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1 Rouble
| Issuer | People's Commissariat of Finance (Narkomfin), RSFSR |
|---|---|
| Year | 1923 |
| Type | Standard circulation banknote |
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| Obverse description | Printed in red-brown on a light ground, the face is framed by an elaborate scrollwork and foliate guilloche border with the numeral '1' in each corner. The Soviet state emblem appears at centre above the Cyrillic inscription ОДИН РУБЛЬ (One Rouble), beneath which a clause states the note is secured by all the wealth of the Republic. The year 1923 is set at top and bottom, with two facsimile signature lines for the People's Commissar of Finance and the Cashier, and the serial number printed twice in the lower margin. |
|---|---|
| Obverse lettering | ГОСУДАРСТВЕННЫЙ ДЕНЕЖНЫЙ ЗНАК ОДИН РУБЛЬ ОБЕСПЕЧИВАЕТСЯ ВСЕМ ДОСТОЯНИЕМ РЕСПУБЛИКИ Народный Комиссар Финансов КАССИР 1923 РУБЛЬ |
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| Comments |
The 1923 RSFSR rouble issues from Narkomfin occupy an awkward transitional position in Soviet monetary history. By the time this note was printed, the RSFSR's own currency apparatus was already being absorbed into the broader USSR framework — the union was formally declared in December 1922, meaning these notes were issued by a political entity in the process of being superseded. The parallel issuance of the gold-backed chervonets by Gosbank from late 1922 onward made small-denomination sovznaki like this one functionally disposable: instruments of a hyperinflationary regime the new Soviet authorities were actively trying to escape.
Sovznaki of this period circulated in conditions of extreme monetary instability, with denominations redenominated repeatedly. The 1923 series represented one such rescaling, at 1:100 against the previous emission.