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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 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) |
| Reverse description | Printed in black on a blue and multicolour guilloche underprint, the reverse places the denomination numeral at centre within a decorative panel, flanked by the face value rendered in the multiple official languages of the Soviet republics. The date 1937 appears within the central composition, and the overall layout reflects the standardised typographic style of the 1937 State Bank series. |
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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.