RUSSIA, stamp money partial sheet

$180.00

RUSSIA, EMPIRE, 3 kopek, no date (1915), Face: red, Alexander III, stamp money, P20, partial sheet of 27 specimens, with margin on two sides, the others were cut with scissors, so the perforations are uneven, 2 folds, small edge tear, light pencil grafitto, otherwise Unc

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Description

The Russian “stamp” money was an interesting experiment in trying to deal with shortage of small change.

During World War I the money supply was a continuation of the multiple currency system in which the relationship of coins to paper was not straightforward.

Russia started making paper money in the 18th century. Generally speaking, during the Empire the relationship of paper to gold was, shall we say, fraught. There was a great outpouring of local notes during the Revolution and the Civil War, and again in the last years of the Soviet Union and a few years after.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.