Currency reform 1961

January 1, 1961 in the Soviet Union was held a currency reform, which resulted  in changing of standard of prices, ten times strengthening of the monetary unit and, respectively, the recalculation of prices and tariffs, rates, salaries, pensions, allowances, etc.

In the 1950's, in the situation of a rapid economic growth, cash flow increased in the country in large volumes. In order to ensure the organization of money accounting, May 4, 1960 the Council of Ministers adopted a decree on the change of the standard of prices from January 1st, 1961and the replacement of the money currently in circulation with new one.

Establishment of a new standard of prices allowed to solve a number of problems: to further enhance the role of the ruble in the economy, facilitate accounting and settlement, the simplification of the cash economy, increasing the share of metal coins in circulation, which in turn opened up the possibility of more widespread use of mechanisms in computing operations, automatic trade, etc.

Banknotes of the 1947 pattern (both issues) from April 1, 1961 were withdrawn from the circulation after a three months period of their exchange for new monetary units of the 1961 pattern in ratio: 10 rubles of 1947 pattern for one ruble of a new pattern. Metal coins were exchanged in the same proportion, except for minor coins of a face value of one, two and three copecks, which remained in circulation at face value.

New banknotes of the State Bank (10, 25, 50 and 100-rouble bonds) and treasury notes (1, 3 and 5-rouble bonds) of the 1961 pattern were introduced into the circulation from January 1, 1961. The coat of arms of the Soviet Union and the face value of all the bonds remained unchanged, the same as those of the last banknotes of 1947 issued with changes since 1957.

All seven banknotes had a smaller format compared to previous issues (which simplified the calculation of cash by use of counting automatic machine) and included the right-side coupons (blank margins). Drafts of the obverse of treasury notes and banknotes of the USSR of 1961 were made by artists S. A. Pomansky and Yu. A. Lukianov, and the drafts of reverse – by I. I. Dubasov.

As a result of the reform the dollar, which stood until 1961 1:4, was not changed by 10 times, as domestic prices and wages, but only by 4.44 times, and after the reform was 90 copecks per $ 1 dollar. Likewise, 4.44 times was increased the gold content of the ruble: before the reform it was 0.222168 g, and after it reached 0.987412 g.

Money of the 1961 pattern was the most durable in the history of the USSR: it lasted intact until January 23, 1991, when it was replaced for banknotes of new patterns.  

 

Lit.: Бумажные денежные знаки России и СССР. СПб., 1993; Гусаков А. Д., Дымшиц И. А. Денежное обращение и кредит СССР. М., 1951; Гусаков А. Д. Очерки по денежному обращению России. М., 1946; Денежная реформа 1961 г. (по документам РГАНИ) // Денежные реформы в России: История и современность. Сб. статей. М., 2004; То же [Электронный ресурс]. URL: http://www.bonistikaweb.ru/KNIGI/den-20.htm; Исакова E. В. История денежных реформ Советского государства в документах РГАЭ // Денежные реформы в России: История и современность. Сб. статей. М., 2004; То же [Электронный ресурс]. URL: http://www.bonistikaweb.ru/KNIGI/den-20.htm; Сенкевич Д. А. Государственные денежные знаки РСФСР и СССР 1918-1961. М., 1988.