Country currency is a legally established means of payment, mandatory for conducting settlement transactions on the territory of the state. Its physical carrier is paper banknotes or banknotes and metal coins issued to ensure cash circulation. The monetary unit also circulates in non-cash form for settlements between business entities and individuals.

Payment means in each of the independent states have their own names, approved, as a rule, by a special legislative act.

List of currencies of the largest countries in the world:

• Australia – Australian dollar;
• Argentina - Argentinean;
• Brazil – Brazilian real;
• Great Britain - pound sterling;
• - euro;
• India – ;
• Canada – Canadian dollar;
• People's Republic of China - yuan;
• Russian Federation - ;
• United States of America - dollar;
• Japan - yen.

The names of national monetary units may have historical origins from the names of coins that were in circulation in a given territory. In another case, these are specially invented synthetic words. So, when the issue of a European currency was being decided, a neutral name was proposed - the euro. This name did not infringe on the national pride of the inhabitants of any of the countries that joined the union.

Monetary units of all countries of the world have three-letter designations in the form of codes established by the international standard ISO 4217:2008. They are used in official banking and legal documents for the convenience of users and allow the currency to be uniquely identified. This is especially true for means of payment that have the same name. For example, the American dollar is coded USD, the Canadian dollar is CAD, and the Australian dollar is AUD.

In the vast majority of countries, for the convenience of payments, there are exchangeable monetary units. Usually they are one hundredth of the country's main currency. Thus, the Russian ruble consists of 100 kopecks, and the American dollar – of 100 cents. The names of many small change coins have Latin roots, the basis for them is the word centum - one hundred.

In some states there are more complex systems of subordination of the main and exchange currency units:

• In Saudi Arabia, one consists of 20 qirsh, which in turn is equal to 5 halalas.
• In Madagascar and Mauritania, monetary circulation is based on the five-fold number system. One ariary is equal to 5 iraimbilanya, and one ougiya consists of 5 khums.
• The Sovereign Military Order of Hospitallers of St. John of Jerusalem of Rhodes and Malta has a currency called the Maltese and consists of 12 tari or 240 grains.
• In Libya, Tunisia, Oman, Bahrain, Iraq and Kuwait, the means of payment consists of thousands of small change coins.
• In Vietnam, Hong Kong, Jordan, China and Macau, the ratio between the main currency and the exchange currency is 1 to 10.

In countries with high inflation, small coins are practically not used in cash and non-cash payments. So in our country the penny has practically gone out of circulation; a similar situation arose in Japan at one time. The return of small change usually occurs during monetary reform in the form of denomination. A recent example is the economic transformation in the Russian Federation in 1998.

The concept of monetary units of account

In some states, special means of payment are being developed and used for making payments by transferring funds between accounts. Cash units of account can only be used in the sphere of non-cash circulation. In most cases, they are entries in registers on electronic or paper media and are valid for a limited time.

In some countries, due to economic instability, surrogate means of payment or foreign currencies may be introduced. They can be used in cash circulation, for which banknotes are issued and coins are minted. Thus, on Liberty Island, in parallel with the Cuban peso, its convertible form is used, and in Myanmar, a special exchange certificate is used.

Currency unit- a monetary sign established by law that serves to measure and express the prices of all goods and services.

National or international currency- the name of money in a country or group of countries.

Currency unit- this is customary in this country name of money(dollar, mark, ruble, yen, yuan, baht, tugrik, etc.) or the name of money used in the international monetary system (euro, SDR, etc.). All monetary units are divided into smaller parts: a ruble is equal to 100 kopecks, a dollar or euro is equal to 100 cents.

A monetary unit is a monetary sign (ruble/100 kopecks), which is used to measure and express the prices of goods (1 dollar - 100 cents).

The type of monetary system depends on the form in which money functions: as a universal equivalent commodity or as signs of value. In this regard, the following types of monetary systems are distinguished:

• metal currency system
• system of circulation of credit and paper money

Monetary systems of metallic circulation are based on metallic money (gold, silver), which perform all the functions inherent in money as a universal equivalent (measures of value, means of circulation and payment, means of storage), and banknotes circulating simultaneously with metallic money can be at any time exchanged for metallic money.

Monetary systems of paper-credit circulation are based on the dominance of paper or credit money.

Under the conditions of the existence of metallic monetary circulation, two types of monetary systems were distinguished: bimetallism and monometallism.

Bimetallism is a monetary system in which the state legally assigns the role of universal equivalent to two metals, usually gold and silver. Coins made of gold and silver function on an equal basis and are freely minted. Two prices were set on the market (in gold and in silver) for the same product. There were three types of bimetallism:

• parallel currency system, when the ratio between gold and silver coins was established spontaneously on the market
• dual currency system, when this ratio was set by the state
• a lame currency system in which gold and silver coins serve as legal tender, but not on equal terms, since the minting of silver coins was carried out in a closed manner, unlike the free minting of gold coins, in which case the silver coins became a sign of gold

The presence of two metals as a universal equivalent came into conflict with the economic essence of money as a single commodity designed to measure the value of all other goods. The development of economic relations required the stability of the monetary system, not subject to fluctuations in the value of one of the monetary metals.

Monometallism is a monetary system in which one monetary metal is the universal equivalent and the basis of monetary circulation. Along with metal money, there are other symbols of value in circulation (banknotes, treasury notes, small change coins) that can be exchanged for gold. History knows silver and gold monometallism. Gold monometallism, or the gold standard, existed in the form of gold coin, gold bullion and gold exchange standards.

Under the gold coin standard, gold performs all the functions of money; both gold coins and gold tokens are in circulation; free minting of gold coins with a fixed gold content is carried out; gold coins are freely exchanged for gold tokens at face value.

Under the gold bullion standard, banknotes were exchanged only for gold bullion (not for gold coins), and with certain restrictions. The gold bullion standard was introduced during the period of partial economic stabilization (1924-1928) in some Western European countries (in particular, in England in 1925, in France in 1928). Under the gold bullion standard, gold could only be purchased by relatively wealthy fund holders (standard gold bars weighing about 12 kg were sold, for which they had to pay a large sum - 1200 British pounds or 300 thousand French francs, which prevented the dispersion of gold stock among small owners). Thus, gold was gradually forced out into wholesale circulation.

A feature of the gold exchange standard was that banknotes are exchanged for mottos, i.e. for foreign currency exchangeable for gold. The important role of the gold exchange standard was that it consolidated the currency dependence of some countries on others, which was the basis for the subsequent creation of a system of international currency treaties and currency regulation systems that ensure the relative stability of freely convertible currencies.

The mechanism for implementing the gold standard required the fulfillment of two conditions:

• first, each country had to choose gold as the main standard of currency value, keeping the currency unit consistent with a certain amount of gold
• secondly, each country had to allow the free export and import of gold.

In order for all money, including coins, notes and bank deposits, to have equal value, a country should:

• mint gold coins containing a legal amount of gold as a standard unit of value
• give orders to the treasury to buy or sell gold bullion at a fixed price
• maintain the parity of its currency by buying or selling the country's currency

Under the gold coin and gold bullion standards, exchange rates developed spontaneously depending on the supply-demand relationship in the free foreign exchange market of national and foreign currencies, and the limits of deviation of the exchange rate from the gold parity were insignificant. This was determined by the fact that in conditions of free import and export of gold from the country, with large deviations of the exchange rate from parity, it became more profitable not to exchange national currency for foreign currency, but to import (or export) gold directly from abroad, if the transportation costs insignificant (0.5 - 0.8% of the cost of transported gold). These costs (cost of transportation, packaging, insurance, and others) determined the limits of deviation of the exchange rate from parity, or the so-called “golden points.”

The extremely high foreign exchange rate, above which it is more profitable to import gold from your country and sell it abroad, is called the export gold point. If the offered rate is lower than the marginal rate, then it is more profitable to import gold from abroad and sell it to your national bank, and this rate is called an import gold point.

As a result of the global economic crisis of 1929-1933. monetary systems based on gold monometallism gave way to systems of paper and credit money not redeemable for gold.

In the process of evolution of monetary systems, there was a constant reduction in the costs of money circulation, and cost savings were ensured. Expensive, heavy, inconvenient to store and carry for a long time, gold and silver money were replaced by light, portable tokens of value - paper money. Printing paper money and putting it into circulation certainly requires less cost than mining precious metals and processing them for monetary circulation. The emergence of the next type of money - credit, contributed to even greater cost savings. Bills of exchange, checks and other forms of credit money made it possible to save banknotes, since they could be written out for significant sums of money, eliminating the need to carry cash with them. The emergence of credit cards and systems of electronic non-cash payments made it possible to quickly and independently of the territorial distance of clients service cash payments and significantly reduce the costs of ensuring cash flow.

All monetary systems based on the circulation of credit banknotes are characterized by:

• displacement of gold, both from internal and external circulation and its deposition in gold reserves
• (mainly in banks), with gold still serving as a treasure
• Bank credit operations serve as the basis for issuing cash and non-cash money
• the ratio of the proportions of cash and non-cash turnover changes towards a decrease in the share of cash
• creation and development of mechanisms for monetary regulation of money turnover by the state

Monetary systems based on paper and credit money differ significantly in administrative-command and market economies. The main, most characteristic features of the administrative-command monetary system are the following:

• concentration of cash turnover (non-cash and cash) in a single state bank
• direct directive planning of cash flow and its components as part of the overall system of state planning
• centralized directive management of the monetary system
• legislative establishment of the price scale and exchange rate of the national currency
• legislative differentiation of money turnover into cash and non-cash turnover. At the same time, non-cash turnover, as a rule, serves the distribution of means of production, and cash turnover - the distribution of consumer goods and services

The main features of the monetary system characteristic of a market economy are:

• decentralization of money circulation between different banks
• division of the function of issuing non-cash and cash banknotes between different parts of the banking system. Cash issuance is carried out by central banks, non-cash money is issued by commercial banks under different forms of ownership.
• creation and development of a mechanism of state monetary regulation, which is of an economic nature
• centralized management of the monetary system through the apparatus of the central bank
• there is no legislative distinction between non-cash and cash payment transactions; they are closely related, while non-cash transactions have priority
• providing banknotes with assets of the banking system
• savings of the population are attracted by the system of commercial banks; there is no monopoly of the state bank
• system of market-based exchange rate setting based on a currency basket

Most countries use a decimal division system. Within a particular economic system, it serves as a price scale.

Each state has its own payment currency. All currencies of the countries of the world can be exchanged for global or reserve currencies, which include the euro and dollar. They are used to carry out financial transactions between state-owned banks of different countries. However, many countries are trying to reconsider the role of the dollar as a reserve currency. But not every monetary unit of the world can take this place.

In addition, all currencies are completely different both in appearance and in relation to freely convertible currencies. It is also worth noting that many means of payment of states have the same name. For example, not only the USA has its own dollar, but also Australia, Singapore, Canada, Jamaica and some other countries. To distinguish them, the symbols of monetary units of the countries of the world are used.

Monetary units of Australia and Oceania

One of the most famous currencies is the Australian dollar. Before it came into circulation, the Australian pound was used as a means of payment in Australia. To make banknotes, they do not use paper, but thin plastic. In all exchange offices around the world, the Australian dollar bill is denoted by the sign $ AUD.

This currency is also used in the Cocos Islands, Tuvalu, Kiribati, Christmas Island and Norfolk. In these parts, a currency unit that is no less popular in countries around the world is used - the New Zealand dollar. It is designated by three capital letters NZD. Here it is simply called kiwi, in honor of the national bird and one of the main symbols of New Zealand. The banknote has been made from thin specialized plastic since 1999. Banknotes are issued that are considered small, their face value is five, ten, twenty dollars. Fifty and one hundred are more popular.

The currency is also used in circulation in countries such as Niue, the Cook and Pitcairn Islands, and Tokelau.

Currency used in Europe

It will not be news to anyone that one of the most popular monetary units in various countries of the world is the euro. It serves as the official currency of eighteen countries that are members of the European Union. In addition, this payment unit is considered national in nine other states.

Initially, such a currency as the euro had only non-cash circulation. This was between June 1999 and January 2002. At the beginning of the year, banknotes in denominations of five, ten and twenty euros were released. Twenty are published in the greatest number. But no less popular are fifty, one hundred, two hundred and five hundred euros. Small change coins were also minted. In terms of its total exchange value for other currencies, the euro is ahead of the US dollar.

This currency is considered official in countries such as Estonia, France, Finland, Slovakia and Slovenia, Portugal, Malta and the Netherlands, Cyprus and Greece, Italy and Spain, as well as Latvia and Lithuania, Germany, Belgium, Luxembourg, Austria and Ireland.

The euro is also the national currency in countries that are not members of the European Union. Namely on the Åland Islands, Andorra, Vatican City, San Marino and several other states.

Asian money

The names of monetary units of countries around the world may often be the same, but at the same time they are completely different currencies. Thus, almost all Asian countries have their own national banknotes. Most of them are little known and do not have a high cost. However, many people have probably heard about such a currency as the Chinese yuan.

The monetary unit is denoted by three letters CNY. If you are planning a trip to China, then you will certainly need this information. There are ten jiao in one Chinese yuan. At the same time, they can be divided into 10 fen. For easier understanding, it is worth giving an example. So the amount of 5.16 yuan would be pronounced five yuan, one jiao and six fen.

Jiao are issued in the form of coins in denominations of one and five jiao. Fen currency in denominations of one, two and five are also minted in coins. There is also one yuan in this form. Banknotes are yuan in denominations of one hundred, fifty, twenty and smaller ones, but the very popular one, five, ten.

Trips to the exotic Asian country of Thailand are gaining popularity every year. Before your trip, you should study the currency of this state. The Thai baht is used here. The currency is designated as THB. One baht consists of one hundred satangs. The banknote became official in April 1928. Over the entire existence of the banknote, sixteen series have been issued. This account does not include thirteen commemorative banknotes that were published dedicated to holiday dates. All modern banknotes have the image of the king. The face value of the banknote is indicated in Arabic numerals, but there is also a standard value designation in the upper right corner.

African currency

Some currencies of countries around the world are so popular that you can see them as national currencies in the most unexpected places. So, for example, the euro is used in circulation in such African states as Mayotte and Reunion.

However, it is worth talking about the currency of one of the most popular tourist countries in Africa, Egypt. Here the Egyptian pound is used as the national currency in circulation. The monetary unit is designated by three letters of the Latin alphabet EGP, but on price tags in stores across the country the most common designation is L. E. One pound consists of one hundred piastres.

The nominal value of banknotes is indicated in Arabic numerals on one side and traditional ones on the other. Such banknotes are issued in values ​​of twenty-five and fifty piastres. In addition, there are one, ten and five pounds in circulation. It is impossible to do without banknotes of twenty, fifty, hundred pounds. Two hundred is not used very often because it is a very large denomination.

But the following coins can be found: twenty-five piastres and fifty. There is also a one pound coin. It is worth noting that banknotes of one pound, twenty-five and fifty piastres are gradually leaving the country's monetary circulation.

Banknotes of North and Central America

The most popular currency in this part of the world is the American dollar. It has the well-known symbol USD. This currency is one of the reserve ones. One dollar is made up of one hundred cents.

All banknotes that began their publication in 1861 are still involved in money circulation. Banknotes are issued in denominations of one, two, five, ten, twenty, fifty and one hundred dollars. The latest banknote is the largest to date. But it was not always so.

Previously, until 1945, banknotes in denominations of five hundred, one thousand, five thousand and even ten thousand dollars were issued. They are still valid today, but have almost been withdrawn from circulation. You can only find them in the collections of numismatists. And the estimated value of the banknote is much higher than the nominal value. For example, the price of a five thousand banknote can reach ten thousand dollars. But according to banknote turnover tracking data, there are only one hundred and thirty banknotes left of ten thousand. For this reason, its price has not been disclosed.

Coins are issued in denominations of one dollar and one, five, ten, twenty-five and fifty cents.

South American currency

Before traveling to an unfamiliar country, it is worth studying photos of monetary units of countries around the world. The currencies of South American countries will not be an exception. Thus, the Brazilian real can be called a new currency. It was published only in 1994. Coins in circulation include one real and one, five, ten, twenty-five and fifty centavos.

1, 2, 5, 10, 20, 50 and one hundred reais - these are the denominations of Brazilian banknotes.

You can study the complete list of different currencies of the countries of the world on any official website of financial organizations that are engaged in the purchase, sale or exchange of currencies. It is also worth taking care in advance about the money that you are going to take with you to another country. It is best if it is dollars or euros. You can exchange them for national currency in any country in the world.

Monetary system is a form of government organization.

In the monetary system, i.e., the organization of the monetary economy, the following main ones can be distinguished: elements: monetary unit, price scale, types of money, forms of money issue. Depending on the historically specific content of the elements of the monetary system, its specific forms: a system of piece money, and irredeemable paper and credit money.

The monetary system develops historically in each country.

Monetary systems based on circulation inferior and irreplaceable credit And paper money.

In this case, gold is forced out of circulation and can no longer be considered as money. All modern monetary systems of all countries of the world belong to this type. They have common features.

As a result, the elements of the monetary system are determined:

• national monetary unit adopted as a price scale;
• types of banknotes (banknotes and coins), the procedure for their release into circulation (emission);
• methods of organizing circulation;
• order, restrictions and regulation of monetary circulation.

In circulation in all countries, substitutes for real money (banknotes) are devoid of their own value, but remain stable and perform the functions of a means of circulation, a means of payment, a measure of value, and a means of accumulation.

Elements of the monetary system

Modern monetary systems include the following elements (with some features).

Currency unit

Currency unit- a monetary sign established by law that serves to measure and express the prices of all goods and services.

National or international currency— the name of money in a country or group of countries.

Currency unit- this is customary in this country name of money(dollar, mark, ruble, yen, yuan, baht, tugrik, etc.) or the name of money used in the international monetary system (euro, SDR, etc.). All monetary units are divided into smaller parts: a ruble is equal to 100 kopecks, a dollar or euro is equal to 100 cents.

A monetary unit is a monetary sign (ruble/100 kopecks), which is used to measure and express the prices of goods (1 dollar - 100 cents).

Most countries use a decimal division system. Within a particular economic system, it serves as a price scale.

Price scale

Price scale- means a measure of the expression of value when selling or evaluating any goods in the monetary units of a given country.

Price scale - this is a way of measuring purchasing powers or values ​​of goods, in other words, the function of money as a measure of value is manifested through the scale of prices.

Initially, the weight content of the coins coincided with the price scale, but gradually it began to separate from the weight content of the coins (this was due to damage to the coins, their wear, and the transition to minting coins from cheaper metals). With the cessation of the exchange of credit money for gold, the official scale of prices lost its economic meaning. As a result of the Jamaica Agreement, the official price of gold and the gold content of monetary units were abolished. Currently, the price scale develops spontaneously and serves to compare the costs of goods through price.

Types of money and the procedure for their release into circulation

Types of money that are legal tender - This is primarily credit money (banknotes), small change, as well as paper money (treasury notes).

In economically developed countries, government paper money (treasury notes) are not issued or are issued in limited quantities, while in underdeveloped countries they have fairly wide circulation.

Types of money- These are the denominations of banknotes and coins that are in circulation. In the Russian Federation - cash notes issued. The decision to issue new types of tickets, banknotes and coins into circulation is made by the Board of Directors of the Central Bank of the Russian Federation. He also approves the denominations and samples of new banknotes. Description of banknotes is published. All banknotes are issued as legal tender.

The types of money that currently exist are the result of the historical development of monetary systems in the specific national conditions of a country or group of countries. In general terms, there are currently cash(paper, credit and change coins) and non-cash money(entries in bank accounts) (Fig. 9).

The nature and types of money in national and monetary systems are determined by the degree of development of trade, economic and credit relations in a state or in a group of states. and seamlessly pass into each other. Cash turns into non-cash money (to bank accounts), and non-cash money turns into cash (from bank accounts). In the modern monetary system, non-cash money reaches 80-95% of the total volume of the monetary economy.

Rice. 9 Types of money in the modern monetary circulation system

Emission system

Emission system— the legally established procedure for the issuance and circulation of banknotes. Issuing operations (operations for issuing and withdrawing money from circulation) are carried out by: the central bank (bank notes - banknotes), the treasury (state executive body), which issues small-denomination banknotes.

In the Russian Federation, there are organizational rules governing money circulation:

Procedure, restrictions and regulation of money circulation

Implemented state credit apparatus(Central Bank of the Russian Federation, Ministry of Finance, Treasury, etc.).

In many countries, such an apparatus is central banks, which, together with other government bodies, develop guidelines for the growth of the money supply in circulation and credit, which makes it possible to control inflation processes.

The main task of the state in regulating monetary circulation is to ensure the stability of the monetary unit by:

• carrying out appropriate fiscal policy;
• control over the supply of money and the speed of lending.

In the course of regulating money circulation, economic instruments and methods of regulation are adopted.

National and international monetary systems

In modern conditions, the entire monetary circulation system is organized into the so-called monetary system. Already at the initial stages of emergence and development, an understanding arose objective necessity their organization into a monetary system. The functions of such an organizer were assumed by state, which resulted in national monetary system, with the development of international trade and economic relations, a international monetary system.

National monetary system- This is a form of organization of a monetary economy within one state.

International monetary system- this is a form of organization of the monetary economy within the framework of international economic relations of several states (for example, the euro system) or within the framework of the global global economy.

During the course of historical development, the monetary system underwent several organizational changes, each of which had a specific historical name, occupied a specific time space and was present in national and/or international economic systems (Fig. 8).

Rice. 8. Historical forms of development of monetary systems (national and international)

Liquidity of the monetary system

Cash liquidity- this is the ability to be used at any time to purchase goods, services, etc.

The degree of liquidity varies among different forms of money.

Despite the varying degrees of liquidity, all forms of money form a certain unity through which all economic relations are carried out and formed. In the conditions, all economic relations appear in monetary form, that is, as multidirectional, which can be represented as follows (Fig. 11):

Rice. 11. Modern market economy and cash flows

Cash flow

Cash flow- this is the sum of economic goods or monetary obligations moving from one economic entity to another (products, loans, debt repayment...).

Basic characteristics of cash flow: amount, direction, time.

In addition to direction and amount, time is an important characteristic of cash flow. The flow can be determined per year, per month, per week, etc. The longer the time interval, the greater the flow value. In order for cash flows to function continuously, they need a certain reserve of money. For example, the cash flow servicing agricultural products (crop production) looks like this (Fig. 12):

Rice. 12. Distribution of cash flows by month in crop production

Each subject of economic life and each consumer must constantly have at their disposal some amount of money, and this money together forms cash reserve. Unlike cash flow, cash reserves are determined not within a time interval, but on a specific date, at the moment. Typically, cash reserves are determined at the beginning of the month or at the beginning of the year. It can also be determined at 12 o’clock on a set day (Fig. 13).

Rice. 13. Graphic representation of cash reserves for a specific time and date

Formation and development of the Russian monetary system

The formation and development of the first monetary system began in the process of monetary reform 1922-1924.

During the reform, all elements of the monetary system were legally defined.

Monetary unit was announced chervonets, or 10 rubles. The gold content of the chervonets was set at one spool - 78.24 shares of pure gold, which corresponded to the gold content of the pre-revolutionary ten-ruble gold coin.

By decree of the Council of People's Commissars of the USSR of October 11, 1922, the monopoly right to issue chervonets as bank notes was granted to the State Bank of the USSR.

All necessary conditions were created to maintain the stability of the chervonets.

The issue of chervonets was carried out State Bank in the process of short-term lending to the national economy. Loans were issued only for easily salable inventory items.

To maintain stability the state allowed chervonets in relation to gold exchange of chervonets for gold in coins and bars and for stable foreign currency. accepted chervonets at face value in payment of state debts and payments collected by law in gold.

Bank notes were credit money not only in form, but also in essence. Their issue was limited not only by the needs of economic turnover, but also by the values ​​​​on the balance sheet of the State Bank. According to the law, chervonets issued for circulation were backed by at least 25% of their amount with precious metals, stable foreign currency at the rate of gold, and 75% with easily marketable goods and short-term bills.

By the beginning of 1924, the necessary prerequisites had been created in the country for completing the monetary reform and forming a new monetary system. The government stopped using the coating printing press. The devalued money was exchanged for new treasury notes at the rate:

1 ruble of treasury notes was equal to 50 billion rubles of banknotes of all types issued before 1922.

Treasury notes were different from bank notes.

1. Until mid-1924 the issue of treasury notes was used by the NKF of the USSR to cover the budget deficit, since their release into circulation did not require bank collateral in gold, goods or credit obligations. However, for stability, a limit was set on the emission right to issue treasury notes. In 1924, it accounted for no more than half of the total amount of bank notes issued into circulation. In 1928 the emission limit was increased to 75%, and in 1930 to 100% of the ticket amount.

2. In 1925, in connection with the elimination of the budget deficit, the issue of treasury notes was completely transferred State Bank.

3. The treasury nature of the issue was preserved only for the metal coin, the income from which was received in .

Thus, during 1922-1924. The State Bank carried out three monetary reforms: In 1922, the ruble was issued, exchangeable for 10,000 previously issued banknotes; in 1923 - a new ruble, exchanged for 100 rubles of the 1922 model. In January 1924, treasury notes were issued in denominations of 1, 3 and 5 rubles. Ten rubles were equal to one chervonets. Within three months, the new ruble was exchanged for 50,000 rubles of the 1923 model. Thus, in two years, the State Bank reduced the money supply by 50 trillion. once.