{
 "id": "soviet-russia-1921-1924",
 "country": "Soviet Russia",
 "currency": "Paper ruble (sovznak)",
 "periodStart": "1921",
 "periodEnd": "1924",
 "peakInflation": "212%",
 "peakMonthlyPct": 212,
 "peakMonth": "February 1924",
 "hkEpisode": "Jan 1922 – Feb 1924",
 "currencyReform": "1 gold ruble = 50 billion paper rubles",
 "cause": "Civil war and \"war communism\" paid with paper money",
 "resolution": "The gold-backed chervonets ran alongside, then replaced the paper ruble (1924)",
 "url": "https://hyperinflation.rogzy.org/soviet-russia-1921-1924/",
 "summary": "The Bolsheviks financed civil war and the state with paper money, and some of them saw that as a way to abolish money altogether (\"war communism\"). Hyperinflation in H&K's table runs from January 1922 to February 1924, peaking at 212 % in February 1924 (H&K). The way out was unusual: a new, gold-backed banknote, the chervonets (1922), circulated beside the collapsing paper ruble until the 1924 reform retired the paper. One gold ruble of 1924 was worth 50 billion rubles of the first Soviet issue.",
 "timeline": [
  {
   "date": "1919–1921",
   "event": "RSFSR \"settlement notes\" (raschetny znak) up to 100,000 rubles."
  },
  {
   "date": "1922",
   "event": "Redenomination at 10,000 : 1; the gold chervonets is introduced alongside."
  },
  {
   "date": "Jan 1922",
   "event": "Monthly inflation passes 50 % (H&K start)."
  },
  {
   "date": "1923",
   "event": "Another redenomination, 100 : 1 (1 ruble of 1923 = 1,000,000 of the first issue)."
  },
  {
   "date": "Feb 1924",
   "event": "Peak 212 % (H&K); the 1924 reform replaces the paper ruble with the gold ruble at 50,000 : 1."
  }
 ],
 "banknotes": [
  {
   "label": "50,000 rubles, RSFSR settlement note (1921)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/50k_Rouble.jpg"
  }
 ],
 "exchangeRates": null,
 "sources": [
  "Hanke & Krus (2012) — episode and peak.",
  "Wikipedia, \"Soviet ruble\" (read 2026-10-05): https://en.wikipedia.org/wiki/Soviet_ruble"
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}