chervonets

The chervonets was a unit of currency in Soviet Russia. It was first authorized as a gold 10-ruble coin in 1922 and first struck in 1923. In 1924, it was designated as the basic monetary unit of the USSR, though it was never practically used as such. A currency note representing one chervonets also existed. The chervonets was introduced as a gold-based currency to replace the worthless ruble during the New Economic Policy (NEP) period, which began in 1921. However, the chervonets was later abandoned as the monetary standard in a post-World War II reform, and the ruble was restored.123