Russian Paper Money

Nearly ten years have passed since Aleksandr Evgenievich Denisov published a series of books about the paper money of Russia and the USSR. Having become iconic for a whole generation of collectors, Denisov’s work has played an important role in developing this area of collecting. It was, after all, the very first presentation of integral and orderly data on the vari¬ous state issues dating from Catherine II to the present day, complete with an objective (at that moment) evaluation of items and descriptions of rarities. His books were in great demand, and it is no surprise that by now most of them have become bibliographic treasures, and some are virtually impossible to buy. Unfortunately, the intricacies of life prevented Denisov from developing his work any further. Nevertheless, he carries on his research as best he can.
Since the publication of Denisov’s books, no new catalogs have appeared in this field that could even remotely match the quality of that work. And the market has undoubtedly changed with the passage of time. First of all, we now have data on new types of notes, and new images have become available. The collectors’ world has opened and expanded thanks to the internet and new technologies. People have access to comprehensive information about the composition of existing private and museum collections all over the world. All of this has made it possible to update information about rarities in certain issues. Secondly, the price level has also changed dramatically. Paper money collecting is now booming. More and more collectors are appearing. Some of them are interested merely in the history of paper money cir¬culation in our country, while some – those who consider the investment opportunities – have come in the hobby after suffering disappointment in numismatics, where the market is flooded with fakes and the prices are frightfully high. An increase in the number of solvent collectors has caused significant changes to the market. Many items are no longer on offer, some notes that were considered ordinary ten years ago have now become rare, etc.
Due to our personal interest in antique paper money, and our professional experi¬ence in auctioning collectibles, we are closely involved in all of these processes and possess a wealth of experience and inside information. Sensing the need for a new up-to-date catalog dedicated to Russian bonistics, we have dared to take on this difficult task. We understand perfectly well that our colleagues in this hobby will be our strictest judges, and we will inevi¬tably suffer in comparison to our great forerunners – F.G. Chuchin, N.I. Kardakov, and A.E. Denisov. We nevertheless decided to create a book based on our vision of the current situation in the banknotes market. This publication, designed as a periodical, reflects our understanding of the way such a catalog should be organized. Our primary objective was to make it compact, convenient, and informative. Of course, we have drawn many useful ideas from European and North American catalogs.
The authors hope that this book will be useful to dealers and collectors alike. We are willing to hear constructive criticism, comments, and any additional feedback from our colleagues.