Article: Monetary reform of Tsar Alexei Mikhailovich Romanov (Muravieva A.A.) ("Financial Bulletin: Finance, Taxes, Insurance, Accounting", 2010, n 10)
"Financial bulletin: finance, taxes, insurance, accounting", 2010, N 10
MONETARY REFORM OF Tsar Alexei Mikhailovich Romanov
The reasons for the monetary reform of the middle of the XVII century.
The state of the state's monetary system is directly dependent on its political and socio-economic structure. A unified monetary system and a state monopoly on minting coins were established in Russia in the first half of the 16th century. reforms of E. Glinskaya and coincided in time with the process of the final formation of a single centralized state. The originality and specific features of Russian statehood during the reign of Tsar Alexei Mikhailovich Romanov (1645 - 1676) could not but affect the state of monetary circulation. The autocratic nature of the prevailing political power, the continental type of civilization and remoteness from the sea and land world trade routes influenced the economic development and organization of the monetary economy of Russia.
According to a number of authors, the defining specifics of the Russian monetary circulation was its almost complete dependence on imported raw materials for a long time. Own extraction of precious metals on the territory of the Russian state began at the end of the 17th century, and industrial development of deposits - from the middle of the 18th century. However, until the middle of the XIX century. the country needed imported metal raw materials to fully meet the needs of money production. Russia imported monetary metal from Europe and its overseas colonies in the form of silver (efimok) and sometimes gold coins. The name of the European Joachimstalers, which was first minted in the city of Joachimstal in Bohemia, was transformed into efimki in Russia. On the territory of Russia, the European thaler did not circulate as a monetary unit, but was used exclusively as a raw material for minting a national coin or making jewelry.
The main sources of monetary raw materials were customs duties on goods, including from the thalers themselves, and foreign trade. According to the Council Code of 1649, the right to purchase foreign coins was a state monopoly with a fixed price. The monopoly state price for a thaler was 50 kopecks. Recoining the thaler into the ruble doubled its value. Many Russian merchants tried to get contracts for the purchase of thalers for the treasury. The new trade charter of 1667, in a special article, ordered that foreign merchants be charged duties only in efimka, and not in gold coins. Silver had an advantage over gold, as it was remelted, from which the treasury had additional profit. Only since 1669, at the initiative of the Dutch merchant P. Marselius, articles appeared that ordered the collection of duties in gold coins as well. The dependence of Russian money circulation on foreign policy conjuncture was fully realized by the Russian government. The transformative moods of the Russian court and the implementation of military, legislative and church reforms also required the strengthening of Russia's position in foreign trade with the West. Russia understood the need to fight for access to the Baltic and Black Seas. Russia tried to improve its foreign policy position in the south and west. In these areas, Russia had to face such powerful rivals as Turkey and Sweden.
The crisis of traditionalism that Russia was going through in the middle of the 17th century caused the need to transform the monetary sphere. In general, the main reasons for the monetary reform are as follows. Firstly, the formation of the all-Russian market required the transformation of an imperfect monetary system and its approximation to Western European models. The market in Russia was provided with one highest monetary unit - a wire silver kopeck, made in a manual primitive technique, of an irregular oval shape and quickly erased. Other larger monetary denominations existed as counting concepts. The absence of large monetary denominations made it difficult for wealthy merchants to conclude and pay for large-scale trade transactions. But there were also not enough small coins - money and pennies, which made it difficult to make everyday transactions and small sales in the market. The increase in the number of various monetary denominations has become a major economic necessity.
Secondly, the fiscal interests of the treasury came to the fore. The entry of Ukrainian and Belarusian lands into the Russian state led to a war with the Commonwealth, which was expensive for the treasury and required an influx of new financial resources. In addition, Western European thaler and Polish change coins circulated freely in the newly annexed territories, which required the unification of the monetary system in order to facilitate the solution of economic problems in a single territorial space.
Thirdly, the problem of raw materials played an important role in the implementation of the monetary reform. The discovery of the New World caused a "price revolution" in Europe, which made silver cheaper. Russia needed to buy more and more thalers to obtain the required amount of silver. The growth of imports of thalers had a negative impact on the Russian economy, which was not oriented to the market and commodity production, like European countries. The government resorted to reducing the weight of the penny and then lowering its standard. The search for alternative raw materials began. Russia's active trade with Sweden helped. The main Swedish export commodities were iron and copper, which were traded by the treasury and merchants. The idea of switching to copper monetary raw materials arose.
Monetary reform of 1654 - 1663 and her collapse
The accession of Ukraine to Russia and hostilities with Poland required considerable funds from the state treasury. The government has introduced an emergency "tenth money" collection, realizing full well that neither ordinary nor emergency collections will suffice for solving foreign policy issues. The way out was seen in the conduct of a monetary reform, the development of the concept of which was started. There was an idea to completely replace silver with copper. Gradually they came to a compromise solution: part of the planned new denominations to be minted from silver, part from copper. The royal decree of May 8, 1654 on the introduction of "efimochny money" into circulation marked the beginning of the first stage of the monetary reform. The minting of coins of large denominations - silver rubles and half-fifty began. The new coin denominations were defective. At the same time, a decree was issued on the minting of copper money for the first time in the history of Russia - fifty kopecks, half-fifty kopecks, hryvnias and altynniks. Coins of various denominations worth 10 rubles were minted from a pound of copper. The real cost of copper was much less. Along with copper coins, old silver wire kopecks remained in circulation, and their minting practically did not stop. In circulation were wire silver kopecks, which continued to be the main means of payment, and new coins with a forced rate. At the same time, new copper coins were not changeable in relation to silver denominations, were not accepted as payment of arrears, until 1658 they were not allowed into Siberia, they were forbidden to be used by foreigners.
In 1655, "Efimki with a sign" began to be put into circulation. They were a taler with two countermarks - images of a rider and a date. Raw materials came from many European countries, but the main suppliers were the German principalities and cities. In terms of value, the coin was equal to the pre-reform accounting ruble and was equal to 64 silver wire kopecks. The result was an ideal coin for war conditions, as it required only two hammer blows on the thaler. The coin was intended for the maintenance of troops in the annexed territories. However, in Ukraine, "yefimok with a sign" was cheaper and was equal to 50 kopecks. The overminting of thalers lasted one year 1655 and several months the following year, but the date remained unchanged. In 1659, their circulation together with rubles and fifty dollars was prohibited.
At the same time, in the fall of 1655, the minting of wire copper kopecks began, intended for servicing domestic trade. In terms of technique, weight, design and price, they were equal to silver wire kopecks. At the initial stage of circulation, the identity of copper and silver kopecks made them attractive. According to G. Kotoshikhin, at first the population reacted favorably to them, although copper was 60 times cheaper than silver, and copper kopecks had an openly forced exchange rate. In their design, copper kopecks did not differ from silver ones and were minted at Moscow and peripheral money yards. However, their distribution area was limited only to the European part of Russia. It was forbidden to trade copper kopecks in Siberia and with foreign merchants.
It should be noted that the time of the monetary reform coincided not only with the Russian-Polish, but also with the Russian-Swedish war. According to the three-year truce with the Swedes in Valiesar, which was concluded by the outstanding Russian diplomat and first political economist A.L. Ordin-Nashchokin, Russia received new territories and access to the Baltic. A large amount of copper was transported through the annexed territories by Russian and Swedish merchants, although its sale was declared a Swedish royal monopoly. At the end of the 50s. 17th century came the peak of the Russian-Swedish copper trade. Russian troops took the Swedish strategic fortress on the Western Dvina, 40 km from Riga - Kukenoys, which remained in Russian possession from 1658 to 1661. Appointed governor in Kukenoys, renamed by the Russians into Tsarevichev-Dmitriev town, A.L. Ordin-Nashchokin opened a money yard in it, intended for minting copper kopecks. They depicted a horseman with a spear in a jagged crown, and under the big-headed horse was the sign of the money yard - the letters TsA or Ts. The organization of money production in the border region was explained by the proximity of the source of raw materials - copper and the desire to gain a stronger foothold in new territories. A.L. Ordin-Nashchokin sought to turn the newly obtained city into an industrial and commercial center for Russians in the Baltics. It even began building a fleet. The implementation of far-reaching plans was interrupted by the return of Kukenois to Sweden under the terms of the Peace of Cardis (1661).
It would seem that the government has found an ideal way out: by minting copper money, to solve the problems of a warring country without tax stress. During the first 8 years of the war with Poland, no new emergency taxes were introduced. But costs were rising, and the government was increasing the issuance of copper money. More and more copper was required, and all the reserves of the treasury were spent on its purchase. Russian merchants bartered their most popular foreign goods - flax and hemp - for copper, and then sold it to the mint. There is still no single answer to the question of the minting of silver coins during the monetary reform. Some researchers are categorical in denying this fact. Others believe that in the late 50s. 17th century such coinage resumed, as silver kopecks were needed for foreign transactions and trade with foreigners. For such conclusions, the basis is given only by numismatic material in the absence of written sources.
The government minted copper money, and tried to collect all the current silver coins into the treasury. The collection of arrears for past years has begun. All taxes were collected in silver, and salaries were paid in copper. A sharp increase in the circulation of copper money led to their depreciation, a drop in confidence in them. The government sought to maintain a forced exchange rate for copper. For this, an order was issued on the impossibility of raising the prices of goods and maintaining copper in the price of silver. The immoderate release of copper money by the treasury led to its depreciation. The population bought silver with copper money and hid it. Silver rose in price, prices for all goods rose. Service people, receiving a salary of copper, had to buy food at a high price.
The official issue of money was exacerbated by the massive influx of "thieves' money" made by counterfeiters. Counterfeiting was one of the most common crimes in the 17th century. In the Cathedral Code, all types of money theft were qualified in great detail. A special article listed the types of punishments for counterfeiting money. The counterfeiters had their hands cut off and nailed to the wall of the money yard, beaten with a whip and exiled to Siberia, poured melted tin into their throats, and subjected to the death penalty. But even the severity of punishments did not stop lovers of easy money. In the production of copper money, heads and kissers from trading people, who were called upon to exercise supervision, took part. They brought their copper to the money yards and made additional copper money out of it. Masters of money yards secretly made money at home and released it to the people. The administration of money yards and tsarist officials participated in the theft of money. The primitiveness of the manual technique of making coins opened up wide opportunities for obtaining illegal profits. Urban and rural residents set up money yards at their homes, using household copper and buying copper billets for minting. Sometimes they forged silver kopecks, making them from an alloy of copper, tin and lead, covering them with a thin layer of silver. Less often they were made of low-grade silver. The manufacture of "thieves' money" has acquired the scale of a national-state disaster. “In Moscow alone, a counterfeit coin worth 620,000 rubles was issued,” writes N.I. Kostomarov. it was necessary to add ten altyns; by the end of this year, the surplus price reached 26 altyns 4 money; in March 1661, two rubles of copper were given for a ruble of silver money, and in the summer of 1662 the value of a silver ruble rose to 8 rubles of copper ".
The government continued to pay salaries in copper and collect taxes in silver. There was an increase in arrears. To fill the treasury with silver coins, the government actively used such a source as foreign trade. In 1662, it announced the introduction of a state monopoly on the sale abroad of hemp, potash, yuft, lard, sable, and tar. These goods were bought from merchants all over Russia for copper money, which no one wanted to take. Purchasing orders were not fulfilled, the treasury was left without money. In the critical situation of 1662, the treasury returned to the practice of levying extraordinary taxes. In 1662, the collection of the "fifth money" from all "bellies and trades" was announced, a decree was issued on the cruel right of all arrears.
Such decrees raised a strong wave of discontent among the people. In Moscow, on July 25, a crowd of 5,000 people gathered at the place of execution, where anonymous letters were read out mentioning persons from the tsar's entourage related to the monetary reform. Among them, father-in-law Miloslavsky and favorite Matyushkin were most often mentioned. Similar "thieves' letters" were posted on the Lubyanka. An excited crowd began to rob houses in Moscow, people hated by them, others rushed to the village of Kolomenskoye, where Tsar Alexei Mikhailovich was in his country estate. After the mass was over, the tsar, having ordered the boyars especially hated by the people to be sheltered in the tsarina's quarters, went out to the angry crowd and spoke kindly to the people. Ordering to announce a "search and decree", the king even allowed several people from the troublemakers to his hand, which was an unprecedented thing. To restore order, Prince I.A. was sent to the capital. Khovansky, and archery and soldier regiments arrived in the village of Kolomenskoye. Many of the rebels were killed or drowned in the Moscow River. After a quick and short search, many were tortured and branded, according to various sources, from 18 to 150 people were hanged. The brutal reprisal led to the end of the Copper Rebellion. Copper money was in circulation for about a year. But when the cost of the silver ruble reached 15 rubles. copper, the government withdrew copper money from circulation and returned to silver. In 1663, copper kopecks were withdrawn from circulation, and the money yards of the "copper business" were closed. Within a month after the abolition of the reform, the treasury redeemed copper coins at the rate of 100 copper kopecks for one silver one. From the metal of the collected copper money, an artistic lattice was made, installed in the Kremlin in 1670 on one of the stairs of the Church of the Savior. Russia returned to the pre-reform state of monetary circulation, based on the traditional silver kopeck.
There is evidence from a well-informed foreigner, Meyerberg, that in 5 years Moscow issued copper money for a nominal amount of 20 million rubles. The government received more than 19 million rubles from this operation, since the cost of copper used to make coins amounted to only 320 thousand rubles. . The success of the first years of the reform turned into its complete failure. The collapse of the monetary reform of Alexei Mikhailovich can be explained by several reasons. The main one was the ill-conceivedness and poor preparation of the reform, both in economic and technical respects. There was a lack of raw materials, modern equipment and trained personnel. The authorities neglected the laws of the money market, uniting coins of various values on an equal footing into one system. The forced exchange rate of cheap copper money and its surplus led to high inflation and rising prices, which provoked a popular revolt. The unrestrained minting of copper money led to the fact that at a certain stage fiscal goals became dominant from side ones.
Another serious mistake of the reformers was the payment of salaries to military men in copper kopecks. The population of Ukraine did not accept this money. The warriors began to experience hunger and inconvenience, and the Cossacks were inclined to treason. An attempt to turn thalers into rubles at a price of 50 kopecks. was also a major miscalculation of power. The conclusion of the Cardis Peace, unfavorable for Russia, allowed Sweden to begin to strictly observe the royal monopoly on the export of copper. Russia experienced a shortage of copper raw materials. The unsuccessful reform once again emphasized the dependence of the Russian money economy on imported raw materials and made us think about the task of studying our own bowels.
An attempt to improve the Russian monetary system and bring it closer to Western European models in the middle of the 17th century. ended in vain. The reform did not achieve any of its goals. The system of new denominations was not introduced, the transition from expensive to cheaper raw materials failed. At the same time, positive results of the reform can also be identified. In the second half of the XVII century. in Russia, the legal norms of free minting of coins were finally eliminated, and the centralization of Russian money circulation was completed. The Moscow money yard came under the jurisdiction of the Financial Order of the Great Treasury. In the Russian economy, a state monopoly on the issue of money was established.
Literature
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A.A. Muravieva
K. i. n.,
assistant professor
departments of history
Financial University
under the Government of the Russian Federation
Signed for print
27.09.2010
The monetary reform, widely conceived by the government of Alexei Mikhailovich (1645-1676), was designed to solve several important problems. formed by the middle of the 17th century. the all-Russian market was actually served by only one monetary denomination - a silver kopeck, which was extremely inconvenient for large payments, but, on the other hand, still very expensive for the normal provision of everyday small market relations. The introduction of large denominations of coins into circulation, primarily silver rubles on the model of Western European thalers, was urgently needed. The political events of the middle of the century, namely the beginning of the struggle for Ukraine, made it urgent to bring the Ukrainian monetary system, based at that time on the free circulation of Western European thalers and Polish change coins, into line with the all-Russian one. In Rus', thalers were exclusively monetary raw materials, and an attempt to turn them first into rubles, and then into “efimki with a sign” equal in price to 64 kopecks, pursued the far-reaching goal of clearing Ukraine's monetary circulation of foreign coins.
The reform began with the minting and putting into circulation of silver rubles and polupoltin, as well as copper poltin. The weight of the ruble was equal to the weight of the taler (28-29 g). Rubles were minted on thalers, from which images were previously knocked off, half-and-a-half - on thalers cut into four parts, also previously devoid of images. Thus, two inferior denominations were put into circulation at once - the ruble, which was actually equal to 64 kopecks (the counting ruble in old kopecks, which remained in circulation, weighed about 45 g), and a half-and-half, equal to 16 kopecks with a face value of 25 kopecks. In the same year, they began minting copper poltins, equal in weight to a new ruble. It should be emphasized that the new system of monetary units introduced into circulation did not cancel the old one - silver wire kopecks remained in circulation and their minting did not stop. Thus, coins with a forced exchange rate were introduced into circulation - copper half-rubles and silver rubles and half-half, therefore, copper coins could not become exchangeable in relation to silver.
The issue of coins of large denominations required a transition from manual to machine coinage, which was an insurmountable difficulty on the path of reform. For their minting, a special money yard was opened, called the New Moscow English money yard (the name "English" is explained by its location in the former courtyard of English merchants). Special machines for minting new coins - "hammer shells" - often broke down, coin dies quickly wore out, and there was an acute shortage of qualified moneymakers. Already at the beginning of next year, the minting of coins of new large denominations had to be stopped. Copper altyns, after their trial batch was minted on round blanks, began to be minted again on scraps of flattened wire, returning to the manual chasing technique. Documents also report the minting of half-fifty dollars (quarters) and hryvnias, which, however, have not survived to our time. Very few ruble coins were minted - a little more than 50 copies are known of them. History has preserved the name of the mother carver for the manufacture of working ruble stamps - Fedor Baikov. On one side of the ruble coins was placed the traditional image of the king, riding a horse and holding a scepter in his right hand. A characteristic feature of the image is the sleeve of the royal robe, draped over the shoulders, fluttering over the back of the horse's croup. This detail suggests that Tsar Fyodor Ivanovich's golden gold piece was the prototype of the image. The circular inscription along the edge of the coin contains the new title of the tsar: “By the grace of God, the great sovereign, tsar and grand duke Alexei Mikhailovich of all Great and Little Russia.” On the other side, in the center of the coin, there is a double-headed eagle topped with a crown. At the top is the inscription "Summer 7162", at the bottom - "Ruble". The images on the copper poltin almost do not differ from those placed on the ruble coins. It should be emphasized that it was on coins that the new royal title “Tsar and Grand Duke of All Great and Small Russia” was first recorded, reflecting the reunification of Ukraine with Russia.
Convinced of the impossibility of establishing coinage and putting ruble coins into circulation, the government in 1655 put into circulation the so-called “efimki with a sign”. The name efimok comes from the name of the first thalers minted in the city of Joachimsthal in Bohemia. In the Czech Republic, they were called Joachimstalers or, for short, thalers. In Rus', the first part of the word took root and thalers began to be called efimki. Note that another name came from the thaler - the dollar. So, “yefimok with a sign” is a thaler equipped with two countermarks: one in the form of an ordinary round stamp of a kopeck with the image of a rider, the other in the form of a rectangular hallmark with the date “1655”, indicated by Arabic numerals. Among the "Efimki with a sign" there are thalers of most European states - Poland, Sweden, Denmark, Norway, Switzerland, etc. The thalers of various German principalities, archbishoprics and cities are exceptionally well represented.
Efimok was officially equated to 64 kopecks, corresponding to the average number of kopeck coins made from one thaler. Ruble coins of 1654 began to be valued in the same way, i.e. the metrological duality of coins in circulation was eliminated. Thalers were overmarked only during 1655, in extreme cases as early as the beginning of the next year, but with the overmark "1655". During this time, up to one million thalers received overmarks - "signs". In 1659, their circulation was prohibited along with rubles and half-fifty rubles, and they were redeemed with copper money. In the monetary circulation of Ukraine, they survived until the 18th century. along with thalers. Now more than 1,700 copies of "Efimki with a sign" are known, most of which were found in coin hoards on the territory of Ukraine and Belarus.
In 1655, the minting of copper wire kopecks began, equated in price to silver ones. They were minted in huge quantities at several mints at once - in Moscow, Novgorod, Pskov and Kukenoys (Tsarevichev Dmitriev town). In design, they were no different from silver kopecks. On kopecks minted in Moscow, there are two signs of money yards - o / M (“o” remote) and MD. With the first sign, traditional for the Moscow money yard, coins were minted at the Old money yard, and with the “MD” sign, probably at the New (English) one. The government was in a hurry to put copper kopecks into circulation, as evidenced by one of the orders to the Moscow money yard on minting "hurriedly day and night."
Copper kopecks, gradually but constantly falling in price compared to silver ones, were in circulation until 1663. The different exchange rate of silver and copper coins led to a severe disorder of monetary and market relations, which had the most negative impact on the situation of the population. The result of this was the Moscow uprising of 1662 - the "copper riot", which made the government face the need to restore the pre-reform monetary system.
During the reign of Tsar Fyodor Alekseevich (1676-1682), the weight of the penny remained unchanged, i.e. the silver ruble still contained about 46 grams of silver. The coins of this king are distinguished by the special elegance of the execution of stamps - the clarity of the pattern and inscriptions.
A new reduction in the weight of the penny (to 0.38 g) was probably carried out at the very beginning of the regency of Princess Sophia. During this period, silver coins (penny and money) were minted separately on behalf of each of the co-ruler brothers - Ivan and Peter Alekseevich, which is explained by the prevailing perception of the image of the horseman as the image of a certain sovereign.
The study of the Russian monetary system of the XVI-XVII centuries. shows that it has become one of the important levers in the system of organizing power and administration of a single state. Therefore, it seems far from accidental that it was the monetary reform that was one of the very first in the transformative measures of Peter the Great.
In the 17th century, an era in coinage ended when absolutely any private person, which was usually a privileged and secular society, could bring material for the manufacture of coins. The state finally and irrevocably took control of the mints, and supplied raw material exclusively from its treasury. In this regard, the coins began to lose their stability, and their value gradually began to fall.
Such instability of banknotes played into the hands of counterfeiters. They could safely begin to mint coins, with little fear that they would be severely punished for this. In those days, in Russia, cases of counterfeiting numbered in the thousands, however, this fact did not stop lovers of easy money at all.
Closer to the middle of the 17th century, the money business entered a phase of crisis, which covered not only individual cities, but the entire Russian Empire. It was necessary to urgently take any measures, as the situation was practically out of control. In 1654 the government attempted a monetary reform. The population began to seize precious metals, old coins, which were re-minted and again returned to trade and money circulation. However, these actions were still very few in order to somehow stabilize the economy of the state. Therefore, the state monopolizes absolutely any trade in silver and gold. Until the end of the seventeenth century, the ruble was considered only as a unit of capital, in fact, such a coin did not exist. Now, it was decided to introduce a silver ruble, which was equal to 100 kopecks. This was a desperate step on the part of the government of the times of Alexei Mikhailovich, since the real weight of one silver ruble was only 64 kopecks.
In addition to the fact that the first silver ruble was introduced in 1654, fifty kopecks were issued, the denomination of which was equal to 50 kopecks. Here, the forced exchange rate made an even greater difference than in the situation with the ruble. This is due to the fact that the amount of silver contained in a fifty-kopeck piece was not two, but 60 times less than in a ruble coin. However, in order not to disturb the population once again, the old pennies were not withdrawn from circulation by force. It was decided to withdraw them with the help of taxes, which were required to be paid in old money.
In 1655, a huge number of re-minted thalers were issued. The coins were not completely re-minted, but only supplemented with hotel legends, the date of minting and images.
However, as is well known to everyone, the monetary reform of 1654 failed, because just seven years later, in 1662, there was a formidable uprising, which was called the "Copper Riot". The copper rebellion was still suppressed, but the possibility of new popular unrest remained quite high. As a result of this, the government was forced to return to the old silver penny, deciding that it would be much more prudent of them to do so.
Under the reign Alexey Mikhailovich in 1654-1663 a new monetary reform, which was conceived very broadly . The main reason for the reform was lack of denominations to secure regular payments. There was only one denomination in circulation - a silver kopeck. It was small for large payments, and a large coin was very necessary, because. at this time, significant merchant capitals were formed in Muscovite Rus'. It was difficult to consider large sums of small kopecks. At the same time, the kopeck was too expensive to provide retail trade, it was also difficult to buy small goods on the market.
The reform began in 1654 with the minting and putting into circulation of silver rubles, half a half and copper half. Rubles minted in Western European silver thalers, with pre-downgraded images, and half a half- on thalers cut into four parts, also with the original image destroyed. The ruble coins had on the obverse the traditional image of the tsar riding a horse with a scepter in his hand, and a circular inscription “By the grace of God, the great sovereign, tsar and grand duke Alexei Mikhailovich of all Great and Little Russia.” On the reverse was placed a double-headed eagle topped with a crown, with the inscription at the top - "Summer 7162", and at the bottom - "Ruble". In the same year, copper coins began to be minted. fifty dollars. The images on the copper half-tips almost did not differ from those placed on the ruble coins.
But the haste, the unpreparedness of the proposed reform ruined a good undertaking. The government sought to make sure that the old Russian account for 100 kopecks was preserved, and at the same time the treasury would receive as much income as possible. As a result, two defective coins were put into circulation at once: a ruble, which is actually equal to 64 kopecks, and a half-and-a-half to 16 kopecks with a face value of 25 kopecks. Thus, in new rubles per kopeck was 0.28 g, and in old kopecks it was about 0.45 g. The population immediately began to hold on to the old kopeck, and the attitude towards new money was extremely negative. The peasants refused to sell their goods with the new money. Service people, having received a salary in new money, were forced to buy goods twice as expensive with them. Thus, the profit to the state from such money was insignificant, but the turmoil was great.
The issuance of new large coins required a transition from hand to machine minting. But machines often broke down, coin stamps quickly wore out, and there were not enough qualified moneymakers. As a result, it became impossible to ensure the release of new coins in the required quantities. Soon there was not enough money for trade.
Convinced of the impossibility of establishing coinage and putting ruble coins into circulation, the government in 1655 put into circulation the so-called. "Efimki with signs." Name " efimok"- the name of the village of Yeakhimshtal in Bohemia, rewritten in the Russian manner, where the famous silver mines were located. Efimki were imported in large quantities from abroad to Russia from the 16th century as a source of raw materials for minting kopecks, since there were no silver deposits in Russia known, but they were not allowed into the country's money circulation.Now, however, a large number of thalers have been put into circulation.
Copper altyns, after their trial batch was minted on round blanks, were again made on scraps of flattened wire, returning to the manual chasing technique. In 1655, the minting of copper wire kopecks was started, equal in price to silver ones. At first, copper kopecks were quietly accepted by the people. But they, regardless of the market situation, began to be minted in huge quantities in several centers at once: Moscow, Novgorod, Pskov and Kukenoys. As a result of mass production, copper pennies fell in price. A different rate of silver and copper kopecks arose, which ultimately led to a breakdown in monetary and market relations. Taxes continued to be levied in silver, and salaries were given out in copper kopecks. The population began to hide silver kopecks, and the government could not withdraw them from circulation. In the end, in 1662, the so-called. "copper riot". The government was forced to restore the pre-reform monetary system, and the reform of 1654-1663, thus, failed.
At the end of the XVII century. the kopeck, which was still the only monetary denomination, became extremely light, the last time its weight was reduced in 1698 to 0.28 g. It was inconvenient both for retail trade and for large payments. In addition, coin production was in decline, new coins were hardly minted, and as a result, it was necessary to cut pennies in half or into three parts.
Portrait of Alexei Mikhailovich (State Hermitage Museum)
After almost 300 years of circulation of the Russian flake coin, during the reign of the reformer Tsar Alexei Mikhailovich, an attempt was made to introduce a new type of coin, as close as possible to the European standard. But the main goal of the reform was to replace silver coins with copper ones due to the shortage of silver in the country. Looking ahead, it is worth saying that the transformations caused mass unrest of the people. However, in the future, the son of the ruler - Tsar Peter I was able to fully realize all the elements conceived at this stage, supplementing them with new ones.
Alexei Mikhailovich, the son of the founder of the Romanov dynasty, Mikhail Fedorovich, was born in 1629, and at the age of 16 he became king. Considered an educated person, he carried out large-scale reforms, returned the western territories: Ukraine and Belarus, which were part of the Lithuanian state for almost three centuries. The title "The Quietest" was not due to his character, but due to the relative calm in the country during his reign.
All transformations needed money, and by that time Russia did not have large reserves of silver, almost everything came from abroad in the form of foreign coins. Long wars with Poland, and then with Sweden, devastated the treasury.
Prerequisites for the reform
Golden Ugric Alexei Mikhailovich (Moscow Kremlin Museum)
By the middle of the 17th century, there were three types of coins in the Russian state: a kopeck, a denga (half a kopeck) and a half kopeck (1/4 kopeck). They were minted according to one weight norm, which for 50 years has managed to decrease by one and a half times. The coins were very small, irregular in shape, often subjected to forgery or "haircut" (removal of some of the metal along the edges). In addition, the absence of large denominations caused difficulties in trading operations, as well as the absence of too small denominations. To buy something inexpensive, you had to divide the coins into parts, since the penny of that time had a high purchasing power. Gold coins were minted only as a reward for distinguished subjects and were not circulated, with a few exceptions.
Another equally important factor was the attempt to unite the Russian monetary system and the Ukrainian one, based on the European standard. In Europe at that time, the main coin was a silver thaler, which was approximately 60-65 kopecks in weight. Another underestimation of the weight of kopecks by another one and a half times would cause mass unrest among the people.
And, finally, to complete the formation of an autocracy in the state, large coins with a portrait of the ruler according to a foreign standard were needed, and not obsolete coins-flakes of irregular shape.
Silver coins of a new type
The exchange of almost all goods exported abroad was carried out for silver thalers, which were kept in the State Treasury. Russian money was made from these coins, which took a lot of work and additional budgetary funds. One thaler was estimated at 50 kopecks, and the coins turned out to be about 64 kopecks. The introduction of the thaler into circulation in Russia, as the largest coin, would also solve the problem of unification with the European monetary system, and would significantly reduce the cost of coinage.
Ruble of 1654 (Hermitage exposition)
Therefore, in 1654, the conversion of thalers into Russian rubles began. These were the first coins of a ruble denomination, although the word "ruble" had existed as a designation for a counting unit (100 kopecks) for several centuries. The images on the thalers were smoothed out, and new ones, developed by the best engravers of Russia, were minted on top. The New English Money Yard is being built in Moscow, which got its name from its location in the courtyard of the English Trading Company (now the territory of Kitai-Gorod on Varvarka Street).
What did the ruble coin look like? On the front side, framed by patterns, a coat of arms was depicted - a double-headed eagle, below it - the denomination ("RUBLE"), above the eagle - the date in Old Slavonic letters, meaning "SUMMER 7162" (7162 from the creation of the world). On the reverse side is the image of the king-rider, familiar to Russian coins, but very detailed, with a scepter in his hand and a royal cap on his head, around the inscription: "By GOD'S MERCY, THE GREAT SOVEREIGN, Tsar AND GRAND PRINCE ALEXEY MIKHAILOVICH, OF ALL THE GREAT AND SMALL RUSSIA." Moreover, the face of the king resembled a portrait of Alexei Mikhailovich. The coin is approximately 45 mm in diameter.
Polupoltina (Museum of the Moscow Kremlin)
In addition to rubles, half-half (quarter) coins, minted on quarter thalers, became much more widespread. Despite their unusual appearance, they had detailed images: a rider in a ring on the front side and the king's title on the back. There was also a date in Old Slavonic letters and a denomination divided into three parts: “POL-POL-TIN”.
Ordinary silver kopecks were also produced, but with more complex images, and their weight decreased from 0.48 to 0.44-0.46 grams. On Moscow kopecks, under the horse was the letter "M", and above it a small "O". On the Novgorod two-line designation - “NO / GRD”, and they indicated the full title of the ruler, which was not even on the rubles: “Sovereign Tsar and Grand Duke Alexei Mikhailovich of All Great and Small and White Russia Autocrat” (under “Little Russia” was meant Ukraine, and under "White" - Belarus).
Smaller denominations (denga and polushka) ceased to be issued with the beginning of the reform, since it was planned to completely abandon them. The issue was resumed only in 1663.
Efimki with a sign
Efimki (exposition of the Hermitage)
The issue of silver rubles required a lot of labor, besides, there were no technologies for manufacturing high-quality stamps, they quickly wore out, and the images turned out to be blurry. Moreover, discontent among the population grew due to the inferiority of large coins. Of the planned 890 thousand coins, only a small amount was released.
Efimok with a sign (Hermitage exposition)
From 1655, thalers began to be simply overmarked with an ordinary stamp for the production of the front side of kopecks with the image of a rider. The date “1655” was put next to it (for the first time in the history of Russia, the countdown was from the Nativity of Christ). Among the population, the thalers were called efimki, and the countermarked thalers were nicknamed "efimki with a sign." They were equated to 64 kopecks, so they fully corresponded to the Russian weight norm. However, the issue still brought income to the treasury - there was no need to convert thalers into kopecks, that is, the net income of the state was 10-15%. Even halves and quarters of efimki were minted, equating them to 32 and 16 kopecks, respectively. Parts of the coins were often used in the monetary circulation of Europe, getting into Russia. Such trimmings were actively used in Ukraine.
At the beginning of 1656 (according to other sources - at the end of 1655), they stopped producing efimki, but they remained in circulation along with rubles and silver half-dollars until 1659, when a decree was issued to exchange them for copper coins. In total, about 800 thousand "Efimki with a sign" were made.
copper coins
Copper poltina (Hermitage exposition)
Little information has been preserved about the copper rubles, half-fifty and half-fifty coins of Alexei Mikhailovich, and there are only a few copies that have come down to us. Information about them is present in the historical document of the boyar M.P. Pronsky: “You, sir, have ordered for your sovereign service to make efimki, fifty kopecks, and half-fifty kopecks and hryvnias, altynniks and pennies from copper for your sovereign service.” The weight of efimki (rubles) was designated as 10 out of 1 pound, that is, about 40 grams. The images were the same as on silver rubles, they were minted with the same stamps. During the reign of Catherine II, when collecting, including old Russian items, came into fashion, copper rubles of 1654 were massively forged. Fakes with missing image details have survived to our time.
Copper altyn (exposition of the Hermitage)
The copper half pieces were the size of a silver ruble. Due to the difference in the density of the metals, the weight was in the range of 16-22 grams. The drawings were similar, but the horse was depicted as walking, not galloping. This was the main difference, which prevented the silvering of half-rubles to give them the value of rubles.
Copper half-and-half pieces were produced from quarters of blanks for rubles and weighed about 10 grams. The images were similar to silver quarters.
Copper pennies of Alexei Mikhailovich (Moscow Kremlin Museum)
Rubles, half a half and half a half of copper were minted in very small quantities. Mass production reached the production of copper kopecks and multiples of small denominations. To this end, additional cash yards are being built in Moscow, and production is also being established in Novgorod and Pskov. They were produced using the same technology as silver kopecks - copper was rolled out into a wire, cut, and irregularly shaped coins were made from pieces with a hammer blow. In 1654, altyns (3 kopecks) and grosheviks (2 kopecks) were issued, and from 1655 kopecks were added to them. As a weight norm, the norm for the production of silver kopecks was used. In 1656, the production of kopecks was also established in Kukenoys, conquered from the Swedes.
The smallest coin was a copper denga weighing up to 0.25 grams, the images repeated those that were on pre-reform silver dengas.
Differences of copper kopecks:
| № | Mon. yard, letters on the coin | Front side and back options |
|---|---|---|
| 1 | Old Moscow ("o \ M") | Front side: Reverse side: 1- "Tsar and Grand Duke Alexei Mikhailovich of All Rus'"; 2- “Sovereign Tsar and Grand Duke Alexei Mikhailovich of All Great and Small and White Russia Autocrat”; 3- "Great Sovereign Tsar and Grand Duke Alexei Mikhailovich of All Great and Small Russia Autocrat" |
| 2 | New Moscow ("MD"; "o\MD") | Front side: Rider on a horse with a spear in his hand Reverse side: "Tsar and Grand Duke Alexei Mikhailovich of All Rus'" |
| 3 | Pskov (Without letters, or "P") | Front side: Rider on a horse with a scepter in his hand Reverse side: 1- "Tsar and Grand Duke Alexei Mikhailovich of All Great and Small and White Russia Autocrat"; 2- "Tsar and Grand Duke Alexei Mikhailovich of All Great Russia Autocrat"; 3- "Tsar and Grand Duke Alexei Mikhailovich of All Russia" |
| 4 | Novgorod ("NO") | Front side: Rider on a horse in a cloak and with a spear in his hand Reverse side: 1- "Great Sovereign Tsar and Grand Duke Alexei Mikhailovich of All Great and Small and White Russia Autocrat"; 2- "Great Sovereign Tsar and Grand Duke Alexei Mikhailovich of All Great and Small Russia Autocrat"; 3- Tsar and Grand Duke Alexei Mikhailovich of All Russia" |
| 5 | Kukenoi ("CD" or "C") | Front side: Undefined Reverse side: 1- Tsar and Grand Duke Alexei Mikhailovich of All Great and Small and White Russia Autocrat"; 2- "Tsar and Grand Duke Alexei Mikhailovich of All Russia Autocrat" |
The end of the reform and the Copper Riot
Copper Riot. E. Lissner (picture painted in 1938)
Accustomed to the European monetary system, the population of Ukraine and Belarus reacted very negatively to the attempt to introduce a copper coin. Even when “Efimki with a sign” came into circulation, confidence in the monetary system of the Russian state did not improve. A pood of copper cost 6-8 rubles, that is, at a cost of about 4,500 kopecks per ruble, and not 100. This was used by counterfeiters, whose activities reached a huge scale at that time. The copper coins of Alexei Mikhailovich that have come down to us in large quantities often turn out to be fakes of that time.
In 1661, the circulation of copper coins ceased in Ukraine, and at the beginning of 1662 in Moscow, 15 copper coins were given for a full-fledged silver kopeck. Prices continued to rise, famine set in. The first large-scale inflation in history occurred in the Russian state. On July 25, an uprising of the peasant population against the tsarist government took place in Moscow, called the Copper Riot. The rioters demanded to cancel the circulation of the copper coin, which was subjected to uncontrolled depreciation in the market. Rebellions also took place in other major cities.
In June 1663, a new royal decree stopped the production of copper coins, they began to buy it from the population at 100 for 1 silver. Two weeks were allotted for the exchange in the cities producing the coin, and a month in all other cities.
The result of the reform was the deterioration of confidence in the tsarist government, but it is difficult to call it ineffective. For 10 years, the treasury was replenished with large reserves of silver, bought from the population for cheap copper coins. In addition, production capacities were saved when producing “efimki with a sign” instead of silver kopecks.
Literature
1. Melnikova A.S., Uzdenikov V.V., Shikanova I.S. "Money in Russia: A History of the Russian Money Economy from Ancient Times to 1917". Publishing house "Sagittarius", 2000. - 224 p.2. Bazilevich K. V. "The monetary reform of Alexei Mikhailovich and the uprising in Moscow in 1662."
3. Zander R. "Silver rubles and efimki of Romanov Russia, 1654-1915". Kyiv, Hodegetria, 1998.
