history of the Russian Rubble (A BRIC currency): source
https://www.xe.com/currency/rub-russian-ruble/
The Ruble has been the currency of Russia for approximately 500 years; it has been used in various countries throughout its history. There have been different versions of the ruble due to the various changes in the currency's value.
Years Description of the Ruble
First ruble 1500s-1921
- The ruble remained the official currency of Russia until 1921, when it dramatically fell in value
- In 1710, the ruble was given its first subdivision, kopeks, with 100 kopeks making up one ruble
- Used a bimetallic standard of gold and silver
- In 1885, a new standard was adopted and the ruble was pegged to the French franc at a rate of 1 ruble to 4 francs
Second ruble 1921-1922
- A redenomination was set at a rate of 1 new to 10,000 old rubles
- Chervonets were also used starting in 1922
Third ruble 1923-1924
- The Soviet Union issued a redenomination at a rate of 1 new to 100 old rubles
Fourth ruble 1924-1947
- Known as the gold ruble, the fourth version was issued at a rate of 50 000 old to 1 new ruble
Fifth ruble 1947-1961
- Following World War II, another redenomination was set at a rate of 10 old to 1 new ruble
Sixth ruble 1961-1997
- Based on the 1947 reform, another redenomination was set
- After the collapse of the Soviet Union, Russia continued to use the ruble, replacing old banknotes
Seventh ruble 1998-present
- In 1998, another redenomination was set at a rate of 1 new to 1,000 old rubles
- That year, six months after the Russian financial crisis, the RUB lost 70% of its value against the US dollar
- In 2010, Russia and China decided to use their national currencies for joint trade
