On February 3, 1769 the Russian banks started publishing paper money – 25, 50, 75 and 100 rubles
The Russo-Turkish War of 1768–1774 led to a massive shortfall in the budget, and in search of the way out of the situation Catherine the Great decided to introduce paper money. The idea belonged to a marshal Karl von Sievers. In 1753 he was presented with a governmental manufacture Krasnoselskaya in St. Petersburg, built by the order of Peter the Great in 1716. The manifacture produced post-office and armorial paper with thread marks. Sievers was interested in developing the production and convinced his nephew, a governer-general Jacob von Sievers to pass to the empress a note with the plan of paper money introduction.
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