Hyperinflation in early Soviet Russia

Hyperinflation in early Soviet Russia connotes a seven-year period of uncontrollable spiraling inflation in the early Soviet Union, running from the earliest days of the Bolshevik Revolution in November 1917 to the reestablishment of the gold standard with the introduction of the chervonets as part of the New Economic Policy. The inflationary crisis effectively ended in March 1924 with the introduction of the so-called "gold ruble" as the country's standard currency.

The early Soviet hyperinflationary period was marked by three successive redenominations of its currency, in which "new rubles" replaced old at the rates of 10,000-to-1 (January 1, 1922), 100-to-1 (January 1, 1923), and 50,000-to-1 (March 7, 1924), respectively.

After three years of participation in World War I, the economy of the Russian empire was in crisis. In March 1917 the so-called February Revolution overthrew the regime of Tsar Nikolai II and replaced it with a fledgling constitutional democracy headed by a succession of leaders ending with Alexander Kerensky. The economy remained disrupted and Russia failed to disengage from the bloody European war, and on November 7, 1917 the Kerensky government fell in a second revolution, this time led by the Bolshevik Party of revolutionary socialist Vladimir Ulyanov (Lenin).

Civil War ensued and the economy of the new regime became even more chaotic. With mismanagement rampant and hunger sweeping the land, the value of the ruble, currency of the nation, essentially collapsed. During this interval, remembered by the name War Communism, money lost its function as a store of value and a means of exchange. A return was made by people in their daily lives to a primitive barter economy.

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