Chervonets is the traditional Russian name for large foreign and domestic gold coins. The name comes from the Russian term червонное золото (chervonnoye zoloto), meaning 'red gold' (also known as rose gold)the old name of a high-grade gold type.
Originally, this gold coin was identical to the gold ducat of 3.5 grams, 98.6% fine gold. The first known chervonets of Russian coinage was the Ugric gold; it was created in the 15th century under Ivan III. Sometimes, chervonets were considered any large gold coin, including imperial and semi-imperial coins.
Since the beginning of the 20th century, banknotes were often referred to as chervonets with the value of ten units (for example, rubles, hryvnia, euro, etc.). This is due to the initiation of the Russian Soviet Federative Socialist Republic during the monetary reform of 1922–1924 banknotes, or chervonets. They were provided with the same amount of gold that was contained in a coin of 10 rubles during the reign of Nicholas II. A small percentage of gold coins were issued in denominations of one chervonets with a picture of a peasant on the front and a coat of arms of the RSFSR on the back. According to the weight characteristics (8.6 g of 900 samples) and the size of the coin, the chervonets completely matched the pre-revolutionary coin of 10 rubles.
Chervontsy in the Russian Empire
(Chervontsy is the plural of chervonets)
Ducats of foreign coinage
In 1252, Florence, Italy issued a gold coin of 3.537 grams, which was soon called the florin. A similar coin, the genovino, began to be minted in Genoa, Italy. In 1284, Venice followed by example; these coins are known as ducats (from the 16th century, they became known as the sequin). They first weighed a little more than florins, but shortly after became equal to them. Soon, the name "ducat" was well established all over Europe as a synonym for a high-quality gold coin weighing about 3.5 grams. Imitations of the ducat were minted in almost all European countries, some even up to modern times. The basic types of these imitations were: Hungarian, German, and Dutch. The first Hungarian imitation was well known in Eastern Europe and Russia, thus becoming the prototype of the Polish zloty, Russian gold (chervonets), and also Hungarian forint. In Germany, imitations of cechinas and florins were originally called gulden (later Goldgulden), but because of a rapid decrease in weight, there was a need to return to the prototype in 1559 and the name "ducat" was accepted (silver coins began to be called guldens and florins). Dutch ducats began to be minted relatively late (only in 1586), but in such quantities that in the 17th and 18th centuries they became one of the most important coins of world trade. Some countries (in particular, Austria) minted ducats before the First World War.
Chervontsy of Russian coinage
Beginning with Ivan III until Peter the Great, gold coins that were minted were known as chervontsy or chervony, but they were used mainly as award medals. Depicted on them were either a two-headed eagle on both sides or a tsarist portrait and a two-headed eagle.
As a result of the monetary reforms of Peter I in Russia, a new monetary system was introduced and the first chervontsy appeared. In their weight (3.47 g) and [alloy] sample (986), they fully corresponded to the Hungarian ducat (golden Ugric). These coins were also issued in denominations of two chervonets with a mass of 6.94 g. 118 copies of the first chervontsy were issued in 1701. Chervontsy were usually only used in trade with foreigners.