The first monetary reforms of the Russian state. The first money in Russia The role of temples was determined by the fact that they were
MONEY, cash account. From ancient times to the 18th century in money circulation in Russia, imported gold and silver were used, since there were no own deposits of precious metals. Among the Slavic tribes, Roman silver denarii of the 1st-3rd centuries were in circulation. Their circulation is associated with the name of the oldest Russian monetary units - "kun" (from Latin cuneus - forged, made of metal; in English and French - coin - stamp). From con. 8th century silver dirhams of the Arab Caliphate were also in circulation.
In the VIII-X centuries. the monetary system of the Old Russian state was formed, the main names of Russians were fixed monetary units. "Hryvnia kuna" (68.22 g of silver) = 25 kunam (Arab dirhams) = 20 nogats (heavier dirhams) = 50 rezams. The name "hryvnia" is associated with the name of a neck ornament made of precious metal - a hoop or necklace made of coins. The name "nogata" (from the Arabic "nagd" - a good, choice coin) arose in connection with the need to distinguish good-quality dirhems from worn ones. In the X century. the acceptance of coins by weight spread, as a result of which they were often cut and broken (hence "cut").
In con. X - early 11th century in the Arab Caliphate, silver deposits were depleted and the flow of dirhams to Russia was sharply reduced. At the same time, the minting of the first Russian coins of gold and silver began - golden coins and silver coins.
In the XI-XII centuries. in the monetary circulation of Russia, especially Northern and North-Western, instead of Arab dirhams, Western European denarii, which were called "kuns", spread. 50 kunas (denarii) were "hryvnia kuna" (a counting concept, such a coin did not exist). In the beginning. 12th century due to "spoilage" (reduction in weight and quality), the use of denarii in international trade has ceased.
The history of Russia in the Middle Ages did not leave us any significant information about when the Eastern Slavs got credit, banks, what operations they performed, which was the motive force for their development. We have rather interesting information about the money that was in circulation on the territory of Ancient Russia, usurious activities, but not about banks. Unfortunately, modern history Eastern Slavs accumulated certain material evidence of ancient money circulation, but did not give an answer to what was the role of the simplest credit institutions.
Initially in Ancient Russia, as in everything ancient world, in the position of money were goods that had a steady daily demand and wide circulation precisely because of the utility recognized by all (cattle, furs, skins). Thus, commodity money became the first type of money.
However, the exchange of goods for goods was extremely inconvenient - some compact equivalent was required to replace the bulkiness of barter. Other prerequisites for the emergence of money were:
the transition from a subsistence economy to the production of goods and the exchange of goods;
property isolation of owners and producers of goods.
Historically, the first money, or rather a convenient commodity that had an exchange value in Ancient Russia, were marten tails. Marten fur was accepted as payment for goods almost everywhere in the 9th - 11th centuries.
Then it inevitably became clear that although a variety of goods can be money, the material for money must meet the following requirements: wear resistance, uniformity, divisibility, etc. Therefore, the form of money passes to goods that, by their very nature, are especially suitable for performing the function of a universal equivalent, namely, metals. Historically, this role was initially assigned to iron and copper, and then quickly passed to silver and gold. So, in the 7th - 8th centuries, on the territory of Ancient Russia, iron and copper functioned as money, and then mainly silver.
Noble metals have received the specific function of a universal equivalent because they have the physical properties necessary for a monetary commodity: the uniformity of parts and the absence of differences between all instances of this commodity, divisibility, preservation and transportability.
Metal money originally circulated in the form of ingots. Large Russian merchants in the 8th - 9th centuries certified the weight of metal in ingots with a hallmark. From here, at the end of the 10th century, coins arose in Ancient Russia.
Meanwhile, historically, the first coins that circulated in Russia were the Arab dirhams (the beginning of the 9th century), as well as the Slavic rezans (the end of the 9th century).
Rezana was more like an ingot than a full-fledged coin. The word "reza" comes from the root "rez" in the verb "to cut". Proceeding from this, it is assumed that stumps or trimmings of dirhems widely circulated in Ancient Russia were originally called cut.
In the 10th century, the kuna became the predominant monetary unit in Russia. The name kuna comes from the tails of the marten, which, as we remember, were, along with cattle, the first commodity money of Russia. On the territory of Ancient Russia, the kuna was in circulation until the end of the 14th - beginning of the 15th century. In the XI century, the content of silver in the kuna corresponded to 1/25 hryvnia (weight unit), in the XII - early XIV centuries. 1/50 hryvnia.
In the middle of the 11th century, the silver hryvnia also became the monetary unit of Ancient Russia, which corresponds to 96 spools of silver or is equivalent to a certain amount of valuable furs and foreign coins. The hryvnia looked like an oblong ingot of silver. Distinguished Kyiv, Novgorod, Chernihiv, etc. hryvnia. The hryvnia of Kievan Rus was minted from silver, looked like a hexagon and was used mainly in relations with Byzantium. The Novgorod hryvnia contained 200 grams of silver. Over time, the coin became more popular, containing 2 times less silver than the hryvnia, i.e. hryvnia, cut in half, or ruble.
By the end of the 11th century, a lot of own and foreign coins were accepted for payment on the territory of Ancient Russia. So, in addition to the kuna itself, the hryvnia, nogata, rezana, and veveritsa (or veksha) were included in the kuna system. In the 11th century, money changers set the following "rate": 1 hryvnia = 20 nogat = 25 kuna = 50 rezan = 100 (150) veverits.
The word "money" appears in the Russian language in the XII - XIII centuries, when, along with Russian coins, the Turkic coin "tenga" was in circulation. This testifies to the close trade ties that existed then between different peoples.
In the XIII - XV centuries. Russia is under the rule of the Mongol-Tatars. The Russian principalities did not directly become part of the Mongol feudal empire and retained local princely power, whose activities were controlled by the Baskaks. The regular exploitation of Russian lands by collecting tribute began after the census of 1257-1259, conducted by the Mongolian "numeraries". There are 14 types of "Horde hardships" known, of which the main ones were: "exit" or "tsar's tribute", trade fees ("myt", "tamka"), transport duties ("pits", "carts"), maintenance of khan's ambassadors ( "food"), various "gifts" and "honors" to the khan to his relatives and associates. Every year, a huge amount of silver left the Russian lands in the form of tribute. "Moscow Exit" was 5 - 7 thousand rubles in silver, "Novgorod Exit" - 1.5 thousand rubles. Large "requests" for military and other needs were periodically collected. Coins are becoming very rare. Russia, for about a century, is slipping into barter.
By 1408, Russia basically got rid of the Mongol-Tatar yoke and stopped paying tribute.
The Mongol-Tatar yoke had profoundly regressive consequences for the economic development of the Russian lands. It preserved the feudal nature of the economy for about 240 years and was one of the main reasons for Russia's lagging behind Western European countries in the development of crafts, trade, and money circulation.
Russian silver coin XIV - XVIII centuries. is money. The minting of money began in Moscow at the end of the 14th century under the Grand Duke of Moscow Dmitry Donskoy (1380-1389). In the first quarter of the 15th century, more than 20 Russian mints produced money.
Russian money in terms of silver composition was the best European silver coin of the 14th - 15th centuries. Initially, it weighed 0.92 grams and was 1/100 of the Moscow ruble or 1/200 of the provincial Novgorod ruble. The latter, by the way, survived in Western Russia until the 16th century. On one side, the money was usually placed the name of the prince or the name of the city in which the coinage was made, and on the other, various images.
In the 17th and the first quarter of the 18th century, along with the minting of money from silver, its minting from copper began.
And, finally, completing the historical review of ancient Russian money, we note that in Russia the so-called penny money was also in circulation. They got their name from the image of the Grand Duke on horseback, with a spear in his hands, minted on them. The kopeck has been minted since the mid-1930s. 16th century silver. She became Russian bargaining chip equal to 1/100 ruble. In the XVI - XVII centuries. the kopeck was most often called Novgorodka. In 1704, Peter 1 introduced the copper kopeck into circulation.
Until the reform of 1534, the minting of coins was in the hands of private individuals - “Livtsy”, “Serebrennikov”. Then this right was monopolized by the state, and they began to be produced at state-owned factories - mints. During this period, the issue of coins is the exclusive right of sovereign power. Violation of monetary law is now regarded as the gravest crime, not only criminal, but also political. With the formation of a single Russian state (the beginning of the 16th century), a single monetary system developed.
Thus, the historical sequence of change various kinds money in Ancient Russia was as follows: commodity money (cattle, fur), ingots, coins. East Slavic coins gradually replaced Roman, Byzantine, Arab coins and their imitations from circulation.
Coins in Russia appear in connection with the development of commodity-money relations and trade. Unlike goods circulating as an equivalent and ingots of metal, the coin became a universal means of payment, since the quality and weight of the metal in it were certified by the state (state stamp). The issuance of coins was the exclusive right of sovereign power.
Examples of banking operations in Russia, as in other countries, were the activities of usurers and money changers. Moneylenders lent money, and money changers exchanged money from different cities and countries. Initially, moneylenders and money changers were concentrated in the capital, port cities of the Black Sea, and then began to expand the scope of their activities in the south and in large Dnieper and Volga cities.
Money changers have become indispensable companions in the implementation of trade operations in markets, fairs, and cities. The fragmentation of the monetary business, the minting of their own coins by the feudal lords and their deterioration, necessitated the frequent exchange of one coin for another. Merchants experienced a special need for the services of money changers when traveling to foreign markets. The exchange and exchange of coins was the starting point for the development of usury. Many money changers, having accumulated large capitals, began to lend money to small producers (artisans, peasants), merchants and nobles.
According to historians, the first usurious loans were extremely expensive. During the time of Yaroslav the Wise, the maximum rate was set at no more than 20% per annum. However, sometimes this rate could increase up to 40% per annum, if the loan was issued for a short time. Punishment for an excessively high percentage, in the form of a crowded flogging, was supposed only if its size reached 60% per annum. Three, four centuries later, usurious credit became even more expensive. Sometimes his rates were simply amazing - reaching up to 300 - 400%.
The motivation for granting and receiving a loan from the Eastern Slavs was completely different from that of other peoples. In the Orthodox faith, lending is encouraged: “Give to him who asks you, and do not turn away from him who wants to borrow from you” (Matt. 5:42). However, usury is prohibited because “...let us lend, expecting nothing” (Luke 6:35). For this reason, or in connection with the special Russian character, but usurious activities in Russia, as a rule, are engaged in Jewish families living here. It was the Jewish families who accumulated considerable free money and were ready to use it to their advantage. Jewish families are especially active in usury in places of compact residence, in the south of Russia, in the Black Sea region, major cities around Moscow.
The usurers were the first to understand that the enormous monetary wealth accumulated lies without movement, while it would be possible to obtain significant benefits and benefits from them by giving money for temporary use. In this case, livestock, goods, and in some cases houses, precious things usually acted as collateral.
In Russia, usury developed along with farming - the collection of rent, taxes, taxes, etc. Another typical feature of usurious credit, as we have already noted, is the exceptionally high interest on loans. The level of interest fluctuated between cities and regions within a very wide range - from several tens to hundreds of percent per annum. The highest percentage was in Moscow, more moderate in Novgorod, even lower in Chernigov. Cases of providing usurious loans with payment of 35% per month (420% per year) are known. The nobles paid less for loans - from 30 to 100 percent per annum.
According to some historical data, in the 15th and 16th centuries, credit operations began to be carried out by the largest monasteries, which concentrated significant funds. The accumulation of wealth was largely facilitated by the fact that temples often kept the funds of wealthy citizens, thereby performing the function of banks. Monasteries were a reliable place to store valuables. The thieves who revered the altars did not rob them.
In Russia, in the church environment, there were letters of credit with an appeal for money to the abbot of the monastery. An important feature of letters of credit is that they were a means of obtaining exclusively interest-free loans.
At the end of the 16th century, credit operations in Russia began to be used more widely. Novgorod, White Sea, Volga, Dnieper and Black Sea merchants often gave loans and entered into loan agreements at the fairs common at that time. History has brought us a number of successful evidence of trade at fairs, when Greek, Genoese, Dutch merchants provided South and North Slavic merchants with credit for the period from one fair to another.
We find a number of examples of trade on credit in the activities of Novgorod, Volga and Black Sea merchants. In the 17th century, some of the Russian border trade in wine, grain, cloth, and leather was based on credit.
At the end of the XVII, beginning of the XVIII centuries. Russian merchants, in need of money for turnover, are increasingly turning to more prosperous merchants, including overseas ones, for loans. Some lenders, over time, moved away from trading activities and began to specialize in providing loans. Gradually formed money-changers and usurious clans. The loan business is inherited, and peculiar usurious dynasties arise.
Thus, in Russia, the first credit operations were carried out by individuals, merchants, as well as some monasteries, and merchants and aristocrats resorted to the services of usurers.
The Eastern Slavs borrowed usurious and money-changing technologies at the turn of the 8th - 9th centuries. mostly Greeks and Jews. Banking and credit technologies, several centuries later, were brought with them by the same Greeks and Jews (XVII century), as well as the Germans (XVII century) and somewhat later the French (end of the XVIII century). Probably in this regard, by the 17th century, two usurious-changer groups had formed on the territory of Russia: in the south - Jewish, in the center - German.
The development of money-changing business and usury accelerated the process of formation of the capitalist type of commodity-money relations. Usurious credit led to the ruin of small producers and the formation of large fortunes necessary for the initial accumulation of capital.
Usury capital is the forerunner of loan capital, which is the basis of credit and the principal form of interest-bearing capital. The development of the credit business, the appearance of banks, was directed against usury, since the usurious loan seized the entire surplus product from the borrower and, consequently, the latter could not be systematically used for the purposes of reproduction.
The wide circulation of money, the expansion of trade and usury activities, prepared the conditions for the emergence of banks. However, since banking developed sluggishly, usurious credit in Russia lasted much longer than in other European countries and lasted until the 20th century. Even from the middle of the 19th century, when full-fledged banks began to operate in Russia, usurious credit, for the middle strata of society, was predominant.
Pawnshops rather than banks can be considered the prototypes of future credit institutions in Russia. For the first time, a pawnshop was established in France under Louis XI (1461-1483), by usurers who came from Lombardy (Italy). In the 15th century, pawnshops appeared in Italy, Germany and other countries.
In Russia, these operations were developed much later. In 1733, some pawnshop operations under the pledge of gold and silver things began to be carried out by the Mint. Government pawnshops were opened in 1772 in St. Petersburg and Moscow. Loan operations were accompanied by a pledge of expensive, compact and highly liquid property (usually jewelry) and recorded in special books.
In Russia, the first banks arose under the conditions of the manufacturing stage of capitalism in the form of banking houses, which, unlike usurers, provided credit to industrial and commercial capitalists at a moderate rate of interest. The first banking houses served mostly consumer needs and only in late XVIII, the beginning of the XIX century, there is evidence of the provision of credit to large merchants. Later, from the beginning of the 60s of the XIX century, banking houses were transformed into joint-stock banks.
Thus, a brief historical review leads to the following important conclusions. Metal coins appeared in Russia approximately 1700 years later than in Europe, and for about three centuries the role of money was played by Arab dirhems. Banking among the Eastern Slavs in the Middle Ages did not develop.
The first banks appeared in Russia about three centuries later than in Europe. The impetus for the emergence of banks in Russia, in contrast to Europe, was, first of all, the expansion of usurious activities, and then the spread of monetary transactions and the need for trade. Banks performed a limited range of operations - kept records of bills, provided trade and consumer loans. Therefore, we can say that in matters of the development of the monetary sphere, Russia and Russia followed their own specific path.
The middle of the 16th century is the time of the completion of the unification of Russia and the centralization of power. Ivan IV ascends the throne, later called Ivan the Terrible. But for now, due to the young age of the prince, Elena Glinskaya rules on his behalf - a powerful, intelligent and extremely educated woman for that time.
The main event under her regency was the first monetary reform, and in fact, the reorganization of the entire financial and monetary system of the united Russian principality.
In 1534 minting began new coin, the same for the entire state. From now on, special, heavy, silver coins with the image of a horseman with a spear - a penny - were made from a silver hryvnia. The name quickly took root among the people and from now on the term "penny" does not go out of use.
The introduction of the penny, the formation of a new money supply and the removal from use of numerous - circumcised, worn, even fake - old money, which had previously been printed in abundance in each principality, became the main achievement of Elena Glinskaya's monetary reform. It was she who laid the foundation for the modern monetary system and largely predetermined the development of the Russian state. The creation of a single unified monetary system contributed to the unification of the Russian lands and the strengthening of trade relations, both internal and external.
Reform of Alexei Mikhailovich
By 16654, there was a need for a new monetary reform, designed to streamline the circulation of the silver coins in circulation - kopecks, dengs and polushki. With the development of the economy, there was an urgent need for a monetary unit of a larger denomination than the available penny, since large trade transactions were accompanied by a huge number of coins. At the same time, for small transactions, a monetary unit was required that could satisfy the needs of retail trade. The absence of large and small monetary units significantly slowed down the country's economic growth.
There was another reason for the reform. Alexei Mikhailovich continued the unification of the lands of the Eastern Slavs. During his reign, the lands of Ukraine and Belarus were annexed, on the territory of which European coins were used. To complete the unification, it was necessary not only to develop a single course for the ratio of the European coin and the Russian one, but to create a new, unified monetary system.
The first step in the reform was the issuance of the ruble, a new coin reprinted from European thalers. However, the name "ruble" was not fixed for these coins, despite the fact that the word "ruble" was stamped on the reverse side along with the date. Talers in Russia were called "efimki", and this name was firmly entrenched in the new coins of Alexei Mikhailovich.
Along with silver efimkas, a half-fifty appeared in the monetary system, printed on quarters of a thaler. The kopeck still kept its circulation - it was still printed on an elongated and cut silver wire according to the technology of the times of Ivan IV.
The next step in the monetary reform was the issuance of copper coins - fifty dollars, half fifty dollars, hryvnia, altyn and groshevik. The rate of copper money was set by the state forcibly, and their turnover was officially allowed only in the European part of Russia.
However, despite the initially good goal - increasing turnover and developing trade - Alexei Mikhailovich's monetary reform ended very badly. Due to the uncontrolled and immoderate issuance of copper coins, this type of money has actually depreciated. In addition, the artificial limitation of turnover - the treasury was calculated only in copper money, and taxes were collected exclusively in silver - led to the fact that the trade for copper actually stopped.
Coercion to the circulation of copper money by the state turned into popular unrest and riots of starving peasants. In the history of Russia, one of the largest such protests was called the Moscow Copper Riot. As a result, the treasury was forced to withdraw from circulation copper kopecks minted in large quantities, exchanging them for silver.
In ancient Russia, money, silver was called the word cattle, the prince's treasury - a cowgirl, the treasurer - a cattleman, and people greedy for money were called coon-lovers and cattle-lovers. However, gradually, with the development of exchange and the creation of a world market, due to physical and chemical properties, allowing convenient exchange, the role of money began to be played by gold and silver.
The monetary system of the Old Russian state took shape in the 9th-10th centuries, at the end of the 10th - beginning of the 11th century the minting of the first Russian coins of their gold and silver began (Zlotnikov and silversmiths, from ancient times to the 18th century imported gold and silver were used in Russian money circulation).
On our territory, the minting of coins, silver and gold, dates back to the time of Prince Vladimir I. In Russkaya Pravda, metal money continued to be called “kuns”, but silver “hryvnias” are already appearing. In the XII - XV centuries. the princes tried to mint their own “specific” coins. In Novgorod, foreign money was in circulation - “efimki”. In the Principality of Moscow, the initiative to mint silver coins belonged to Dmitry Donskoy, who began to melt Tatar silver “money” into Russian “hryvnias”.
Many coins accumulated in the princely treasuries. But by the 10th century, their flow had dwindled. Kievan Rus began to feel the lack of money that she needed so much for trade. Then the Prince of Kyiv Vladimir I Svyatoslavich (980-1015), and after him Svyatopolk the Accursed (1015-1019) began to mint their own coins in a small amount.
In international trade and for large payments in domestic trade, silver bars began to be used instead of coins. In the 13th century, Novgorod ingots in the form of a stick-bar weighing about 200 grams began to be called the ruble.
In Kievan Rus, the minting of gold and silver coins began in the 10th century. Pieces of coins were cut from silver ingots, which became known as rubles. Despite the advantages of gold, it has a significant drawback, it is a soft metal, therefore it quickly wears off, loses its full value, usefulness. This shortcoming was noticed by savvy people and began to save new gold coins and use the old ones. There was a need to issue coins from other metals (for example, from copper). Later coins were replaced by paper money.
At the end of the XIV century in Russia, money (denga) was minted in Moscow. In the first quarter of the 15th century, more than twenty Russian mints produced money. Russian money in terms of silver composition was the best European silver coin of the XIV-XV centuries. Initially, it weighed 0.92 grams and was 1/100 of the Moscow ruble or 1/216 of the provincial Novgorod ruble. The Novgorod ruble was preserved in Western Russia until the 16th century. By the middle of the 15th century, Moscow money had halved in weight and began to correspond to 1/200 of the Moscow ruble, while Novgorod money continued to be its hundredth part.
In 1625-1627. the process of forming a unified monetary system was completed in the country: for the first time, all coinage was concentrated in the Moscow Mint, which was administered by the Order of the Large Treasury.
In the future, the monetary system has undergone numerous reforms discussed in the second chapter.
In the course of historical formation, certain functions and properties of money were formed.
The functions of money are the concentrated expression of their role in the economy.
Money has such a diverse set of properties that it becomes necessary to classify them, highlighting a number of functions. Each of the functions of money describes a more or less homogeneous range of economic transactions carried out with the help of this function. At the same time, it should be borne in mind that money is not the sum of functions, and while performing any one function, they retain their unity and contain all other functions.
The functions of money are in constant dynamics: some arose earlier, some later; individual functions have greatly changed their content and even lost their noticeable significance.
The emergence of money functions in the process of their evolution can be represented as follows:
§ I stage. Money as a measure of value. Historically the first function of money. As a measure of value, money is a unified measure of the value of all goods.
§ II stage. Money as a means of purchase. Money as a means of purchase is a medium of exchange.
§ III stage. Money as a means of payment. In the function of money as a means of payment, there is a time lag (discrepancy in time) between the sale of a product and the receipt of money for it. Under these conditions, conditions are objectively created for such an economic phenomenon as credit.
§ IV stage. Money as a means of distribution. In the distributive function of money, there is only their movement from their owner to the recipient. This function is an objective economic prerequisite for the emergence of public finance.
§ V stage. Money as a means of accumulation and savings. The process of savings and accumulation is a necessary element of the modern economy.
§ VI stage. Money as a measure of the exchange of one currency for another. In the function of world money, money contributes to currency exchange, the creation of a balance of payments, the formation of an exchange rate.
To understand the essence of money, it is necessary to consider the properties of money:
Ø Genuineness (difficulty in making counterfeit money);
Ш Ease of use (distinctness, recognition of banknotes);
Ш Wear resistance (use for a long time);
Ш Divisibility (the possibility of exchanging large bills for small ones);
Ш Homogeneity (equal purchasing power of money of the same denomination);
Ш Liquidity (quick sale).
The monetary system of Russia begins its evolution from monetary circulation. The history of the development of metal coins in Russia is characterized by several major stages.
VII-IX centuries.
The circulation of silver coins of the Arab Caliphate - Kufic dirhams. The influx of eastern coins, which began at the end of the 8th century, quickly acquired an intense character, and its circulation proceeded in a diverse environment on a vast territory, significantly exceeding the boundaries of the settlement of the Slavic tribes that formed the ancient Russian state. The name of the coins comes from the name of one of the Arab cities - Kufa. The style of the inscriptions on these coins was also called Kufic. Dirhams, which came into Russian circulation from the East, were minted in a vast territory - in many cities of Central Asia, Iran, Transcaucasia, Mesopotamia and Asia Minor, on the African shores of the Mediterranean Sea and even in the Arab part of Spain.
The circulation of these coins was carried out individually and by weight. Dirhams with the same standard weight were accepted piece by piece. Coins with different weight norms were weighed, they were often cut into halves, quarters, eighths.
Rare companions of Kufic coins, along with dirhams that came to Russia, were individual pieces of silver drachmas of the Sassanian pairs of Iran of the 4th-7th centuries.
The cessation of the influx of Eastern coins was the result of the so-called silver crisis in the East. It is explained both by the depletion and cessation of the development of the richest deposits of silver, and by political events, strife and wars in the East. The minting of silver coins almost everywhere ceased there in the 11th century, and its place in circulation was taken by one that had a credit, i.e. domestic, character copper coin and gold. An additional factor limiting the influx of these coins was the widespread minting of imitative dirhams in the state of the Volga Bulgarians in the 10th century. In Russia, they reacted to changes in the quality of the newly incoming coins by changing the money account in a certain way, and at times completely abandoning it, considering the coin as silver by weight.
X - XI centuries.
Since the 60-70s of the X century. the penetration of Western European silver coins into the territory of Eastern Europe begins. The circulation of Western European silver coins of the Anglo-Saxon and Norman kings - denarii prevails (Fig. 3.2). The name of these coins comes from lat. denarius - consisting of ten. In Russia, the first cash account was formed. The basis was the hryvnia, which was equated to the Byzantine silver coin - a liter in the proportion of 12 to 5. The account turned out as follows: 1 hryvnia (68.2 g) \u003d 20 nogat (3.41 g) \u003d 25 kuna (2.73 g) \u003d 50 rezanam (1.36 g). The hryvnia of silver (by weight) and the hryvnia of the kuna (countable) became monetary concepts. Hryvnia of silver in the XI century. and later payment ingots began to correspond - hryvnias of various types, which had already received a well-defined shape and a stable mass.
Rice. 3.2. Western European denarii: 1 - Archbishopric of Cologne, Otto II (973-983); 2 - England, Ethelred II (978-1013 and 1014-1016); 3 - Friesland, Dokum mint. Count Bruno III (1038-1057); 4 - Hungary, Stephen I (1000-1038); 5 - Czech Republic. Bretislav I (1028-1055)
A variety of crudely executed images of the cross, people, buildings, various objects, letter monograms, etc. were obsessed with denarii. Hard-to-read Latin inscriptions contain the names of the rulers, and on some coins there is also the name of the miner or official who was in charge of issuing the coin.
Byzantine silver coins are very rare in the monetary circulation of Russia of the period under review, the minting of which in Byzantium is rather limited. It was these coins that influenced the creation of the type of the oldest Russian gold and silver coins of the period of the highest prosperity of the Old Russian state.
An attempt to create their own coin at the expense of the stock of imported metal accumulated by the princes was made at the end of the 10th century, when, after the initial widespread distribution of dirhams, their influx into South Russia sharply decreased. The minting of own coins of princes Vladimir, Svyatopolk, Yaroslav the Wise, Oleg, Boleslav the Brave begins.
Initially, gold coins were minted, called "golden coins", and silver coins - "srebreniki". The coins had on the obverse the image of Jesus Christ, and on the reverse - the prince, over whose shoulder there is a small tribal sign. The mass of the Byzantine goldfish salted X-XI centuries. and the Russian gold coin (about 4 g) for a long time became the Russian unit of mass called the spool (4.266 g).
XII-XIII centuries
The coinless period in Russia. The factors that caused the reduction in the inflow of Western and Eastern coins on the territory of the Russian principalities include the following:
- the depletion of silver mines in the East and the cessation of their own coinage there;
- receipt of damaged coins (with the addition of pure metal ligatures) from Western European states. In the Western European city-states, the forced conversion of all silver in circulation was periodically carried out. Widespread in the XII century. received bracteate coins: instead of dense coin circles for double-sided coinage, wider and thinner circles were made, suitable only for one-sided stamping;
- new economic situation in Russia in connection with the greatest upheaval of the middle of the XIII century. - Mongol-Tatar invasion. The fragmentation of the Russian principalities prevented their own coinage.
After the cessation of the influx of coins from the West, the main form of metal circulation throughout Russia was the circulation of large "non-changeable" ingots weighing 196-160 g, which were used only for large payments (Fig. 3.4). In the north of Ancient Russia, the hryvnia had the form of a bar - sticks of a larger mass (Novgorod hryvnia, about 200 g).
Fur (leather) money - kunas and vekshas (squirrels), muzzles (heads cut off from the skin) were used as a change for hryvnia ingots.
In the XIII century. the ruble appears - the basis of the future Russian money account. The name comes from the verb "to cut", but just chopped ingots were called half. At the beginning of circulation, the ruble was an ingot up to 20 cm long and with a weight norm of up to 196.2 g.
XIV-XV centuries
The Tatar-Mongol invasion catastrophically disrupted the economic life of the country and slowed down the inevitable return of Russia to the minting of its own coins. During the Mongol-Tatar yoke, around the middle of the 14th century, in the eastern part of central Russia, the circulation of the coins of the Golden Horde, the so-called Jochid ones, was rather limited. Small silver coins of the khans of the Golden Horde are covered with Arabic inscriptions, the most complete ones contain the names of the khans who issued the coins, as well as the designation of the time and place of minting.
After a long period without coins, the first Russian coins began to be minted in the 80s of the XIV century. under the Prince of Moscow Dmitry Ivanovich Donskoy and under the Grand Duke of Nizhny Novgorod Dmitry Konstantinovich. On Russian coins of that time, when the principalities had not yet freed themselves from the Mongol-Tatar yoke, the name and title of the Russian prince were minted on the front side, and the name of the Golden Horde Khan with his title "Sultan" on the back. In order not to reflect the vassal dependence of Russia on the Golden Horde, at the end of the XIV century. coiners switched to minting coins with unreadable signs similar to Arabic letters. Later, on the coins of Ivan III, the "Horde" element lost its original meaning. Coins were minted in the capitals of the great principalities - Moscow, Tver, in the great city-republics of Novgorod and Pskov and reflected the fragmentation of Russia. More than 25 Russian cities produced their own coinage. Russian coins of the XIV and XV centuries. as monuments of economic and political history, they represent remarkably instructive and convincing material for characterizing the feudal fragmentation of Russia and the stormy princely strife. In addition to silver money in a number of places in the XV century. the minting of changeable copper coins of very low value began - pools. The appearance of pools in monetary circulation met the needs mainly of urban life.
The centralization of the Russian principalities around Moscow in money matters was reflected in the form of a transition to a uniform appearance of coins. However, internecine wars hampered the process of centralization of monetary circulation in the Russian state. Only under Ivan III was it finally forbidden to "make money according to destinies." The issue of the Muscovite state's own gold coin under Ivan III marked the completion of the centralization of the Russian state and its liberation from the power of the enslavers.
XVI-XVII centuries
By the beginning of the XVI century. the supply of coins for circulation was systematically replenished by four monetary (mint) yards in Novgorod, Pskov, Moscow and Tver. The coins were called Moscow and Novgorod money (penny). The ruble was
200 Moscow and 100 Novgorod money. At the same time, a lot of diverse and variegated in terms of weight remained in circulation. old coin that did not fit into a uniform system.
In the early 30s of the XVI century. suddenly a monetary crisis erupted, caused by the spontaneously arising and quickly spreading to many parts of the country, the cutting of the coin. It is possible that the “adjustment” of the non-standard old coin to the main units of circulation began, which then spread uncontrollably to all their types. The way out of the disorder of monetary circulation could only be its reformation on the principles of strict centralization.
In 1535-1538. in the Russian state, the first reform was carried out on behalf of the young Grand Duke Ivan Vasilyevich (Ivan IV) during the regency of his mother Elena Glinskaya. The reform of Elena Glinskaya was one of the most significant events in the economic and political development of the medieval Russian state.
The most important condition and at the same time a prerequisite for the creation of a single all-Russian monetary system was the unification of Russian lands around Moscow, which significantly accelerated their economic development, primarily due to more intensive commodity exchange, which activated monetary circulation.
In addition to the general reasons for the reform, there were also immediate reasons for its implementation in this particular period. These should include:
- the need to eliminate the state budget deficit resulting from the active foreign policy of Vasily III;
- ensuring an absolute state monopoly on the issue of coins;
- the need to regulate monetary regalia, the conscious implementation of the state devaluation of monetary units using the difference between the cost of a banknote or its former value and its face value.
The order of the reform is as follows. In February 1535, on behalf of Ivan Vasilievich, a decree was adopted to replace old money with new ones. On June 20, 1535, new coins of a certain denomination began to be minted in Novgorod, which were called "Novgorodki". Later, the production of new coins began in Moscow and Pskov. By 1538, the final prohibition of "old" money applies. In the XVI century. monetary reform was carried out in the largest economic centers of Russia.
The basis of Russian monetary circulation after the reform of Elena Glinskaya was silver coins - "kopecks" - Novgorod with a norm by weight of 0.68 g, "money" - Muscovites with a norm by weight of 0.34 g and "polushki" with a weight norm of 0.17 g A more complete system of the ratio of Russian monetary units was recorded in the Trade Book dated 1570 (Fig. 3.6).
Rice. 3.6. The proportions of the money account that developed after the reform of 1535
The reform included the issuance of money "according to the new foot", i.e. With new characteristic the authorized weight of coins of a given issue, determined by the number of coins of the same denomination from a certain amount of metal. The pre-Mongol hryvnia of silver weighing 204.756 g was taken as the basis of the foot. Before the reform of 1535-1538. of this amount of silver, 2.6 rubles, or 260 Novgorod money, were minted. As a result of the reform, 3 rubles began to be minted from this amount of silver, which naturally led to a decrease in the weight of the coin and its cheapening. During the reform of Elena Glinskaya, not only the weight ratios of the introduced types of coins by weight were unified, but also designations in the form of images and inscriptions.
The monetary reform of Elena Glinskaya was of paramount importance for further development Russian state. As a result of the reform, a unified system of monetary circulation of the Russian state was created, which underwent various changes over the following centuries, but on the whole retained unity and stability. The reform served as an objective positive factor in the political and economic development of the Russian state: as a result of it, the monetary systems of previously economically little connected regions, primarily Novgorod and Moscow, were finally unified. This allowed the all-Russian economy to develop more successfully, especially in the middle of the 16th century.
Thanks to the reform of Elena Glinskaya, the Russian monetary system reached a new qualitative economic and technical level (providing and executing the minting of coins). Coin blanks were made of wire. The money business was organized on the basis of a farming system: private individuals supply silver for minting, coiners took a certain amount of metal for their pile, part of which was given to the state as farming. Chasing (according to the first part of the name of the village in the Czech Republic, where the silver mines were located) was also carried out from imported silver - thalers, which in Russia were called efimki. The right of free coinage was preserved in Russian money business until the beginning of the 17th century. The state money yards were responsible for the good quality of the coin and collected a fee that covered the costs of minting and gave a moderate income to the treasury. The share of the state in the direct issue of the coin was small and significantly overlapped with the mass of the coin, which was ordered from the money yards from their silver by merchants.
The new qualitative level of the monetary system was of great importance for the activation of Russian foreign trade, primarily with European countries. The issue of coins was concentrated in the hands of the state. Thus, the introduction of a state monopoly became the basis for creating a sustainable issue of coins. This allowed the Russian state to receive additional income, which was used to pay off emergency expenses, in particular, the construction of fortresses in the 30s of the 16th century. and financing of numerous military operations in the second half of the 16th century. Generalizing characteristics of the main aspects of the monetary reform of 1535-1538. shown in fig. 3.8.
Rice. 3.8. The fundamental characteristics of the monetary reform of Elena Glinskaya (1535-1538)
Monetary reform of 1654
The Polish-Swedish intervention on the territory of the Russian state (1607-1612) led to a deterioration in the financial situation of the treasury, which could not but affect the state of the monetary economy. In the 17th century the state monopolized the functioning of mints, as a result of which the mass of pure silver in a penny decreased and lost stability, and the monetary business entered a period of crisis. In 1654, the government of Tsar Alexei Mikhailovich carried out a monetary reform, the basis of which was the issuance of a silver coin with a sharply increased ruble exchange rate. The ruble was minted from imported thalers. At face value, the ruble was equal to 100 old kopecks, and by weight - a thaler-efimka (28-29 years). Since the mass of the efimka was not equal to 100 silver coins, but was about 64 kopecks in weight, this indicated that the silver ruble had a forced exchange rate (the declared purchasing power is higher than the real value of a metal coin). Silver and copper half coins were issued as change coins for the ruble.
(1/2 ruble), as well as half-and-half (1/4 ruble), which were minted on sectors cut into four thalers. In addition, round copper coins the lowest denominations are altyn (3 kopecks) and grosh (2 kopecks) (Fig. 3.9). These coins also had a forced rate, since the value of copper was less than the value of silver by about 120 times.
Rice. 3.9. Silver coins of Tsar Alexei Mikhailovich 1-5 - Moscow kopecks 1645-1676; 6 - money; 7, 8 - half; 9 - the ruble of 1654 was minted from the Alsatian thaler of Archduke Leopold; 10 - half a half 1654; 11, 12 - kopecks of the Novgorod money yard, not earlier than the end of 1655; 13 and 15 - efimki 1655 (Brunswick-Wolfenbüttel; Duke Julius, 1587 and Brabant, Philip IV. 1622); 14 - semi-efimok
In parallel, coins of the old type were also in circulation. It was assumed that they would be withdrawn from circulation gradually, through the collection of tax payments. It was this reform step that turned out to be ill-conceived, since coins with a high content of precious metal (old kopecks) moved into the category of treasure accumulations (the Copernicus-Gresham law).
The reform did not lead to the formation of a stable system of monetary circulation for a number of reasons:
- lack of internal sources of monetary metal and forced re-minting of coins (thalers);
- the impossibility of ensuring the issuance of new coins in the required quantity and of the appropriate quality due to imperfect minting technology;
- the unwillingness of the population to accept coins with a forced exchange rate as payment for their goods.
At the beginning of 1655, the defective ruble was abandoned, and the monetary system returned to the unified metrology of the old silver kopeck. The release into circulation of "Efimki with a sign" (thaler with two hallmarks stamped on it) began. The minting of the copper kopeck, which began in the autumn of 1655 and was declared equal to silver, seven years later (in 1662) led to a copper riot. The channels of money circulation overflowed with low-grade coins. Such unstable monetary circulation existed until the reforms of Peter I.
