RUB | Russian Rouble
- Rouble was first introduced by Tsar Peter I (the Great) in 1704 as part of his monetary reform, and was among the first monarchs in the world who introduced the decimal monetary system.
- The newly introduced silver coins were sub-divided into 100, kopeks made of copper. Silver Roubles could be changed into three higher-denomination gold coins: gold 2-roubles (double rouble), ducats (chervonetz which was worth 2 and a half silver roubles) and double chervonetz (which was worth 5 silver roubles).
- The name “Rouble” stems from the Russian word “rubityh” which means “to chop, to cut off”. The name refers to the fact that earlier pieces of gold and silver cut-off from precious metal were used as a method of payment.
- Throughout the centuries coins were changed several times, and banknotes also appeared with time. The Rouble that is used today was introduced in 1998, and the currency was set to 1 new Rouble per 1,000 old old Rouble.
- When the Rouble was introduced it was equivalent to approximately 0.2 American Dollars, however as a result of the Russian economic crisis in August 1998 it underwent severe depreciation (its value decreased by half in a single month).
- Currently, seven different banknotes are in use (5, 10, 50, 100, 500, 1,000, 5,000).
Country uses Russian Rouble: