V History of Russian money

Read and translate the text

Find the sentences in the text where are told about:

а) The gold and silver coins of KievanRus were first made under Grand Duke Vladimir Sviatoslavich

b) The chief currency unit was the silver kopeck with a depiction of a horseman with a lance (kopye in Russian), which was Russia’s emblem and the symbol of grand-ducal power

c) The reform of finance minister Count Kankrin (1839-1843) was the first step towards turning paper banknotes into money

The first Russian coins were minted when Russia was converted to Christianity. The gold and silver coins of KievanRus were first made under Grand Duke Vladimir Sviatoslavich in the late 10^th – early 11^th century. After a long “coinless” period, minting was resumed in the 1380s, under Grand Duke Dmitry Donskoy of Muskovy.

The Russian monetary system, which laid the foundation’s of national accounting and even the present – day rouble, took shape in the early 16^th century. Then, the chief currency unit was the silver kopeck with a depiction of a horseman with a lance (kopye in Russian), which was Russia`s emblem and the symbol of grand-ducal power. The kopeck`s emergence is connected with the 1535-1538 reform of Yelena Glinskaya, who managed to create a single monetary system for the centralized Russian state, with the rouble containing 100 kopecks.

But by the 17^th century, the Russian monetary system, based on just one type of coin, the one-kopeck piece, became something of an anachronism, lagging behind the more convenient European arrangement. Peter the Great brought into circulation coins of various denominations: one-rouble, fifty-kopeck, ten-kopeck, and other coins. The drastic change also involved the minting metal, with gold and copper coins being produced in addition to the traditional silver pieces, and machine-minted coins taking the places of the hand-made ones.

The reform of finance minister Count Kankrin (1839 – 1843) was the first step towards turning paper banknotes into money backed by precious metal reserves. The silver rouble was recognized as the principal monetary unit.

During finance minister Sergei Witte`s tenure in office, paper banknotes were backed by gold reserves worth 1,5 billion roubles, and a new monetary economy was set up on the basis of scientifically computed paper money emission rates. Thanks to Witte`s reform, Russia finally managed to close the age-old gap between itself and Europe and to integrate into the global financial system. The rouble became convertible.

In the post – 1917 period the first paper banknotes of Soviet Russia were issued. The monstrous hyperinflation of the first years of Soviet power went down once the New Economic Policy was in place and the gold reserves in the country rebuilt. The chervonets, as the new unit equivalent to 10 pre-revolutionary roubles was known, helped revive the Russian monetary system founded by Witte. It stayed in circulation until 1928. With the first 5-year plan in operation, when the Government resumed its practice of high emission rates, inflation returned and the Soviet rouble became an exclusively domestic legal tender. Now the Russian rouble has become an international currency.

After text exercises

VI Complete the sentences according to the text:

1) The first Russian coins were minted when…

2) In the 16^th century chief currency unit was the silver kopeck with a…

3) Peter the Great brought into circulation…

4) Thanks to Wiitte`s reform, Russia finally managed to close the…

5) In the post 1917 period the first paper…

VII. Find sentences with the Passive Voice and translate them.

(see appendix – reference section)

1) The first Russian coins were minted when Russia was converted to Christianity.

2) Certified accountants in England are called chartered accountants.

3) Peter the Great brought into circulation coins of different denominations.

4) The chief currency unit was the silver kopeck.

5) In the post – 1917 period the first paper banknotes of Soviet Russia were issued.

VIII Match a word from A column with a word from B column to make a word combination.

AB

1. Coinless 1. Coins

2. Kievan 2. Of finance

3. Russian 3. Witte`s reform

4. Reform 4. Banknotes

5. Thanks to 5. Rus

6. Paper 6. Period

7. International 7. Currency

IX Complete the sentences with the words given below

1) The Russian ……laid the foundation of national accounting

2) The chief currency unit was the…… .

3) After a long……period minting was resumed in 1380s

4) The rouble became…… .

5) In the……the first paper banknotes of soviet Russia were issued

post – 1917 period;

silver kopeck;

monetary system;

convertible;

coinless.

X Translate the following sentences:

1) Peter the Great brought into circulation coins of various denominations.

2) The chief currency unit was the silver kopeck with a depiction of a horseman with a lance (kopye).

3) The reform of finance minister Count Kankrin (1839 – 1843) was the first step towards turning paper banknotes into money.

4) Thanks to Witte`s reform, Russia finally managed to close the age-old gap between itself and Europe.

5) In the post – 1917 period the first paper banknotes of Soviet Russia were issued.