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1 Chervonetz
| Issuer | State Bank of the USSR |
|---|---|
| Year | 1937 |
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| In circulation to | 29 December 1947 |
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| Obverse description | Printed in black on a pale ground with intricate guilloche border work, the note carries the Soviet State Arms (hammer, sickle and globe with ribbon) at upper left centre, accompanied by the bank title in Cyrillic script. An intaglio oval vignette at right bears a formal portrait of Vladimir Lenin in three-quarter view. The large numeral «1» appears at left within an ornate cartouche, and the bold Cyrillic legend ОДИН ЧЕРВОНЕЦ runs across the centre, with a backing clause in small lettering below. |
|---|---|
| Obverse lettering | 1 ОДИН 1 Билет Государственного Банка Союза ССР 1 ОДИН ЧЕРВОНЕЦ Банковские билеты обеспечиваются золотом, драгоценными металлами и прочими активами Государственного Банка 1 1 (Translation: 1 ONE 1 Banknote of the State Bank of the USSR 1 ONE CHERVONETZ Banknotes are backed by gold, precious metals and other assets of the State Bank 1 1) |
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| Comments |
The chervonetz was the USSR's hard-currency unit, nominally backed by gold and commodities when first introduced in 1922 as part of Lenin's New Economic Policy. By 1937, that theoretical convertibility was long dead — Stalin's command economy had no use for gold-backed promises to Soviet citizens. The note continued circulating under inertia more than policy logic.
The 1937 series was printed without a watermark, a departure from earlier chervonets issues. Notes from this date were still in active circulation when the 1947 monetary reform wiped out unredeemed holdings at punishing exchange rates.