On January 9, 1769 Catherine the Great issued a decree about formation of national banks in Saint Petersburg and Moscow and incorporating paper money
Catherine the Great II established the banks in order to exchange paper money. The newly incorporated paper money had the value of 25, 50, 75 and 100 roubles and were printed in Saint Petersburg's senate. The first pieces of paper money resembled a front page of a book: they used portrait format, elegant lettering, one-colour printing and white paper with ornately shaped watermarks. In two years false money appeared in the turnover, and since 1785 they started printing paper money on the special-purpose paper.