Definition of chervonets in English:


nounPlural chervontsy

  • 1A pre-Revolutionary Russian gold coin, worth three roubles.

    • ‘Sixty-six foreign chervonets [gold pieces of Dutch, Italian, or Austrian origin] were used for gilding.’
    • ‘The Russian envoy procured an analogous sum of 5000 chervonets from Augustus III for the Polish Confederates.’
    1. 1.1 A currency note introduced by the Bolsheviks in 1922, worth ten roubles.
      • ‘In 1924 the exchange rate of the new soviet karbovanets against the chervonets was set equal to 1: 10.’
      • ‘In circulation were the Soviet chervonets and the rubles designed to portray the symbols of the Soviet ideology.’
      • ‘‘Withdrawing some amount of rubles from circulation and replacing them with chervontsy minted in the former Soviet Union… is not a bad combination,’ wrote Bykov.’
      • ‘Because the new economy was backed by gold, the demand for the chervonets was high and it became the sole currency in February 1924.’
      • ‘The issue of the chervonets marked the beginning of the monetary reform that ended spiralling post-war inflation.’
      • ‘The State Bank reopens and is empowered to issue a new ruble, the chervonets, backed by gold reserves and a balanced state budget.’
      • ‘The chervonets completely ousted ‘sovznaks’ from circulation becoming by 1924 the only currency.’
      • ‘Coins began to be issued again in 1924, whilst paper money was issued in rubles for values below 10 rubles and in chervonets for higher denominations.’
      • ‘It was not until June 18th that Victor Gerashenko, the head of the Central Bank of Russia, announced his plans to make chervonets into a real currency.’
      • ‘All the better, if the chervonets manages to crowd out the U.S. dollar and Russians start using it as an alternative savings currency.’