In the early Soviet Union, there was a seven-year period of hyperinflation, running from the earliest days of the Bolshevik Revolution in November 1917 to the reestablishment of the gold standard with
A specimen of a 1922 One Chervonets banknote. Hyperinflation in early Soviet Russia was ultimately halted by the adoption of such gold-backed currency.
Lottery ads in Petrograd in 1921. The grand prize is 20 billion rubles
The crashing value of the Soviet ruble in 1922 moved the government to revalue these 250 ruble postage stamps with a 100,000 ruble overprint.
ЗСФСР 250 миллионов 1924 аверс
New Economic Policy
Videos
The New Economic Policy was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would inc
Hyperinflation in early Soviet Russia
…days of the Bolshevik Revolution in November 1917 to the reestablishment of the gold standard with the introduction of the chervonets as part of the New Economic Policy. The inflationary crisis effectively ended in March 1924 with the introduction of the so-called "gold ruble" as the country's standard currency. The…
"Nepmen", caricature by Dmitry Kardovsky, 1920s
"Businessman", from the series "Grimaces of NEP", 1922, by artist Veniamin Romov.