Russia Hyperinflation Banknotes

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10,000,000 Rubles, 1921
Treasury Short-Term Certificate

Uniface

This note is not in my collection. Scan courtesy of Oleg Schulakov

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Transcaucasia 10 Milliard Rubles, 1924
(10,000,000,000 Rubles)

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This note is not in my collection. Scans courtesy of Alan Kaim

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500,000 Rubles 1995 (issued 1997)

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This note is not in my collection. Scans courtesy of Omer Yalcinkaya

Back to Hyperinflation Banknotes

Russia suffered a period of hyperinflation during the Civil War from 1917 to 1922. The highest denomination in 1912 was 1,000 Rubles. By 1921 it was 10,000,000 Rubles. The highest denomination ever issued by any of the Soviet Republics was a 1924 Transcaucasia 10 Milliard (10,000,000,000) Ruble note.

Russia experienced another inflation shortly after the dissolution of the Soviet Union in 1992. The highest denomination before 1992 was 1,000 Rubles. By 1997, it was 500,000 Rubles. In the 1998 currency reform, 1 new Ruble was exchanged for 1,000 old Rubles.

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