At "gold currency" developed a good reputation in society. The noble metal has a hypnotic effect on minds. Meanwhile, history teaches us not to trust the "yellow devil", including history Russia.

Today, many nostalgically remember the golden ruble Sergei Witte, which was born in 1897, others were captivated by the people's commissar's gold duvet Grigory Sokolnikov mid-1920s ... It sounds loud - a gold ruble. Although just the experience of using the "golden currency" in our country shows that games with the golden calf end very deplorably and even tragically.

Grigory Sokolnikov

Unfortunately, in our historical literature it is extremely rare to find a serious analysis of the consequences of the introduction of the gold ruble by the then Minister of Finance S. Yu. Witte. Let me remind you that Russian ruble in the second half of the 19th century, he walked with might and main on the European stock exchanges and was a favorite "toy" for currency speculators in Berlin, paris and other European financial capitals. More predecessors Witte finance ministers Nicholas Bunge And Ivan Vyshnegradsky proposed to strengthen the ruble, making it gold. But this required a solid gold reserve, which Russia there wasn't. Although Russia and was a gold-mining country, however, to create the necessary reserves, it was necessary to dig and wash the precious metal for several decades. Another source of replenishment of the gold reserves could be the export of grain. Vyshnegradsky shouted: “We won’t finish it, but we’ll take it out.” The slogan of an influential minister began to be put into practice. Russia for the sake of a "bright golden future" she began to malnourish, and sometimes even starve. However, this was clearly not enough to make the ruble a stable currency. The third and most important source of replenishment of the gold treasury Russian Empire were gold loans. And who could provide gold on a returnable and paid basis? All the same Rothschilds, which after Napoleonic Wars concentrated in their hands large stocks"yellow metal". And in order for this metal to "work", that is, to bring interest, it was necessary to plant gold standards in the world. Adopted the first gold standard Great Britain(1821). After Bismarck in 1873 introduced Second Reich gold mark, the process of introducing gold standards went like an avalanche. By the way, since 1873 in Europe started The Great Depression which lasted 23 years. The relationship between the introduction of gold currencies and economic downturn turned out to be obvious.

Ivan Alekseevich Vyshnegradsky

Russia forcibly drawn into the "golden club" in late XIX century. For our country, the gold standard was a particularly unbearable burden, since the coverage of the ruble with gold approached 100% (higher than in other countries Europe). Russia constantly suffocated from lack of money, there was a “golden noose” around her neck. In order to at least slightly weaken it, a policy of attracting foreign capital was pursued (in fact, attracting the currencies of the gold standard countries to the country). Industry and banking sector came under the control of foreigners. In terms of production of many types of industrial and agricultural products Russia before World War I occupied the 4th-5th places during the war. But in terms of external debt, it has taken the undisputed first place in the world. The golden ruble was considered a very "hard" currency, although the paradox was that it was backed by debt, but not by gold. Because even the gold in the vaults of the State Bank was borrowed. The country was rapidly losing its sovereignty, turning into a colony West. This is what the price of a gold ruble turned out to be Sergei Witte! The minister acted recklessly at least not in a state way.

And throughout the world, the gold standard proved to be short-lived. At first World War I During the war, European countries were forced to suspend the gold standard (the exchange of paper money for metal was stopped). After the war, it was restored only in some countries ( Great Britain And France), and in a truncated form (the so-called gold bullion standard). Currencies different countries retained their connection with gold indirectly - through the exchange for the dollar USA, British pound, French franc. By the mid-1930s, under conditions economic crisis the gold standard was completely dismantled.

The most recent version of the gold standard is the gold dollar standard, which was established seventy years ago on Bretton Woods conferences. The connection of the world of money with gold was ensured through the exchange of the dollar USA on the "yellow metal", whose reserves in America after the war reached 70% of world reserves (without USSR). But less than three decades later, the gold-dollar standard ceased to exist, the connection between the world of money and gold was interrupted. It has become a common commodity.

Both domestic and world experience shows that gold is an extremely unimportant means of maintaining the stability of money circulation. With a light hand D. Ricardo, K. Marx, other biased economists of the 19th century, a myth arose that the “yellow metal” is the most ideal equivalent of value. In addition, the growth of gold reserves always lags behind the growth of the economy (or at least growth opportunities). Therefore, gold, like money, quickly begins to act as a brake economic development. The gold standard is needed only by those who have a lot of "yellow metal" and who are ready to lend it. The owners of gold are getting richer, the rest of the world is declining.

Let me remind you that in the mid-1920s in USSR there were also ideas to make our chervonets gold. As a result, it became gold only nominally. That is, it was provided with gold (as well as other valuables), but the paper sign of the gold coin was not exchanged for metal. The then People's Commissar of Finance Grigory Sokolnikov stated that the Soviet gold chervonets would circulate on all currency exchanges in the world. Some flatteringly even called this people's commissar "the second Witte". In those days, there was a sharp struggle in the party and government around the problem of the convertibility of paper chervonets into gold. The exchange of chervonets for gold did not come. began to take shape monetary system fundamentally different type. Paper money circulated within the country. banknotes- banknotes and treasury notes. Paper money was supplemented by non-cash money, which served the sphere of production. In the field of external payments, the state currency monopoly operated, and the ruble for external operations not used. Thanks to that monetary system, which has developed in USSR by the early 1930s, we had succeeded in industrializing. Before the beginning Great Patriotic almost 10,000 enterprises were built during the war. By the way, West in the 1930s economic sanctions against USSR did not cancel. Under such sanctions USSR used to purchase machinery and equipment selling gold on the world market. At the same time, the country increased its stock of gold as a strategic resource in the light of the impending threat of war. According to some sources, this stock on the eve of the war exceeded 2,000 tons.

It's one thing - accumulation and use precious metal as a strategic resource, another thing is the introduction of the "gold currency", the binding of the national currency to the stock of the "yellow metal". If the first is justified and necessary to ensure the economic independence of the country, then the second can lead the country to financial enslavement and disaster. Getting addicted to gold is dangerous. This is evidenced by both world and domestic experience.

It is dangerous when gold becomes not a means, but an end, a kind of universal, a deity, to the pedestal of which we are forced to make sacrifices.

*Header photo: Elena Palm / Interpress TASS

End XIX and start XX centuries was a time of significant change in Russian economy. Industry in the country grew at a rapid pace, the state headed for accelerated industrialization. Fast the economic growth at the turn of the two centuries is associated mainly with the activities of Sergei Yulievich Witte, Minister of Finance of the Russian Empire in 1892 -1903 gg.
Witte pursued a policy of promoting the development of industry. The essence of the measures taken by him is as follows:
customs protection of domestic industry from competition from abroad (customs tariff adopted in 1891 year, became the basis of this patronage);
attracting capital from abroad (both in the form of loans and investments);
creation of a stock of internal financial resources, first of all, thanks to the wine monopoly, which has become one of the main sources of income in the country's budget;
increased taxation, primarily indirect.
The essence of Witte's monetary reform was the introduction of gold money circulation. The Russian paper ruble was inexchangeable, which led to sharp fluctuations his course, hindered the development foreign trade and inflow of foreign capital. IN 1895 year Witte introduced Nicholas II his report, the essence of which boiled down to the need to introduce a gold standard in the state (following the example of Great Britain).
In addition to establishing a solid state currency and its gold backing, it was also necessary to introduce gold coins into money turnover. This task, in fact, was psychological. In the Russian Empire, coins from this metal were minted for a long time, but they were rarely used in money circulation among the population. People perceived them as a kind of jewel or used them to make some external payments. The practice is also known when the emperor gave gold coins to especially distinguished officials or the military.
The main step towards the establishment of gold circulation was the adoption 8 May 1895 years of the law, according to which transactions were now concluded in gold, National Bank received the right to buy gold coins, and bank branches to make payments with these coins. Not only the State Bank, but also private banks began to accept gold coins. Two years later, another law was passed. According to him main bank The state was able to issue credit notes that could be freely exchanged for gold.
Witte himself 1898 In 1992, he summed up his reform, declaring that the state's monetary system had been put in order and from now on it corresponded to the best monetary systems of other states, where they had been formed for centuries.
Monetary reform Witte stabilized the economic situation in the country by establishing a stable and firm course ruble and making Russian investment climate more attractive. The ruble has become one of the most stable currencies in the world, which, accordingly, attracted a flow of investments into the country. Transformations in the country's monetary system helped the integration of the Russian state into the world market.
Nevertheless, Witte's reform activities were constantly met with resistance. Officials and aristocrats who had influence at the court of the emperor defended conservative principles in the development of the country, advocating the preservation of all noble privileges to power, essentially feudal remnants. This confrontation at the turn of two centuries ended not in favor of the Minister of Finance. Moreover, it has changed economic situation in the world. Intensive developing in 1890- th years, industries such as metallurgy, engineering, coal and oil production, were in crisis. These factors have led to 1903 Mr. Witte was dismissed.
Thus, the essence of Witte's monetary reform can be formulated as follows.

The prerequisites for it were:
- interest foreign investment to the Russian economy,
- development industrial capitalism in the country,
- stock of the state gold fund,
- expansion of markets (both within the country and with foreign partners),
- stabilization of the state financial system.
The mechanism of its implementation is as follows:
- gold was recognized as legal tender,
- the functions of a bargaining chip were assigned to silver,
- issue rights State Bank were determined by law,
- in circulation were at the same time credit notes, freely exchangeable for gold, and full-fledged money.
Its economic results were:
- establishment of the gold standard in the Russian monetary system,
- new appeal structure Money in the country,
- stabilization of monetary relations,
- the economic growth.

What was the country that we lost forever? What did its economy rely on when oil was not the main item of Russian export and the main source of revenue for the treasury? At the disposal of the editors of "AiF" was a unique brochure, first published in 1958 in New York in the amount of 8 thousand copies. In it, edited B. Brasolya statistical data have been collected showing that over the past 15-20 years before the First World War, Russia made giant strides forward both in the economy and in the development of the social structure and education.

AiF is starting a series of publications in which we will talk about how our country developed at the beginning of the 20th century. This issue will focus on the gold ruble and gold reserves, income and expenses state budget, taxes and savings of citizens.

Strong currency

Into the reign emperor Nicholas II the law of 1896 introduced in Russia gold currency. That is, the issue of each ruble was tied to the volume of the country's gold reserves. In emergency cases, the State Bank was granted the right to issue 300 million paper rubles not backed by gold, but it never used this right. The ruble was equal to 0.7 grams of pure gold. This applied to both paper money (banknotes) and gold coins - they were of equal value. In terms of the content of the precious metal, the gold ruble surpassed the gold coins of other countries. Ruble as currency unit was in steady demand within the country and in the world.

At that time, the financial systems of all developed countries were also based on the gold standard - the amount of money had to correspond to the size of the country's gold reserves. Today, the exchange rate is determined by its relation to the dollar, and gold is a common market commodity.

Income budget

Russia of that time built its policy not only on deficit-free budgets, but also on the principle of a significant accumulation of gold reserves. Despite this, and without the slightest increase in the tax burden, state revenues from 1.410 billion rubles. in 1897 grew steadily, while government spending remained more or less at the same level. In the last ten years before the First World War, excess government revenue over expenses amounted to 2.4 billion rubles. This amount seems all the more impressive because during the reign of Nicholas II, railway tariffs were lowered and redemption payments for lands that had gone to the peasants from their former landlords in 1861, as well as some taxes, were canceled.

Low taxes

The total amount of taxes per inhabitant in Russia was more than half that in Austria, France and Germany, and compared with England - less than four times.

Welfare of citizens

In 1914, the State Savings Bank had deposits worth 2.236 billion rubles. Since 1904, the accumulation of Russians in savings accounts has been constantly increasing - with the exception of 1905, which fell on the Russo-Japanese War and Revolution.

Bread and fare

The treasury of the Russian Empire is the dream of any Ministry of Finance: a minimum of social spending, - believes Sergey Bespalov, historian, leading researcher at RANEPA.

- Russia at the turn of the XIX-XX centuries. more fortunate than at the beginning of the XXI century. - its Ministry of Finance was successively headed by several talented administrators. At first N. Bunge, then I. Vyshnegradsky and finally S. Witte. They were engaged in replenishing the gold reserves, and Vyshnegradsky began preparing the monetary reform, which was carried out by Witte. The reform made the ruble not only convertible - it was also valued within the country, which was more important. In addition, Witte skillfully borrowed money from foreign banks - under low interest. By reborrowing, he managed to reduce payments on previous debts.

Vyshnegradsky is credited with the phrase: “We are undernourished, but we will take it out,” which referred to the export of bread. But he could well say this, because the export of bread for the Russian Empire was the most important source of income for the treasury - almost like oil today. And the volume of grain exports had to be maintained at high level. The exporters of bread were mostly not peasants, but large landlord farms - like agricultural firms today.

The heyday of the Russian economy at the beginning of the 20th century. was carefully prepared. And the main achievement of the Ministry of Finance, in addition to the gold ruble, can and should be considered the Customs Tariff of 1891, developed Dmitry Mendeleev. There is a legend that it was the Customs tariff, and not the periodic system of chemical elements, that the scientist considered his main achievement. Mendeleev was the closest associate of Sergei Witte. The customs tariff helped to protect the market from cheap imports and to develop domestic industry. At the same time, the high tariffs drove up the price of imports, which made the tariff a lot of opponents.

Taxes were a major source of revenue for the treasury. It is believed that they were lower than in other countries. However, the standard of living in Russia at the beginning of the 20th century was lower. With this in mind, it turns out that the tax burden was comparable with other countries - there was no difference "at times". In addition to taxes, "redemption payments" went to the treasury - until 1905, peasants paid for the redemption of land from landowners during the abolition of serfdom.

State expenditures were incomparably lower - there were almost no social articles, pensions were paid to narrow groups of the population. But when they paid ... To retire after the death of the director of public schools in the Simbirsk province Ilya Ulyanov not one year lived all of his large family, including the future leader of the proletariat.

We thank Grigory Yesayan for the help.

Continue reading in the next issue of AiF.

The currencies of most countries are not backed by gold reserves. There is also no peg of the ruble to gold. The gold reserve available in Russia is not enough for this: even if the backing of the ruble is put into practice, it will amount to about four percent. The only way to do this is only in cases of global changes in the economy, but it is very difficult for the state to decide on such drastic actions.

Nowadays, the ruble is not tied to gold.

How was the ruble secured?

The ruble as a monetary unit was put into circulation by Peter I and was minted at that time from silver. The raw material for the coins itself confirmed its status as a solvent unit. Then banknotes appeared in circulation, which depreciated very quickly and did not enjoy confidence even within the country. The only attempt to tie the ruble to gold was made at the end of the 19th century and ended very successfully.

Gold coins came into circulation, which could be freely exchanged for paper money. The 1:1 ratio was not violated. In the pre-revolutionary period, the provision of the ruble with precious metals reached 150%. This whole system, which nevertheless managed to be put into action, collapsed after the revolution, when a political crisis reigned in the country, and the economy was practically destroyed.

Ruble of the era of Peter the Great.

The fact that a currency is backed by resources or a state reserve is usually assessed positively. According to the world practice of recent years, a currency can be stable even without collateral. An example is the euro. This currency is not tied to national economy, and even more so does not have any security behind it, but it is quite successfully used and converted.

The Russian ruble has no gold backing. Among those providing national currency analysts call a large mass of factors foreign exchange- the receipt of dollars from the sale of energy. Modern realities of geopolitics and economics force government bodies think about stabilizing the ruble by other means. Is it possible to introduce backing the Russian ruble with gold again?

Is a return to the gold standard possible?

In the context of sanctions from Western countries and all-round pressure on the Russian economy, the idea of ​​abandoning settlements in dollars sounds more and more insistent. As an analogue, a currency system based on security in the form of yellow metal is proposed.

The imposition of sanctions against Russia is pushing to discuss the gold backing of the ruble.

Some actions of the Russian authorities indicate that work is underway in this direction. Weak ruble becomes a threat to the development of the domestic economy, prompting the Central Bank to raise rates. In the short term, the weakening of the ruble will not bring anything good, and the Central Bank of the Russian Federation cannot endlessly raise rates to protect the currency.

The situation is complicated by the sanctions imposed against Russia: the ruble has fallen against the dollar by more than 30% over the past year. The pricing of the ruble in US dollars takes place through foreign exchanges, which also does not strengthen Russia's position. A currency war is threatening economic problems, so many experts express support for the return to the gold standard option.

Options for creating gold collateral

How can the ruble be pegged to gold? With the Russian economy of 2 trillion. American dollars, external state debt is about 378 billion. Foreign exchange reserves are about 429 billion dollars, of which about 45 billion is stored in the form of real precious metal. The budget deficit in 2015 will be about 1% of GDP. These conditions allow us to say that the gold standard can be introduced and successfully used for a long time. The two main conditions for its success will be the strict observance of budgetary discipline and strict control of the credit sector.

By setting the rates for converting the ruble into gold, the Central Bank will be able to use all its powers to manage the liquidity of the currency. The authorities will no longer be limited to gold buying and selling operations.

One option would be to release coupon bonds, the yield on which will be linked to gold.

Managing the ruble exchange rate under the gold standard will cause some difficulties, but with the competent work of the Central Bank, they can be resolved. The growth of lending will have to be limited, otherwise the entire system created will be in jeopardy. The mass conversion of rubles into precious metals can be regulated by withdrawing the currency from circulation.

In general, pegging the ruble to gold is quite possible with some economic reforms.

The main threat to the gold backing of the ruble is central banks in London and New York, who can buy rubles and present them for exchange for the yellow metal. But this possibility can be limited by introducing special rules.

It is not clear whether the ruble will be backed by gold or other collateral in the near future. The assessment of the consequences for the country's economy is as follows: with the introduction of the gold standard, the ruble should stabilize. This will mean that the rise in the cost of living will noticeably slow down, and domestic savings will start to rise. Ideally, this could lead to political consequences: lower government spending on social Security, establishing monetary stability and low taxes. All this must create conditions for the creation and further development strong industrial basis of the domestic economy.

critical eye

Some experts view the return to the gold standard critically. The history of the economy knows positive examples of such actions of the state, but now is a completely different time. Factors corresponding to the real state of the economy should be taken into account.

The transition of the world's major economies to the backing of gold will be the moment of the collapse of the system based on settlements in the US currency.

Monetary-type inflation will create uncertainty risks for capital investments and effectively destroy savings, which are vital for financing. Some believe that currency management is not capable of leading to economic growth.

But the reality is that if countries with largest economies of the world will begin the transition to the gold standard, this will mean one thing - the end monetary system dollar based. Whether the ruble will be tied to physical gold or not depends on the decision of the state authorities. The decision should be made taking into account the size of the real budget expenditures and the existence of long-term obligations.

Such steps by hotel countries will lead to a split into two camps: some will use the gold standard, while others will not be able to do this or simply will not want to take this step.

China's policy to increase its gold reserves, increasing production volumes can make the yuan an international currency and a competitor to the dollar.

Among those states that will be able to do this and are systematically preparing for the introduction of the gold standard, they name China. Demand for gold from China last years has always been one of the highest, government policy is aimed at accumulating gold reserves and stimulating private investment in the metal. These measures allow the Chinese economy to protect itself from external and internal negative factors.

The Chinese authorities often blame American policy for the current situation in the gold market. The US is using huge gold reserves to suppress other currencies in order to keep the dollar in the lead. Further strengthening of the Chinese economy may allow for the internationalization of the yuan, which will become a competitor to the dollar.

Gold has historically played an important role in protecting economic security states. The introduction of the gold standard, taking into account all the restrictions that accompany it, can really save the country's economy during crises and wars.

There is another opinion about the introduction of the gold standard. Economists say that such a monetary system will not be sustainable, since the supply of money will be controlled not by banking institutions, but by mining companies. The price of gold will constantly change, especially depending on the discovery of new deposits of the precious metal, and inflation will be replaced by deflation.

Of course, the volume of production of the yellow metal will affect the economy, but not as sharply as the "printing press" of the US Federal Reserve.

This development is possible, but has several open questions. The pace of gold production is growing at a much slower pace than the US Fed's money printing. Such actions always lead to inflation and undermining the stability of the monetary system. On the gold standard, making money indefinitely is simply impossible.

conclusions

Is the Russian ruble backed by physical gold? No, today Russia does not have a monetary system based on the gold standard. Theoretically, such a cardinal economic solution can be accepted, the current geopolitical situation and the state of the gold market allow this to be done. From the leadership of the Central Bank, such measures will require strict regulation of the credit sector and a systematic policy in relation to the regulation of the ruble exchange rate.

Even under Emperor Alexander III, reform was a foregone conclusion. Russian money, however, it was carried out only under his son Nicholas II through the efforts of the Minister of Finance Sergei Witte and having numerous enemies and opponents.

The monetary system of Russia at that time was based on credit notes. And Russia had not known any other monetary circulation for many years (since the time of Catherine II), and the financiers of that time, having established themselves in paper currency, did not even consider the idea of ​​\u200b\u200bbinding monetary currency to metal circulation. As Witte writes in his memoirs: Bunge (a member of the State Council) told me the following: - Sergey Yulievich, it will be very difficult for you to carry out this reform, because there is not a single person in the financial committee who would know this matter". So it was, but Witte, using his post and the confidence of the sovereign, nevertheless insisted on his own, and it was decided to carry out a monetary reform, and tie the credit mass to the precious metal.

Then the question arose - to tie money to gold or to silver, or jointly - on gold and silver? Since Russia was part of the world financial system, then Finance Minister Witte negotiated with financiers European countries on this occasion and, having accepted for himself that the Russian ruble should be backed by gold, he had to argue about this with the financial tycoons of the time, Alphonse Rothschild and Leon Xie, who insisted that money turnover Russia was based on silver. The fact is that France was a country that had in circulation the largest number silver (about three billion francs). Thus, if Russia decided to introduce the silver circulation of the ruble, it would be beneficial for France and Europe. The franc and other currencies, which were based on cheaper silver, could be adjusted in value to the Russian ruble, and Russian goods and raw materials for European factories could be bought at a cheap price. The British currency was valued more and was pegged to gold. And Witte firmly decided - the Russian currency should be only gold.

This decision was so unpleasant and inconvenient for Europe that Nicholas II was bombarded with notes and dispatches from the royal houses and ministries of Europe, warning the Russian sovereign against gold conversion and inducing him to silver conversion. However, the emperor had unlimited trust in his minister and left Witte to decide for himself what metal to choose, and the finance minister, who bet on gold, did not fail.

Witte bet on gold, because the price of silver was steadily and irresistibly falling, and the silver ruble would not become a reliable means of payment for the Russian Empire, but would constantly fall in price.
As Witte himself writes: One of the biggest reforms that I had to make during my time in power was the monetary reform, which finally strengthened Russia's credit and put Russia in financially along with other great European powers. Thanks to this reform, we withstood the unfortunate Japanese war, the turmoil that broke out after the war, and all the alarming situation in which Russia finds itself to this day. Almost all thinking Russia was against this reform: firstly, out of ignorance in this matter, secondly, out of habit, and thirdly, out of personal, although imaginary interest of some classes of the population».

And this was the explanation for these resisting classes: Since all persons interested in the export of our products believed that paper-credit circulation was beneficial to them, since with a decrease in the price of our monetary currency, they, as it were, receive more for their products precisely in terms of this detuned monetary currency. This opinion, of course, is erroneous, because depending on the depreciation of the ruble, the same landowner, for example, receiving more rubles for bread, also paid more rubles for most of what he consumes and what he uses. But the landowner did not take this last circumstance into account, since, not being a financier and economist, he could not understand the dependence of one price on another.»

It was the most painless reform in Russia for all the time of its existence. Witte devalued the ruble, on the grounds that the price of the ruble had been lowered against its nominal value. the pre-reform ruble was not really worth the declared value and should have been brought to a more stable indicator, which was gold. The monetary reform did not hit the population, they did not even notice it, because the price of all items and goods remained the same, only the ruble changed for the better.

Few people know that in the process of working out the financial gold reform, Witte also considered the option of introducing a gold financial unit"Rus", which would represent a price less than a ruble, and would correspond to 100 kopecks, also reduced in price. The first gold samples of this coin have already been minted. 15 Russ (Rusei) would be 1 Imperial.


But Witte did not launch this currency for one reason, the change of payment currency would cause thousands of complaints and misunderstandings in the population related to the exchange of the old Ruble for Rus', and scammers and speculators would not fail to warm their hands on this.


Coin issued with the image of Emperor Alexander III, 1886.

The law of May 8, 1895 was allowed to conclude transactions for gold, at the same time all offices and branches of the State Bank were granted the right to buy gold coins, and 8 offices and 25 branches also made payments with this coin. In June 1895 State Bank it was allowed to accept a gold coin to a current account (private St. Petersburg banks followed this example); in November 1895, the acceptance of a gold coin by the cash desks of all government agencies and government agencies was allowed. railways. In December 1895, the rate of the credit (paper) ruble was set at 7 rubles. 40 kop. for a gold semi-imperial with a face value of 5 rubles. (since 1896 - 7 rubles 50 kopecks).

By 1897, the State Bank had significantly increased gold cash - from 300 million to 1095 million rubles, which almost corresponded to the amount of credit notes in circulation (1121 million rubles).
On August 29, 1897, a decree was issued on the issue operations of the State Bank, which received the right to issue banknotes backed by gold. Credit notes secured by gold cash were exchanged for gold without restrictions. In general, 5-ruble (semi-Imperial) and 10-ruble gold coins (Imperial) were minted.

A certain number of gold coins were minted with a 15-ruble denomination.

Interestingly, in 1902, gold coins of 37 rubles - 100 francs were also issued, which did not at all correspond to the exchange rate of that time (37 gold rubles could buy many times more francs).

But, according to numismatists, this royal coin was not issued for circulation, but either for playing in a casino, or in the form of an original, gift coin.

The reform strengthened the external and internal exchange rate of the ruble, improved the investment climate in the country, and contributed to attracting domestic and foreign capital to the economy.

With the outbreak of the First World War in 1914, the exchange of money for gold was discontinued; all 629 million gold rubles disappeared from circulation. But by that time, Witte was no longer in the government, did not control the situation and could not influence it. Due to the intrigues of ill-wishers, in 1906 he was completely removed from the court of the emperor and fired. public service. The new Minister of Finance, who was not a competent financier, and who got to a high position only through patronage, immediately printed a pile of paper money, not backed by the country's gold reserves. The ruble rapidly depreciated, and the population hid all the gold coins.

Thus, one of the greatest financial undertakings, which led the Russian economy to the highest world position in the economy, failed mediocrely. The failure of the Russian economy, coupled with a mediocre war with the Germans, was not slow to affect the significant deterioration in the life of the peasantry and workers, which subsequently led to the collapse of the Russian Empire.