotes in circulation in the country and in order to save paper and paints, at the end of 1921 it was decided to carry out a denomination, that is, the exchange of old money for new ones according to a certain ratio.

Thus, in the fall of 1922, state banknotes RSFSR model 1922. The new 1 ruble was equal to 10 thousand former rubles.

This denomination got rid of the diversity of the composition of the paper money supply in the country. However, she did not fulfill all the tasks assigned to her, since the recalculation from the old rate to the new one had to be carried out by “discarding four zeros”, which seriously hampered the use of new banknotes. The new 100 rubles continued to be called "lemon", as they corresponded to the previous one million rubles.

Therefore, in October 1922, the Council of People's Commissars of the RSFSR decided to hold a second denomination. 1 ruble of new banknotes of the RSFSR of the 1923 sample was equated to 100 rubles of the 1922 model or 1 million rubles of old banknotes withdrawn from circulation by that time. As noted in the explanatory note of the People's Commissariat of Finance for the second denomination, its purpose was to eliminate the difficulties encountered in settlement transactions. With large numbers, the feeling of the size of the price was lost and the ground for a disproportionate increase in prices expanded for speculators. Since the "lemon" now corresponded in its own way purchasing power ruble, then the counting order introduced with the second denomination turned out to be more convenient. On banknotes of the sample of 1923 it was indicated: “One ruble of 1923 is equal to one million rubles in banknotes of 1922. Reception according to this calculation is obligatory for everyone.

Golden chervonets "Sower" is gold coin issued since 1923 by the State Bank of the USSR. It had a face value of 10 rubles and was introduced to stabilize the Soviet currency both within the country and on the global financial market.

The coin got its name - "Sower" because of the image of a peasant-sower against the background of working factories and the rising sun, located on the reverse of the gold coin.

1 chervonets 1923

Gold chervonets issued in 1923 are the first coins of the well-known Soviet series "The Sower". They were issued in order to strengthen the Union's monetary system and create competition for the ever-growing dollar in the international banking environment.

The coins of this issue were minted using the standards of pre-revolutionary Nikolaev 10-ruble gold samples of 1897. The reverse was depicted as a peasant-sower against the backdrop of a Soviet industrial city, and on the obverse was a drawing of the coat of arms of the RSFSR.

• Circulation: 2 751 000, pcs.
• Weight: 8.603 (±0.08), g
• Edge: inscription "pure gold 1 spool 78.24 shares (P.L)"
• Metal: gold (sample 900)

1 chervonets 1975

After 52 years, the State Bank of the USSR decided to resume the issuance of the famous Sower coins. New chervonets were issued as investment coins and were completely identical to their predecessors, issued in 1923. Drawings, inscriptions, their location - everything was identical. The same male sower against the backdrop of the sun and the city and the coat of arms on the reverse side. The differences were only in the year of issue on the reverse.

• Circulation: 250 000, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Metal: gold (sample 900)

1 chervonets 1976

Soviet gold 10-ruble notes of the 76th year of issue are bullion coins. The resumption of the minting of these banknotes was carried out in preparation for the Olympics-80, at which they were planned to be sold to tourists in the form of souvenirs. Also these monetary units widely used in foreign trade operations.

A well-known peasant-sower remained on the obverse of the coin, and on the reverse side the coat of arms of the RSFSR was minted, under which was the inscription "R.S.F.S.R", and above it - "Proletarians of all countries, unite!".

• Circulation: 1 million, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares"
• Metal: gold (sample 900)

1 chervonets 1977

Chervonets issued in 1977 were minted at two mints - Moscow and Leningrad. Both configurations of 10 ruble gold are completely identical to each other and have the same value among collectors.

Newly made coins have become an exact copy of the Sower, which has been produced since 1923. On the reverse was applied a drawing of a male sower, which became a symbol of the peasantry of the Soviet era, and on the obverse was the main symbol of the RSFSR - the coat of arms and a call to the proletarians of all countries to unite.

• Circulation: 1 million, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares"
• Metal: gold (sample 900)

1 chervonets 1978

The Golden Sower of 1978 refers to the investment money resources used in the former Soviet Union. The coin of this series is an exact copy of the one that began to be issued in 1923.

On the obverse of the chervonets, the coat of arms and the inscription of the RSFSR were preserved, as well as the main slogan of the proletariat, which read: "Proletarians of all countries, unite!" On the reverse was an engraving of a peasant peasant who sows a field at the rising sun. Above it was the inscription "One chervonets", and on the left, near the sower, the year of issue - 1978 was applied.

• Circulation: 1 million, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Metal: gold (sample 900)

1 chervonets 1979

The coin of 1979 belongs to the new-made chervonets of the "Sower" series, which are minted by the State Bank of the Soviet Union in order to use them to strengthen its banking system and to conduct international payments in the "gold equivalent".

The coin has on its reverse the image of a male sower, the prototype of which is the sculpture of the Soviet sculptor I.D. Shadra "The Sower", which he blinded from a Ural peasant. On the left, in the lower area of ​​the gold, the year of its issue is indicated - 1979. To fill the obverse, the coat of arms of the RSFSR and the popular slogan of that time - "Proletarians of all countries, unite!" were used.

• Circulation: 1 million, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (M.M.D)"
• Metal: gold (sample 900)

1 chervonets 1980 (LMD)

In 1980, the Leningrad Mint continued to issue gold chervonets with a face value of 10 rubles. These coins were supposed to be used primarily for external payments, as well as for sale to tourists who arrived at the 1980 Olympics. True, it was not possible to get a big profit from their sale as souvenirs, since the cost was slightly higher than the gold used to produce the coin.

The well-known "Sower", which began to be minted back in 1923, became the prototype of the metal chervonets of the 80th year.

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Metal: gold (sample 900)

1 chervonets 1980 (MMD)

In 1980, the Moscow Mint minted coins of the famous Sower series. They were issued in Proof and UNC. Gold coins were supposed to be used for settlements on external financial obligations, as well as for sale as souvenir coins at the Olympic Games.

The new "Sower" was an exact copy of the 10-ruble gold coins of 1923. It is distinguished by the symbol of the peasantry on the reverse in the form of a male sower and the world-famous slogan of the Soviet proletariat - "Proletarians of all countries, unite!".

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (M.M.D)"
• Metal: gold (sample 900)

1 chervonets 1981 (LMD)

Chervonets of this year of issue were minted by the Leningrad Mint and are among the most expensive coins The Sower series. These brand new Soviet banknotes played the role of investment financial resources of the USSR, and were also often used for foreign economic settlements.

The coin of 1981 is the twin brother of the royal chervonets - it completely preserves the drawing of the peasant-sower, which was on the first products of 1923, as well as the symbol of the Soviet proletariat in the form of the coat of arms of the RSFSR and the slogan about the unity of the proletarians of all republics and other countries.

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (L.M.D)"
• Metal: gold (sample 900)

1 chervonets 1981 (MMD)

These metal banknotes were issued by the Moscow Mint as investment funds, with the help of which the Union made settlements with external trading partners, and also ensured a stable state of gold and foreign exchange reserves.

The coins of this year of issue have retained a complete resemblance to the gold chervonets of 1923. Similar inscriptions and drawings on the reverse and obverse, the same metal, similar minting technologies. The only difference is the year of issue of money - 1981, the inscription of which is located on the reverse in the lower part.

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (M.M.D)"
• Metal: gold (sample 900)

1 chervonets 1982 (LMD)

Coins minted in 1982 were the last "Sowers" that were issued by the Leningrad Mint. In general use, these banknotes were not used in financial calculations - they served only as investment capital of the State Bank of the USSR.

Golden 10-ruble notes of the 82nd year completely retained the idea of ​​their predecessors - to show the revival of the Soviet Union. This is evidenced by the drawing of a sower against the background of a plowed field, working factories and the rising sun. The main appeal of the proletariat, as well as the coat of arms of the RSFSR, remained on the obverse.

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (L.M.D)"
• Metal: gold (sample 900)

1 chervonets 1982 (MMD)

10-ruble gold coins of 1982 became the last chervonets "Sower", which were minted at the Moscow Mint. These monetary units were used only in the role of investment capital - they did not enter into wide use.

As on the coins of the 23rd year of issue, the coat of arms of the RSFSR was preserved on the obverse, above which was the call of that time “Proletarians of all countries, unite!”. On the opposite side, a symbol of the industriousness of the Soviet people is depicted - this is a peasant who, at the rising sun, sows a plowed field, and plants and factories work in the distance. Above this symbol, the inscription “One chervonets” was minted, and in the bottom - the year of issue: 1982.

• Circulation: 500 thousand, pcs.
• Weight: 8.603 (±0.08), g
• Diameter: 22.6 (+0.10 -0.15), mm
• Edge: inscription "pure gold 1 spool 78.24 shares (M.M.D)"
• Metal: gold (sample 900)

Dmitry Fedorov

In the early 1920s, the young Soviet republic faced the worst inflation in Russian history. Several currencies circulated across the country at once, none of which had any backing. The People's Commissariat of Finance made an unusual decision - to introduce another currency into circulation, which would be backed by gold. She received the name "Chervonets". The corresponding decree came into force on October 11, 1922. About the Soviet convertible currency - in the material RT.

• Line for groceries at the store on the corner of Nikitskaya street and Tverskoy boulevard in Moscow, 1920
• RIA News

By the end of the Civil War, a huge amount of money had accumulated in the RSFSR, which was worth almost nothing. In the markets, they paid with tsarist money, and "Kerenki", and the official Soviet currency - "sovznaks", which were not even officially called money: the country headed for building communism with the inevitable withering away of the monetary system.

In 1922, it became clear that the advance of communism was being delayed. In the meantime, inflation was eating up the “sovznak”, and the government was forced to print more and more new denominations. In 1921, denominations of 10, 25, 50 and, finally, 100 thousand rubles appeared successively. But they were not enough for cash transactions.

The main form of payment was millions, which were called "lemons". It was then that this slang term appeared, which returned to the "dashing nineties."

But even in the 1990s, a million remained a relatively large sum, while in the 1920s a loaf of bread could cost a few "lemons".

The old tsarist and "Keren" money also did not have any security and did not inspire the confidence of citizens. The population switched to barter. The coming moneyless society acquired the too literal features of what the classics of Marxism called "primitive communism." The value of the entire money supply that was in circulation fell from 2,200 million rubles in November 1917 to 55 million in July 1922.

• Moscow street, 1920s
• Wikimedia Commons

This era has been widely reflected in fiction:

Gold prices have risen

Because of the NEP.

In Petrograd on the Sennaya

Three turnip lemons.

L. Panteleev. G. Belykh. "Republic of SHKID".

I fly into the buffet

Not a penny of money

Exchange ten million...

I. Ilf. E. Petrov. "Golden calf".

Back to capitalism

In the Soviet government, despite the sincere belief in the imminent onset of communism, people still worked pragmatically.

In July 1921, the government allowed the opening of trade establishments. This meant the end of the policy of "war communism", when trade in itself was a crime, and the state threw all its forces into the fight against "sacks" - small food sellers. Prodrazverstka, when food was simply confiscated from the peasants, was replaced by a tax even earlier. Capitalism was partially restored in the country, which even Lenin was forced to admit. This period of Soviet history was called the "new economic policy" - NEP.

In such conditions, the creation of a stable financial system has become a task of paramount importance.

In those years, the People's Commissariat of Finance was led by the energetic Grigory Sokolnikov, who completed a doctorate in economics at the Sorbonne. Sokolnikov made two bold decisions: he attracted pre-revolutionary specialists to the financial reform (in young Soviet Russia they were treated with understandable distrust), and he also completely abandoned the idea of ​​\u200b\u200bsaving the Sovznak. The People's Commissar decided to start the financial history from scratch, with a new currency.

On October 11, 1922, the State Bank received the right to issue money. New bank notes, the printing of which was started by the State Bank, were accepted as payment for state fees and charges in cases where payments were legally collected in gold. The new currency was called "Chervonets".

gold standard

Chervonets, in fact, were (and were perceived by the population) not as change money, but as a kind of security, which the state provided with gold and other assets. In addition, the minting of chervonets from gold began for foreign trade circulation.

• One chervonets, 1922
• Wikimedia Commons

Exchange rates for chervonets were established for other currencies that circulated in the country. First of all, royal credit notes were withdrawn from circulation, and by 1924 the turn came to the “sovznaks”.

In 1924, the chervonets entered the international exchanges. Thus, it became the first and last Soviet convertible currency.

After the printing of "sovznak" ceased, there was a need for the appearance of change money. The State Bank began minting pegged to gold coins small coins. This played not only an economic, but also a symbolic role. The appearance of half-forgotten kopecks demonstrated that the era of galloping inflation was over, the state was returning to a stable currency.

Chervonets, tied to the gold standard, did not last long. He strengthened the Soviet financial system, fought inflation and helped the young republic to reach international markets. But with the end of the NEP, the need for it disappeared. By the thirties, the ruble had lost its convertibility, but in those economic conditions, when the country switched to the rails of forced industrialization, there was no longer any need for it.

Today, chervonets remain only in museum collections - as a reminder of one of the most successful monetary reforms in Russia.

In October 1922, a decision was made to start issuing Soviet gold chervonets in the form of coins. The Soviet chervonets had such characteristics as size, weight equal to 8.6 g and an alloy - gold of the 900th test, which fully corresponded to the pre-revolutionary ten-ruble coin. A.F. Vasyutinsky, who was the Chief Medalist of the Mint, developed a design for the Soviet gold chervonets. The coat of arms of the RSFSR is minted on the front side, called the obverse, of this coin. On the reverse side of the gold coin, called the reverse, a peasant-sower is depicted. The image of this peasant was made according to the sculpture of Shadr. All chervonets of this period bear the date 1923.

Soviet gold chervonets, which depicted a sower, were used mainly for foreign trade. But inside Russia, a small part of them were in circulation. These coins Western countries at first they were not accepted due to the fact that Soviet symbols were imprinted on them. The exit was found quickly. They immediately began to mint gold chervonets, on which the deposed Tsar Nicholas II was depicted. Such coins abroad were accepted unconditionally.

In 1924, after the formation of the USSR, the government decided to issue a new type of chervonets. The coat of arms of the RSFSR was replaced by the coat of arms of the USSR. They released trial specimens of copper, on this issue of new coins was discontinued. At present, copper chervonets of 1925 are unique, six copies are known today. These coins are very expensive - 8 million rubles can reach the price of one coin. Three copies of Soviet chervonets are kept in the museums of Moscow and St. Petersburg. The remaining three coins are kept in private collections.
In 1925, the Soviet gold chervonets was equated to ten rubles, gradually went out of circulation and was forgotten.

Before the Moscow Summer Olympiad, 80 people remembered gold coins with the image of a sower. At that time, the minting of these coins was considered as one of the sources of income. For six years from 1975 to 1981, 6 million 600 thousand gold chervonets were minted. The sample of 1923 was taken as the basis of the Soviet gold chervonets, on which the coat of arms of the RSFSR was minted and new dates were affixed.

The new Soviet gold coins, with a sower depicted on them, were not legal for their circulation on the territory of the USSR. These coins could be used for sale to foreign tourists or for foreign trade.
Since the mid-1990s, Soviet gold coins have been used as investment coins and have been successfully sold by both Russian and foreign banks. Golden chervonets have become legal tender throughout the country since 2001 by a decision that was adopted by the Board of Directors of the Bank of Russia.