Russian ruble

Infobox Currency
currency_name_in_local = российский рубль ru icon [ _tt. сум; _ba. һум; _cv. тенкĕ; _os. сом; _ud. манет; Mari: теҥге _sa. солкуобай]
image_1 = Banknote 5000 rubles (1997) front.jpg
image_title_1 = 5000 rubles
image_2 = Rouble.jpg
image_title_2 = 1 ruble
iso_code = RUB
using_countries = RUS
unofficial_users = "flag|Abkhazia"
"flag|South Ossetia"
inflation_rate = 11.9% (2007)
inflation_source_date = [http://www.gks.ru/ Rosstat] , 2007
subunit_ratio_1 = 1/100
subunit_name_1 = kopek (копейка [ _tt. тиен; _ba. тин; _cv. пус; _os. капекк; _ud. коны; Mari: ыр; _sa. харчы] )
symbol = руб
symbol_subunit_1 = к
plural_slavic = Y
used_coins = 1, 5, 10, 50 kopeks, 1, 2, 5, rubles
used_banknotes = 5, 10, 50, 100, 500, 1000, 5000 rubles
issuing_authority = Bank of Russia
issuing_authority_website = www.cbr.ru
printer = Goznak
printer_website = www.goznak.ru
mint = Moscow mint and Saint Petersburg Mint

The ruble or rouble ( _ru. рубль "rublunicode|ʹ", plural _ru. рубли́ "rubli"; see note on English spelling and Russian plurals with numbers) (code: RUB) is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Soviet Union and the Russian Empire prior to their breakups. The ruble is subdivided into 100 "kopeks" (sometimes transliterated "kopecks", or "copecks", _ru. копе́йка, plural: _ru. копе́йки or _ru. копеек). The ISO 4217 code is "RUB"; the former code, RUR, refers to the Russian ruble prior to the 1998 denomination (1 RUB = 1000 RUR).

Currently there is no official symbol [cite web |url=http://www.moscowtimes.ru/stories/2006/06/15/041.html |publisher=The Moscow Times|author=Valeria Korchagina |title='R' for Ruble Is Symbol of Pride | date=2006-06-15 | accessdate=2007-06-28] for the ruble, though [http://www.xe.com/symbols.htm руб] is currently in use. Various symbols have been put forward [cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062802156.html?nav=rss_business|title=Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen|author=Peter Finn|publisher=The Washington Post|date=2006-06-28|accessdate=2007-06-28] as possibilities, including: "РР" (cyrillic for "RR"), an "R" with two horizontal strokes across the top (similar to the Philippine peso sign) and an "Р" with a horizontal strike. [cite web|url=http://www.artlebedev.ru/news/2007/rouble/|title="О знаке рубля" | date=2007-08-1|accessdate=2008-04-11]

Etymology

According to the most popular version, the word "ruble" is derived from the Russian verb "руби́ть", "rubit", meaning to chop. Historically, a "ruble" was a piece of a certain weight chopped off a silver ingot (grivna), hence the name.

Names of different denominations

In the 18th, 19th and 20th centuries, several coins had individual names:
*¼ kopek - "polushka"
*½ kopek - "denga" or "dénezhka"
*2 kopek - "semishnik" (mostly obsolete by 20th century), "dvúshka" (20th century) or "grosh"
*3 kopek - "altyn" (mostly obsolete by the 1960s)
*5 kopek - "pyaták"
*10 kopek - "grívennik"
*15 kopek - "pyatialtýnny" (5 altyn; the usage lived longer than altyn)
*20 kopek - "dvugrívenny" (2 grivenniks)
*25 kopek - "polupoltínnik" (half poltínnik) or "chetverták" (from the Russian for ¼)
*50 kopek - "poltína" or "poltínnik"

The amount of 10 rubles (in either bill or coin) is sometimes informally referred to as a "chervonets". Historically, it was the name for the first Russian 3-ruble gold coin issued for general circulation in 1701. The current meaning comes from Soviet golden chervonets (сове́тский золото́й черво́нец) issued in 1923 that was equivalent to the pre-revolution 10 gold rubles. All these names are obsolete. The practice of using the old kopek coin names for amounts in rubles is now not very common. In modern Russian slang only these names are used:

*5 rubles - "Pyatyórka" (Пятёрка)
*10 rubles - "Chírik" (чи́рик) or "Desyátka" (деся́тка)
*50 rubles - "Poltínnik" (полти́нник) with some variants like "Poltishók" (полтишо́к)
*100 rubles - "Stólnik" (стольник)
*500 rubles - "Pyatikhátka" (пятиха́тка), originally pyatikátka (пятика́тка)
*1000 rubles - "Shtúka" (шту́ка) or "Kosár" (коса́рь) and a hybrid "Shtukár" (штукарь)
*500,000 rubles - "Pol-limóna" (пол-лимо́на, a half of limon)
*1,000,000 rubles - "Limón" (лимо́н)

The penultimate term derived from "пять кать" (five Catherines). "Katya" (катя, Catherina) having been a slang name for the 100 ruble note in tsarist Russia, as the note had a picture of Catherine II on it.

Warning: Most of these definitions, i.e. "Chirik, Poltos, Pyatikatka, and Kosar" come from jail slang Fenya. It is a quite vulgar manner of speaking.

Currency symbol

A currency symbol was used for the ruble between the 16th century and the 18th century. The symbol consisted of the Russian letters "Р" (rotated by 90° counter-clockwise) and "У" (written on top of it). The symbol was placed over the amount number to which belonged to. [cite web|url=http://www.rian.ru/analytics/20060602/48952932.html|publisher=РИА Новости|title=Забытый знак российского рубля|accessdate=2006-05-06|language=Russian] This symbol, however, fell into disuse during the 19th century onward.

A new symbol was not made during the final years of the Empire and through out the Soviet Union. The characters R [cite web|url=http://fx.sauder.ubc.ca/currency_table.html|title=Currencies of the World|publisher=The University of British Columbia Sauder School of Business|accessdate=2007-06-28] [cite web|url=http://www.lonelyplanet.com/worldguide/destinations/europe/russia?a=facts|publisher=Lonely Planet|title=Russia|accessdate=2007-06-28] and [http://www.xe.com/symbols.htm руб] were instead used and are still used to this day, though they are not official [cite web |url=http://www.moscowtimes.ru/stories/2006/06/15/041.html |publisher=The Moscow Times|author=Valeria Korchagina |title='R' for Ruble Is Symbol of Pride | date=2006-06-15 | accessdate=2007-06-28.]

From July 1, 2007, the Central Bank of Russia has announced the establishment to decide on a symbol for the ruble. The bank will test 13 symbols for the ruble. This includes the symbol РР (RR in Russian for Russian Ruble), which has received preliminary approval from the Central Bank. [cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062802156.html?nav=rss_business|title=Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen|author=Peter Finn|publisher=The Washington Post|date=2006-06-28|accessdate=2007-06-28] However, the people of Moscow has announced support for another tested symbol. A simple R with two horizontal strokes across the top (in comparison, similar to the Philippine peso sign). [cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062802156.html?nav=rss_business|title=Russians Bet Ruble Will Rise To Status of Dollar, Euro, Yen|author=Peter Finn|publisher=The Washington Post|date=2006-06-28|accessdate=2007-06-28] Other possible signs have entered for the vote hundreds of people from around the world. [http://www.directdesign.ru/rubl/main.html] However, one symbol has been gaining national attention. A non-official symbol was introduced to the nation in August 2007 and is beginning to be used in stores across Russia. [http://www.66auto.ru/] [http://www.artlebedev.ru/news/2007/dayone/] [http://blog.cherepovets.ru/flomaster/2007/08/04/265] As rumoured by the Central Bank, the symbol used is based on a simple letter "Р" (which is semi crossed below a horizontal stroke or two strokes). It is also mentioned that the sign is simple, similar to other currency signs (as shown similar to the Yen sign), represents the Russian language and it is similar to a letter. [http://imadesign.ru/ru/news/publications?id=411] [cite web|url=http://www.artlebedev.ru/news/2007/rouble/|title="О знаке рубля" | date=2007-08-1|accessdate=2008-04-11] [http://www.fonts.ru/cinfo/news.asp?NewsId=78]

History

First ruble, Antiquity - December 31 1921

The ruble has been the Russian unit of currency for about 500 years. From 1710, the ruble was divided into 100 kopeks.

The amount of precious metal in a ruble varied over time. In a 1704 currency reform, Peter I standardized the ruble to 28 grams of silver. While ruble coins were silver, there were higher denominations minted of gold and platinum. By the end of the 18th century, the ruble was set to 4 zolotnik 21 dolya (almost exactly equal to 18 grams) of pure silver or 27 dolya (almost exactly equal to 1.2 grams) of pure gold, with a ratio of 15:1 for the values of the two metals. In 1828, platinum coins were introduced with 1 ruble equal to 77⅔ dolya (3.451 grams).

On December 17, 1885, a new standard was adopted which did not change the silver ruble but reduced the gold content to 1.161 grams, pegging the gold ruble to the French franc at a rate of 1 ruble = 4 francs. This rate was revised in 1897 to 1 ruble = 2⅔ francs (0.774 grams gold).

With the outbreak of the First World War, the gold standard peg was dropped and the ruble fell in value, suffering from hyperinflation in the early 1920s.

econd ruble, January 1, 1922 - December 31, 1922

In 1922, the first of several redenominations took place, at a rate of 1 "new" ruble for 10,000 "old" rubles. The chervonets (червонец) was also introduced in 1922.

Third ruble, January 1, 1923 - March 6, 1924

A second redenomination took place in 1923, at a rate of 100 to 1. Again, only paper money was issued. During the lifetime of this currency, the first money of the Soviet Union was issued.

Fourth (Gold) ruble, March 7, 1924 - 1947

A third redenomination in 1924 introduced the "gold" ruble at a value of 50,000 rubles of the previous issue. This reform also saw the ruble linked to the chervonets, at a value of 10 rubles. Coins began to be issued again in 1924, whilst paper money was issued in rubles for values below 10 rubles and in chervonets for higher denominations.

Fifth ruble, 1947 - 1961

Following World War II, the Soviet government implemented a confiscatory redenomination of the currency to reduce the amount of money in circulation. This only affected the paper money. Old rubles were revalued at one tenth of their face value.

ixth ruble, 1961 - December 31 1997

:"See Soviet ruble for new currencies of the former Soviet republics.The 1961 redenomination was a repeat of the 1947 reform, with the same terms applying. The Soviet ruble of 1961 was formally equal to 0.987412 gram of gold, but the exchange for gold was never available to the general public. Following the breakup of the Soviet Union in 1991, the ruble remained the currency of the Russian Federation. New set of banknotes was issued in the name of Bank of Russia in 1993. During the period of high inflation of the early 1990s, the ruble was significantly devalued.

eventh ruble, January 1, 1998 -

The ruble was redenominated on January 1, 1998, with one new ruble equalling 1000 old rubles. The redenomination was a purely psychological step that did not solve the fundamental economic problems faced by the Russian economy at the time, and the currency was devalued in August 1998 following the Russian financial crisis. The ruble lost 70% of its value against the U.S. Dollar in the 6 months following this Russian financial crisis.

In November of 2004, the authorities of Dimitrovgrad (Ulyanovsk Oblast) erected a five-meter monument to the ruble.

Coins

First ruble

At the beginning of the 19th century, copper coins were issued for ¼, ½, 1, 2 and 5 kopeks, with silver 5, 10, 25 and 50 kopeks and 1 ruble and gold 5 although production of the 10 ruble coin ceased in 1806. Silver 20 kopeks were introduced in 1820, followed by copper 10 kopeks minted between 1830 and 1839, and copper 3 kopeks introduced in 1840. Between 1828 and 1845, platinum 3, 6 and 12 rubles were issued. In 1860, silver 15 kopecs were introduced, due to the use of this denomination (equal to 1 złoty) in Poland, whilst, in 1869, gold 3 rubles were introduced. [http://www.pjsymes.com.au/articles/three.htm] In 1886, a new gold coinage was introduced consisting of 5 and 10 ruble coins. This was followed by another in 1897. In addition to smaller 5 and 10 ruble coins, 7½ and 15 ruble coins were issued for a single year, as these were equal in size to the previous 5 and 10 ruble coins. The gold coinage was suspended in 1911, with the other denominations produced until the First World War.

Fourth, fifth and sixth rubles

The first coinage after Russian civil war was minted in 1921 with silver coins in denominations of 10, 15, 20 and 50 kopeks and 1 ruble. Golden chervonets were minted in 1923. These coins bore the emblem and legends of the RSFSR. In 1924, copper coins were introduced for 1, 2, 3 and 5 kopeks, together with further silver 10, 15 and 20 kopeks, 1 poltinnik (50 kopeks) and 1 ruble. From this issue onwards, the coins were minted in the name of the Soviet Union. Copper ½ kopek coins were introduced in 1925. The 1 ruble was only issued in 1924 and production of the poltinnik was stopped in 1927, while the ½ kopek ceased to be minted in 1928. In 1926, aluminium-bronze replaced copper in the 1, 2, 3 and 5 kopeks and, in 1931, the remaining silver coins were replaced with cupro-nickel. This coinage was unaffected by the redenominations of 1947 and 1961. However, 1961 did see the introduction of new coins, with 1, 2, 3 and 5 kopeks in aluminium-bronze, and 10, 15, 20 and 50 kopeks and 1 ruble in cupro-nickel-zinc. In 1991, a new coinage was introduced in denominations of 10 and 50 kopeks, 1, 5 and 10 rubles. The 10 kopeks was struck in brass-plated steel, the 50 kopeks, 1 and 5 rubles were in cupro-nickel and the 10 rubles was bimetallic with an aluminium-bronze centre and a cupro-nickel-zinc ring. After the end of the Soviet Union, the Russian Federation introduced coins in 1992 in denominations of 1, 5, 10, 20, 50 and 100 rubles. The 1 and 5 rubles were minted in brass-clad steel, the 10 and 20 rubles in cupro-nickel and the 50 and 100 rubles were bimetallic (aluminium-bronze and cupro-nickel-zinc). In 1993, aluminium-bronze 50 rubles and cupro-nickel-zinc 100 rubles were issued, and the material of 10 and 20 rubles was changed to nickel-plated steel. In 1995 the material of 50 rubles was changed to brass-plated steel, but the coins were minted with the old date 1993.

Regularly issued commemorative one ruble coin during this period is practically identical in size and weight to a 5 Swiss franc coin (worth approx. €3 / US$4). For this reason, there have been several instances of (now worthless) ruble coins being used on a large scale to defraud automated vending machines in Switzerland. [De icon cite news|title=Mit alten Rubelmünzen Automaten am Zürcher HB geplündert|publisher=Swissinfo|date=15 November 2006|url=http://www.swissinfo.org/ger/schweiz/ticker/index/Mit_alten_Rubelmuenzen_Automaten_am_Zuercher_HB_gepluendert.html?siteSect=113&sid=7262424&cKey=1163608880000]

eventh ruble

In 1998, the following coins were introduced:

#The 5 ruble note is very rare now, as it is being replaced by a 5 ruble coin. It is now out of print, although it is still a legal tender.
#In 2006, it was announced that the 10 ruble note will be gradually phased out and replaced by a 10 ruble coin.
#Banknotes of the 2001 revision bear the fine print "модификация 2001г." meaning "modification of year 2001" on the left watermark area.
#Banknotes of the 2004 revision also bear the similar fine print. More importantly, new security features have been added, including (but not limited to)::*Moiré pattern: The area appears to be one color from one angle, stripes from another angle.:*"'Wider metallic thread:*Microperforation (100 rubles and above): Denomination numeral formed by dots (small laser perforated holes in the paper):*Color shifting ink (500 rubles and above): The emblem of the Bank of Russia for 500 rubles, and the city emblem of Yaroslavl for 1000 rubles.

All Russian paper money is currently printed at the state-owned factory Goznak in Moscow, which was organized on June 6, 1919 and has continued to operate ever since. Coins are minted in Moscow and at the Saint Petersburg Mint, which has been operating since 1724.

ee also

* Central Bank of Russia
* Economy of Russia
* MIBOR (Moscow Inter-Bank Offer Rate)

References

*
*

External links

* [http://www.goznak.ru Goznak official site]
* [http://www.cbr.ru/eng/currency_base/daily.asp Foreign Currency Market | Bank of Russia]
* [http://www.tititudorancea.com/z/euro_to_rub_exchange_rates_russian_ruble.htm Russian Currency Exchange Rate]
* [http://russianmoney.info History of the Russian paper money]