Inquiry about "chervontsy"

[Maria Gapotchenko]

Dear colleagues,

A friend in a comp. lit. department has sent me this inquiry. If any of you
can shed light on the mysteries of "chervontsy" in the 1930s, please email
me at mgapotchenko at gmail.com.

Thanks!
Maria

____________________________________________________________

I'm trying to figure something out about the 1937 chervonets issue with
Lenin on the obverse...I understand that initially chervontsy were intended
to be a stable alternative to the volatile ruble, but then at what point
did they become notoriously unstable enough for Bulgakov to poke fun at
them?  Also, could you possibly translate the language on the banknote (see
link) that attests to the state bank's backing of the currency?  My theory
is that Lenin's face appears in order to compensate a deficit in
credibility caused by a shift from what was supposed to be a gold-standard
currency (but, I understand, never quite was) to a currency backed by
not-necessarily-gold "bank assets."  What does the bill in fact say?  And
do you know any reputable historical work that explains all this?

 http://russianmoney.info/USSR/1937ch/295<https://xmail.bu.edu/owa/redir.aspx?C=d20c554bbab64a01bedeeae637909da1&URL=http%3a%2f%2frussianmoney.info%2fUSSR%2f1937ch%2f295>

 & see the note up top on this page:

 http://russianmoney.info/USSR/1937ch/<https://xmail.bu.edu/owa/redir.aspx?C=d20c554bbab64a01bedeeae637909da1&URL=http%3a%2f%2frussianmoney.info%2fUSSR%2f1937ch%2f>

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